Personal bankruptcy is a huge, disheartening and an intensely emotional decision.

2. 
 Personal bankruptcy is a huge, disheartening and an intensely
emotional decision.
 Making a choice for filing bankruptcy is stressful, whatever be
the reason.
 Some of the reasons could be a job loss, a serious illness, bad
management of finances or any other.
 Luckily, bankruptcy lawyers in Largo specialize in helping
individuals navigate through bankruptcy laws and provide
them a roadmap to eliminate all of their debts or reorganize
their debts.

3. 
 People from all walks of life file for bankruptcy. It is a
misconception that only poorer individuals opt for this
decision.
 People seeking financial relief come from all strata of
society and from a broad spectrum of professions.
 As per law filing for personal bankruptcy is every
American’s right.
 There are alternatives to filing for bankruptcy, because
this route may not be the best for everyone.
Who files for bankruptcy?

4. 
 Individuals in financial distress consider various options
such as home equity loans, debt counseling, reverse
mortgages, various debt management programs, and
other approaches.
 However, those who consider bankruptcy as their final
decision must go through the bankruptcy laws in their
own state.
 This is because each state has its own bankruptcy laws
that determine various factors such as allowable living
expenses, and exemptions for personal property.

5. 
 The major work load of a bankruptcy lawyer is
preparation, documenting and filing of an individual’s
petition.
 A bankruptcy petition is exhaustive work. If there are
many creditors, a large number of forms may have to be
filled.
 The attorney ensures that his / her client gets an
opportunity to review the petition in all aspects before it
is filed with the court.
Preparing and filing bankruptcy petition is
an important task

6. 
 Once the documents are filed, the individual gets the
benefit of automatic stay, and creditors must cease all
collection activity.
 After filing for bankruptcy petition, the individual is
required to attend the 341 meeting of creditors.
 This meeting usually takes place 4-7 weeks after the
bankruptcy is filed in the court.

7. 
 The 341 meeting is not a court hearing but a meeting of
creditors and the bankruptcy filer. This meeting is
conducted by the bankruptcy trustee, where creditors if
they so desire can ask queries to the filer.
What is the 341 meeting?

8. 
 Chapter 7 Bankruptcy and Chapter 13 bankruptcy are among
the workable options for people who want to address their
financial distress.
 In Chapter 7 bankruptcy, filers can reaffirm their secured
property such as cars and houses and continue with payments.
 In Chapter 13 bankruptcy, debts are consolidated and repaid
over a period of 3-5 years. The repayment plans are usually
interest-free.
 When an individual needs an attorney to help with the process,
choosing the right professional is of paramount importance.
What are the common bankruptcy options
for the filers?

9. 
 In Largo, Maryland, Bankruptcy Lawyers are many, but it
is important that the attorney chosen to assist with the
bankruptcy process must have sufficient experience and
the right expertise.
 By hiring an attorney who has spent most of his/ her time
practicing bankruptcy law, the individual will greatly
enhance his or her chances of success.

10. 
 Life after bankruptcy is stress-free
 The filer will be free of creditor harassment, debt-to-
income ratio will improve, and importantly lenders may
reconsider lending, as most of the debts were eliminated
in the bankruptcy.
 After bankruptcy, the individual gets an excellent
opportunity to get his or her finances back on track.
Managing a New Life after bankruptcy

11. 
 After filing for insolvency, bankruptcy lawyers in Largo
advise persons to structure a thorough financial roadmap
to manage funds in future.
 Spending prudently, creating an emergency fund and
making a well-thought out retirement plan are some of
the key actions individuals must take to prevent future
financial disasters.