The Bankruptcy Option

Thinking Through the Bankruptcy Decision

There are many reasons why people might consider filing for bankruptcy, and some are better than others. If your financial situation has you backed up against the wall, you need relief, but you also stand to benefit from the advice of a lawyer who can advise you about the full range of your options.

At The Fried Law Firm, our attorneys focus on finding solutions to complex individual and business debt problems. Our experience with tax debt, consumer debt and personal guaranties of business debt can help you find constructive approaches to your debt situation. We might even find a way to keep you out of bankruptcy. Contact us in Bethesda to learn more about the scope of our practice and the range of your alternatives.

Where's your debt pressure coming from?

Your best options for resolving debt pressure will emerge from a careful analysis of your overall financial situation: assets, debts, income and expenses. Any advice you receive that skips this analysis will probably overlook some of your most promising alternatives for resolving your problem.

For example, if your pressure is based on a tax audit or unfiled income taxes, we might be able to work out a solution with the IRS or state tax authorities, especially if you seek our advice at an early stage of the notice and enforcement procedure.

If the primary pressure is coming from a mortgage service company and you're threatened by foreclosure, our attorneys might find ways to keep you in your house without resort to a Chapter 7 or Chapter 13 filing.

Medical expenses or divorce can also create an acute financial crisis for individuals and families. Our review of your financial circumstances can help you take advantage of alternatives to bankruptcy that can relieve the pressure in your circumstances.

We can help you choose between Chapter 7 and Chapter 13 bankruptcy

While most people who file for bankruptcy prefer the more complete relief available under Chapter 7, debtors with higher net incomes will usually need to file under Chapter 13, which requires repayment of a portion of unsecured debt each month under an individual reorganization plan. The need to shelter nonexempt assets from creditors' claims can also complicate the choice between Chapter 7 and Chapter 13.

In rare cases, we'll advise consumer clients to seek relief under Chapter 11. This could apply in any of several circumstances, the most common of which is the need to resolve an acute debt collection situation where our client's income or debts exceed the Chapter 13 limits.

Call 866.439.0886 for advice in Maryland and metro Washington

The Fried Law Firm offers highly personalized advice that draws upon our varied experience in bankruptcy, tax practice and business loan workouts of all kinds. To learn more about bankruptcy and its alternatives in your situation, contact one of our lawyers in Bethesda.

The Fried Law Firm, P.A., is a federally-designated Debt Relief Agency, which proudly helps people filing for bankruptcy.