When the stress of financial problems seems overwhelming, the Maryland bankruptcy lawyers at Klein & Associates, LLC offer solutions. Businesses, individuals, and their families count on us to help them transition through difficult financial times.
Our attorneys handle simple and complex cases with the same dedication to protecting clients’ rights and property.
Our trained bankruptcy attorneys consider your complete financial situation and counsel you on available options, including non-bankruptcy solutions such as credit counseling, business or personal Chapter 7 or Chapter 13 bankruptcy, and Chapter 11 reorganizations. We help file your case, handle all federal bankruptcy court proceedings, and deal with your creditors.
Chapter 7 and Chapter 13 are the most common consumer bankruptcy types. Chapter 7 involves liquidation and distribution of assets to creditors with most debts discharged at the end of the process. Chapter 13 involves rehabilitation and government protection including a structured repayment plan administered by a court-appointed trustee.
Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, many cases that once were eligible for Chapter 7 relief now must be filed as Chapter 13 bankruptcies. This requires debtors to pay back a portion of their debts through a Chapter 13 plan. Additionally, debtors are required to complete a course in financial management prior to getting a Chapter 7 discharge.
Chapter 11 bankruptcy is most often chosen by businesses and partnerships. Its reorganization provision is much more flexible than other types of bankruptcy, but it is usually more costly. Debtors remain in possession of their assets and continue to operate under court supervision. A creditors committee is appointed, and a Chapter 11 plan must be approved by creditors.
If you are in financial trouble or are contemplating bankruptcy, it is vital that you speak to an attorney who knows your options under bankruptcy laws.
Contact Klein & Associates, LLC online or call at 443-569-3051 for a free consultation. We are committed to providing exceptional representation to clients throughout the Annapolis region, including those in: