How COVID-19 is affecting middle-class bankruptcy cases
Bankruptcy should never be seen as a sign of failure. It is a legal way to rebuild after an emergency. If you are deeply in debt, consider taking advantage of this opportunity to protect yourself and your family, but be sure to understand the process and its implications. The bankruptcy court of Maryland warns that bankruptcy can have serious effects on your life and urges anyone filing to consult with a lawyer before deciding. The decision to file for bankruptcy has only been made more difficult by the financial and economic impact of COVID-19. So just how much is COVID-19 affecting middle-class bankruptcy cases? At the Law Offices of Nicholas J Del Pizzo, a bankruptcy law firm in Baltimore, MD we take a closer look!
Filing for Bankruptcy During COVID-19
The first fundamental difference in these unprecedented times is that many court procedures are now available remotely. You can also submit forms and documents electronically, in order to keep the amount of people in courtroom areas to a minimum.
Once you file for bankruptcy, a trustee appointed by the U.S. government will examine your assets. In a bankruptcy hearing, you will meet with the trustee and your creditors to determine which debts you must pay and what will happen to your assets. Because of COVID-19, these hearings will now sometimes take place as Zoom meetings.
Understanding Bankruptcy During COVID-19
Different forms of bankruptcy have distinct requirements and procedures. Chapter 7 bankruptcy is a solution for people who cannot pay their debts, while Chapter 13 bankruptcy allows people to reorganize their assets to pay off mortgage debt over time. Some assets and financial accounts are preservable through bankruptcy proceedings, while other are not. In order to understand how bankruptcy will affect your finances, you need to understand relevant legal distinctions between different types of assets that might be central to the bankruptcy proceeding.
Furthermore, the District Court of Maryland has its own rules. A knowledgeable local attorney with experience in bankruptcy law will understand those rules and how they will apply to your personal financial situation. For these reasons, it is wise to retain a bankruptcy attorney.
About The Law Offices of Nicholas J Del Pizzo
At The Law Offices of Nicholas J. Del Pizzo, III P.A. in Baltimore, Maryland, we make ourselves available for our clients when they are facing foreclosure of their home, bankruptcy, personal injury or medical malpractice.
When you have a consultation at our law office, you meet with Nick Del Pizzo, a Baltimore lawyer, the founder of our firm. Your case is not passed off to a paralegal or less-experienced associate. You get the personalized attention you need from a local law firm.
Whatever your legal need is, we are there for you, seven days a week. Your case becomes our cause, and we will seek the best resolution possible.
Ready to Speak to an Experienced Bankruptcy Lawyer in Baltimore?
The burden of overwhelming debt can be too much for anyone to handle. That is where we come in to help. At The Law Offices of Nicholas J. Del Pizzo, III P.A. in Baltimore, our knowledge of and experience with bankruptcy law can help you get that fresh start by wiping out your debts, reorganizing your finances or saving your home. Contact us today to learn more about filing for bankruptcy in Maryland.