Ellicott City, Maryland, Bankruptcy Attorney
Unfortunately, people often fight to avoid bankruptcy protection out of feelings of shame, and to retain control over their lives and finances. In fact, however, bankruptcy laws are in place specifically to help people, by allowing them to regain control by either starting over or by making debt more manageable. Common circumstances leading to bankruptcy include:
- Divorce
- Uninsured medical expenses and unforeseen medical problems
- A failed business
- Job loss
- Housing market issues, including rising mortgage rising, refinancing issues, ARMs and subprime mortgages
At the law firm of the Law Office of William C. Wood, LLC, we help individuals in Maryland and Washington, D.C., manage the process of Chapter 7 and Chapter 13 bankruptcies.
Thinking of filing for bankruptcy? We can help. Call (410) 465-6971.
Simply put, Chapter 7 bankruptcy is the "liquidation" or "fresh start" bankruptcy plan, and Chapter 13 is the "payment" plan:
- Chapter 7 arranges for the sale of nonexempt property. Once the property is sold and the proceeds are received by the court, creditors, including credit card companies, hospitals, retailers and other organizations, are paid a portion of the money they are owed. In the end, the debtor is freed of most debt. Debt for student loans, homes and other exempt property remains even after bankruptcy.
- Chapter 13 can be used by debtors who meet a threshold of disposable monthly income which can be used to pay off nonexempt debts over an agreed-upon time, as arranged by the courts. Once payments have been made and the agreement's terms have been met, the debtor is absolved of remaining nonexempt debt.
Attorney William Wood can provide legal counsel regarding your options, handle the filing of your claim, develop your bankruptcy petition, complete your bankruptcy questionnaire, assess your assets and liabilities, represent you in court and manage your entire process.
Contact Us
If you have questions regarding Chapter 7 and Chapter 13 bankruptcies for individuals, contact us. We charge affordable and competitive rates, and are conveniently located in Historic Ellicott City near free parking and area circuit and district courts. To contact us, call us at (410) 465-6971.