A Maryland Bankruptcy Attorney May be Able to Get You a Fresh Start Today
Whether you're at your wit's end or just can no longer stand arguing with creditors, talk to a Maryland bankruptcy attorney now. Bankruptcy can help you get a fresh start, but the new bankruptcy laws can be confusing. You need to understand the changes to the bankruptcy laws before take action that could harm your financial future. A
If you're afraid you could lose your home or your car by filing bankruptcy, you may want to speak with a
Chapter 7 and Chapter 13 Provide Different Protections and Obligations
Personal bankruptcy is usually called a ‘fresh start.' Chapter 7 bankruptcy allows you to eliminate most of your unsecured debts. The Chapter 7 bankruptcy trustee reviews your income, expenses, and your assets. The trustee has the options to sell, or liquidate, your non-exempt assets to pay off your creditors to the extent possible. Most people filing for Chapter 7 bankruptcy have no non-exempt assets. Exempt possessions, to a limited value, include furniture, appliances, books, electronics, clothing, etc. necessary to a basic lifestyle. Under Chapter 7 assets possessions securing debts can be repossessed to pay off the debt.
Under Chapter 13, rather than simply giving up your secured assets, like your car or house, you work with your creditors to create a plan to allow you to keep some of your possessions. A Chapter 13 bankruptcy plan weighs your income against your living expenses and debts. Your Chapter 13 plan will require you to make regular payments toward your secured debts based on your ability to pay. The new bankruptcy laws may require you file under Chapter 13 or may convert your Chapter 7 filing to a Chapter 13 filing. Your
Talk to a Maryland Bankruptcy Attorney, Before You Act
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