If you have large debts that you cannot repay, are behind in your mortgage payments and at risk of foreclosure, are being harassed by bill collectors or a combination all of all, declaring bankruptcy might be the right option for you. Filing for bankruptcy can help you take charge of your finance and start over, debt-free. The Phillips Law Office is a reputable bankruptcy law firm helping clients to get through bankruptcy in Greenbelt, Maryland. n a bid to fulfill their commitment to high-quality legal representation, the law firm is now expanding their bankruptcy services to College Park, Maryland residents, and businesses.
The Phillips Law Office is one of Maryland’s premier law firms whose main area of practice is bankruptcy law. The Phillips Law Office is headed by attorney Jill L. Philips, who has earned a reputation as one of the most sought after bankruptcy lawyers within and around Greenbelt, Maryland. For several years, the law firm’s consumer and corporate bankruptcy services have helped individuals and business owners from Massachusetts start fresh with their finances.
What Bankruptcy Services Can You Get At The Phillips Law Office?
Consumer Debt Relief
Consumer debt encompasses a large swath of personal debts, including credit card debt, student loans, mortgages, auto loans and payday loans. Unfortunately, there are many reasons why you might not be able to pay your debt as when due. If you find yourself in this situation, there are many legal options that exist for you. The experienced debt settlement lawyers at Phillips Law Office have an understanding of debt collection laws that help them negotiate favorable terms with your creditors.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is a bankruptcy option suitable for people that typically have few assets, unsecured bills or large credit card debts. Chapter 7 Bankruptcy can eliminate the vast majority of your debts by selling all your non-exempt assets. The sales of these assets is then used to pay off your creditors, after which you will be debt-free.
Chapter 11 Bankruptcy
Chapter 11 Bankruptcy generally provides for reorganization, usually involving a corporation or partnership. In this case, the debtor proposes a plan of repayment or reorganization, allowing them to keep their business alive while they pay creditors over time.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy allows for reorganization and repayment of debt without selling off your property. Here, you are only required to submit a repayment plan proposal which shows how you intend to repay the debt over a period of three to five years. The duration of the debt repayment is often determined by calculating your total and disposal income as well as your available property and living experience.
If you’re overwhelmed by your debts, bankruptcy is just one option. You can contact the Phillips Law Office to get started. They provide you with practical advice after fully analyzing the circumstances surrounding your situation. For more information, visit their official website or call (301) 494-4250.