People who consider hiring a bankruptcy lawyer in Bowie, MD may wonder how they will ever come back from this ‘defeat’. They worry about long-term effects on their credit record, the sense of failure they’re experiencing, and having to admit to friends and relatives what happened. Talking with a lawyer such as Laura Margulies is a good first step toward learning about the advantages of filing for chapter 7 or chapter 13 and about what not to worry too much about.
Advantages of Bankruptcy
It can be a difficult move to consider, but the consequences of not filing may be even harder to deal with. Filing the petition with a bankruptcy lawyer in Bowie, MD will halt foreclosure proceedings and any attempts at vehicle repossession, at least temporarily. Filing stops collection agencies from calling every day and demanding money and puts a halt to credit card companies threatening legal action. If a past-due account has already been referred to an attorney for the intent of filing a civil lawsuit, that legal activity must cease.
Business Examples
Someone who worries about making a financial comeback after bankruptcy might look at success stories in the business world. It’s not entirely uncommon for businesses to file for chapter 11, a type of restructuring process, and to gain new ground afterward. Hostess, the sweet snack food company, is a fairly recent case in point. Many people don’t even remember that behemoth General Motors filed for chapter 11 in 2008 and reemerged two years later, continuing to be a major player in the passenger vehicle marketplace.
Getting Back on Track
The country’s economy has rebounded substantially since the Great Recession, but many individuals still deal with negative effects from those years. A bankruptcy lawyer in Bowie, MD can help them finally get back on track after years of struggle. The stress from a mountain of debt can make a person’s emotional and even physical health suffer. It’s a heavy burden to carry every day. Coming back from that situation can be almost impossible compared to making a comeback after filing bankruptcy.
