Bankruptcy is a series of federal laws enacted to allow people to be relieved from their debts and start all over again.

1. Maryland bankruptcy lawyer –
Helping Individuals Get a New
Lease of Life

2. • Bankruptcy is a series of federal laws enacted to allow people
to be relieved from their debts and start all over again
• The terms and conditions of the bankruptcy laws underwent
significant changes in 2005, making it difficult to make a fresh
start
• An individual who wishes to file for bankruptcy must know
when to file for bankruptcy, the different types of
bankruptcies and the procedures for filing.
• In case you are overwhelmed by the procedures, taking
assistance from Maryland bankruptcy lawyer is a prudent
step

3. • When you are steeped in debt, you wonder whether you
should file for bankruptcy
• But before you go ahead you must clearly understand the
benefits and drawbacks of filing for bankruptcy
• The benefits for filing bankruptcy are, (1) you get an
“automatic stay” putting your creditors on notice that they
should stop collecting money from you; (2) If your case is
successful the court will issue discharge of certain debts,
which in effect will mean you will not have to repay them
Deciding to file bankruptcyDeciding to file bankruptcy

4. • The main disadvantages
are, (1) bankruptcy does
not free you from debts
related to mortgages,
student loans, child
support alimony and
federal taxes, (2) you
may lose certain
nonexempt property,
and (3) your credit
score will be negatively
impacted

5. • Maryland bankruptcy lawyer will tell you that if you are able
to reduce your debts and / or work out a favorable payment
plan with your creditor(s), it is a better option than filing for
bankruptcy. In any case consider filing for bankruptcy when:
• you are out of job for an extended period of time and have no
unemployment benefits
• you have neglectful unpaid taxes
• you are owning a home that is nearing foreclosure
• you have pending lawsuits for neglectful unpaid bills
When to file for bankruptcyWhen to file for bankruptcy

6. • When you are monetarily in a tight corner, it is
understandable that you will try to avoid hiring a bankruptcy
lawyer, because you believe it will add to your financial woes.
However, the fact is you will save money in the long run if you
take assistance from an attorney to handle your bankruptcy.
• Here are some compelling reasons why hiring bankruptcy
attorney is truly worth it
Why is it prudent to hire a bankruptcy lawyer?Why is it prudent to hire a bankruptcy lawyer?

7. • Safeguard from ambiguity – There are many complexities in a
bankruptcy petition. These include communications from
court, trustees who evaluate your case, and interference from
creditors. Steering your way through these intricacies on
your own can be extremely stressful, because you never know
whether your actions will result in grant of discharge.
• Protection from the unfamiliar – Even if you do the best from
whatever information is available, you’re operating with a lot
less information. For example you may not be familiar with
the statute of limitations on some of your debts.

8. • Shield against errors – It is not easy to fill out a plethora of
paperwork correctly. For example if you want to keep one of
your property, you may feel you must not include it in the
petition. This can be a grave mistake. There are proper ways
to protect your property. You must list it in an appropriate
manner, with the right information and at the proper place.
• There are professionally competent bankruptcy lawyers in
Largo who have the right experience, and skills, and they
charge reasonable fees as well. A Maryland bankruptcy
lawyer is a true bankruptcy expert and not someone who has
a multitude of practice areas.

9. • Personal bankruptcy
is a good way to deal
with “out-of-control”
financial situation.
But remember it will
still not eliminate all
of your debt. Learn
to take a prudent
decision.

10. 1801 McCormick Drive Suite 150
Largo Maryland, 20774
4800 Hampden Lane Suite 200
Bethesda, MD 20814
phone: 4432031208,301.358.3271
rowena.nelson@rnnlawmd.com