Legal•Info

District of Columbia Bankruptcy Lawyer

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor.

Bankruptcy is not always the after-effect of irresponsibility. Unforeseen events causing the need to take on debt occur, such as job loss or overwhelming medical expenses. If you find yourself drowning in debt, regardless of the reasons, and do not see in end in sight, it may be in your best interest to contact a District of Columbia bankruptcy lawyer attorney.

Some financial difficulties can be credit card debt or the inability to meet a mortgage payment. Financial troubles may not only spell hardship, but also emotional turmoil and confusion. When you are struggling with debt, it is hard to lead a normal life, mostly because you are constantly carrying extra weight on your shoulders, making it hard to focus on other aspects.

A bankruptcy lawyer has extensive knowledge about the various laws involved and is able to help you find a viable solution for your debt situation. Bankruptcy is a way to get a new, financially free start on life.

While bankruptcy enables you to wipe your financial slate clear, there are serious repercussions that need to be understood. After you file for bankruptcy, your credit score will be low for up to ten years, affecting any future loans or mortgages.

Bankruptcy is not something that just disappears into the woodwork once it becomes part of the official record. Because its remnants stay behind on your credit record, it is important to consider all aspects of bankruptcy and what it entails. Once you are ready, contact a District of Columbia bankruptcy lawyer attorney to ensure that you will never face a difficult decision alone.

There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:

Chapter 7: Basic liquidation for individuals and businesses;
Chapter 9: Municipal bankruptcy;
Chapter 11: Rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets;
Chapter 12: Rehabilitation for family farmers and fishermen;
Chapter 13: Rehabilitation with a payment plan for individuals with a regular source of income;
Chapter 15: Ancillary and other international cases.

Lawyers who specialize in bankruptcy law practice have not only extensive education in the relevant bankruptcy and financial laws, but also the experience of handling cases that are similar to yours. They will be able to explain your options to you, guide your choices, and represent you in bankruptcy court.

Bankruptcy cases are usually filed in United States Bankruptcy Court. A specific bankruptcy lawyer, who files on behalf of the debtor, usually begins this process. Contact a District of Columbia bankruptcy lawyer attorney to get your financial freedom started. You can find them by searching through the pages of your Yellow Pages, White Pages, or by searching online.