Why You Need a Bankruptcy Lawyer

Millions of Americans have seen their lives fall into disarray as they struggle under the burden of heavy debt. For many of them, filing for bankruptcy has proven the most effective way to free their lives of unmanageable debt. The process of filing for bankruptcy can be complex, however: without the help of an experienced bankruptcy lawyer, it can be extremely difficult even to decide what type of bankruptcy protection to seek.

To someone unfamiliar with all the technical details of bankruptcy law, the bankruptcy process and the rules surrounding it can seem like a bewildering tangle of technical jargon, back-references, and exceptions. There are only a handful of major types of bankruptcy, each of which must be able to accommodate the needs of millions of individuals and businesses.

The United States Bankruptcy Code is divided into multiple sections, or chapters. You may have heard mention of a company filing for Chapter 11 bankruptcy, which is a type of bankruptcy usually only available to companies. On the other hand, Chapter 13 bankruptcy applies only to individual people in particular circumstances.

Chapter 12 bankruptcy is designed for the unique needs of farmers, fishermen, and their families. Most people file for Chapter 7 bankruptcy, which is also commonly used by companies facing situations unlike those that file for Chapter 11. This may seem confusing, but it is only the very tip of the iceberg.

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If you are living with more debt than you can manage, making it difficult or impossible for you to meet your most basic needs, filing for bankruptcy may be the most effective way to rid your life of the burden of debt. Newly debt-free, you can rebuild a healthier financial life and stride confidently into the future. For the assistance you need, contact the experienced Maryland bankruptcy lawyers of Chaifetz & Coyle, P.C. today by calling 443-546-4608.