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Taking Control Over Your Finances With Bankruptcy

Financial hardship is something that can come from nowhere and completely take over someone’s life. Despite years of smart money decisions, a sudden job loss, medical emergency, or any other hardship can eliminate any saves you may have had and cause you to start falling behind on your monthly bills while also accruing massive debt.

When you are struggling financially, bankruptcy can be the tool you need to overcome your hardships. At Axelson Williamowsky Bender & Fishman P.C., we offer our clients more than 100 combined years of experience in legal representation. We serve clients throughout Virginia, Maryland and D.C., and we can help you regain control of your finances.

How Bankruptcy Can Help

There are many misconceptions about bankruptcy that keep people from applying for the benefit they need. The most common misconception is that bankruptcy will take everything from them in exchange for discharging the debt. There are two types of consumer bankruptcy that you may be able to benefit from, each with its own way of addressing your debt.

Chapter 7 bankruptcy allows a debtor to discharge most or all of their unsecured debt (debt with no collateral, like medical debt, credit card debt, utility bill debt). Still, it does require the debtor to sell nonessential assets first. These assets include things like second homes or cars, heirlooms and jewelry and artwork. You will still be able to keep essential assets, and we can help you pursue exemptions for qualifying assets.

Chapter 13 bankruptcy reorganizes your debt into a payment plan lasting between three and five years. Bankruptcy may discharge the remaining debt after you make all of your payments on time as well. This option does not require selling nonessential assets, as you are making payments on your debt.

Guidance Through Your Debt

Bankruptcy is not something that people in debt should avoid, as it can offer them an opportunity to manage their debt and retake control of their life. We can help you with your application process and any need for appeals as well.

Contact us today if you are ready to meet with our team for the help you deserve with your financial hardships. Call us at 240-728-2202 or email us here to schedule your initial consultation. The sooner you reach out to us, the sooner you can begin living without financial worries.