As an expert in bankruptcy law and debt relief, many people have recently asked me what the best way might be to use their stimulus check to help with their mounting debt. Should they use it to pay minimum payments on credit cards, pay student loans, or save the check for some other use? At the offices of Freiman Law, P.C. we believe that your stimulus check can be put to use today, to make you debt free tomorrow.
Filing bankruptcy may be a good strategy to help you deal with the financial stress you are feeling. Bankruptcy is an effective tool of financial reorganization that is used by many people to alleviate debt, and establish a sound financial future. Knowing which type of bankruptcy may be in your best interest is why we recommend choosing an experienced, and highly rated bankruptcy attorney like Adam M. Freiman and Freiman Law, P.C.
Essentially, there are two types of bankruptcy available to most consumers; Chapter 7 and Chapter 13. Chapter 7 is known as a liquidation, where the Court takes possession of any non-exempt assets and sells them for the benefit of creditors. Most assets can be exempted, however; including your cars, personal property, 401k, and even the anticipated stimulus check. In most Chapter 7 cases, the only thing a person would lose would be the debt that they are in. Even people who own their own homes may be eligible for Chapter 7. Consult with an experienced attorney like Adam M. Freiman and Freiman Law, P.C. today to see if Chapter 7 bankruptcy is right for you.
Some people do not qualify for Chapter 7, but still need relief from their debt. In this scenario, Chapter 13 bankruptcy would be the preferred route. In Chapter 13, one has the ability to manage their debt by creating a plan of reorganization which will propose to your creditors how you intend to work through the debt that you are in. Interest will stop accruing on most of your accounts, one payment will be established to enable you to pay your debt with greater ease, and some of your creditors will go away altogether. Chapter 13 is very complicated, and should only be attempted with the assistance of a skilled bankruptcy attorney, one who is highly rated, like Adam M. Freiman and Freiman Law, P.C.
Contact us today for more information on how to put your stimulus check to work for you today, in order to become debt free tomorrow.
Adam M. Freiman, Esquire
115 McHenry Ave., Suite B4
Pikesville, Maryland 21208 410-486-3500