Once the decision has been made to seek bankruptcy protection, a number of changes will take place. Understanding what to expect within a consumer bankruptcy is important for those in Maryland who will go through this process, and it can greatly relieve stress and anxieties connected to the event. Once the process is underway, the individual who filed becomes the Debtor; all of the entities to which he or she owes a debt become Creditors. The bankruptcy court appoints a Trustee to oversee the case. These parties become the main players within the process.
Few Maryland consumers relish the thought of having to file for personal bankruptcy. Before reaching that decision, many will try a number of debt relief options. Some repayment strategies are inherently better than others, and savvy consumers will research the available options before choosing a course of action. Many will find success, but there are some financial circumstances in which consumer bankruptcy offers the best choice for immediate and lasting debt relief.