If you have just received a foreclosure notice from your lender, it is important that you hire the best Baltimore bankruptcy attorney to help you prevent the bank from initiating and continuing with foreclosure proceedings. There are many legal options that can help you to retain your home. However, only a qualified lawyer can explain them to you effectively. When in financial trouble, homeowners and other types of consumers should consider debt consolidation, refinancing and other similar strategies before they decide to file bankruptcy. While becoming legally bankrupt may be the most effective method, it also has many shortcomings.
If your financial stability is compromised, it is important that you try to do everything to stabilize it. However, you should find a reputable lawyer if all your efforts are unsuccessful. Experience is important, so you should only hire a lawyer who has worked on foreclosure cases and bankruptcies in the area for many years.
The chapter 7 and 13 bankruptcies are both at your disposal.Your attorney should be able to tell you which of the two is the most effective and why. This will help you to make an informed choice.
The chapter 13 is the most effective legal avenue for stopping foreclosure. During the proceedings, the trustee will set up a meeting of creditors. You, the debtor, will be required to present a sustainable plan on how you intend to repay all your debts including your mortgage. It is important that you put a lot of thought into the proposal because creditors must find it acceptable.
There are many reputable attorneys in the city of Baltimore. Most of them have an online presence, so they can be found easily by prospective clients on the internet. Every lawyer who practices in Baltimore is registered and licensed by the state bar association. Therefore, you can expect the best legal representation during the proceedings.
When approaching a Baltimore bankruptcy attorney, you should know that not everyone is eligible for the Chapter 13. Only people who get a regular monthly income may apply. Therefore you should discuss all other options with your attorney, like the chapter 7, if you do not qualify for the chapter 13.
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