Rockville Bankruptcy Lawyers Serving Montgomery and Frederick Counties

Helping you through the bankruptcy process

Last year, almost 1.3 million bankruptcies were filed in the United States, affecting even more millions of people since a number of those petitions were joint petitions. Filing a voluntary bankruptcy petition does not mean that you do not pay your bills or you do not have a workable financial plan, as creditors would like us to believe. Filing a voluntary bankruptcy petition may be the right decision for you, especially if the right lawyer helps you along the way. At Wolff & Orenstein, LLC, our Rockville attorneys have the experience and knowledge you need to help you navigate through the bankruptcy process.

What bankruptcy options do you have?

Although a handful of consumers may seek protection under Chapter 11 or Chapter 12 of the Bankruptcy Code, nearly all consumer filings are under Chapter 7 or Chapter 13. Generally speaking, Chapter 7 is the preferred option for consumers with a great deal of unsecured debt, while those with secured debt auto arrears, mortgage arrears and tax liabilities tend to rely on Chapter 13. For those consumers and small business who don’t meet the eligibility requirements for Chapter 13, turn to us for help with Chapter 11.

Why should you file bankruptcy?

Any bankruptcy filing under any chapter can stop foreclosure and stop creditor harassment. In fact, the automatic stay applies to any action that any creditor may be taking against you or is planning to take against you. If a bill collector is calling every day, those calls will stop. If the tow truck is on its way to repossess your vehicle, the tow truck must make an immediate U-turn. If you are scheduled to go to court soon for a debt-related lawsuit, the hearing will be canceled. If your employer just received a wage garnishment notice, once you file a bankruptcy case, your employer may safely ignore that notice.

What can bankruptcy do to your mortgage?

In addition to giving you more time to repay your loan, bankruptcy may also mean that you have less money to repay due to a process known as lien stripping. If you bought your house with an 80/20 mortgage, and your house’s value has declined below the balance of your first mortgage, in most cases, you may be able to reclassify that second lien as an unsecured claim and subject it to a discharge in a chapter 13 case.

Is bankruptcy for everyone?

Just because you owe money does not necessarily mean that you should file bankruptcy. Some alternatives to bankruptcy may be available such as:

• • Debt consolidation
  • Debt reorganization
• • Debt negotiation and settlement
  • Loan modification

For skilled representation and a complimentary initial consultation, contact our Rockville bankruptcy attorneys

At Wolff & Orenstein, LLC, we are very proud to say that our clients routinely refer us to their family, friends and colleagues. Our clients in Montgomery, Frederick, Prince George’s County and throughout Maryland are very appreciative of our knowledge and our work ethic. To put our skills to work for you, contact our Rockville bankruptcy lawyers, at 301.250.7232 or online and schedule a free initial consultation to discuss your case.