Bankruptcy laws in Maryland provide a way for you to get out from underneath staggering debt and get a fresh start. The majority of individual bankruptcy cases are filed under Chapter 7 or Chapter 13. Because the rules for these types of bankruptcy are complex, it is wise to find the best bankruptcy lawyer in Maryland to walk you through the process. The attorneys with the Nager Law Group, with offices in Columbia, Annapolis and Towson are uniquely qualified to assist you and find solid solutions to resolve your debt issues.
The first thing you need to do to qualify for a Chapter 7 bankruptcy is pass the means test to determine whether you qualify based on your income history. The case begins by filing the petition, schedules, and your statement of financial affairs. The forms list your assets, debts and a recent financial history and that information is used to identify whether you qualify and which assets you can keep. Most people keep all of their assets.
An automatic stay goes into effect when the petition is filed. At this point, creditors can no longer sue, garnish, foreclose or trespass on your property or contact you. A trustee is appointed by the court and a meeting is held with the trustee who has the opportunity to ask questions about your assets and liabilities. After this meeting, the trustee can take control of your on-exempt assets and liquidate them. The proceeds from liquidation of assets are used to pay the expenses of the administration of your case and your creditors. In most cases, you will get a discharge that releases you from personal liability for specific dischargeable debts.
Chapter 13 bankruptcy is for individuals who have a regular source. It is different from a Chapter 7 in that it lets you maintain possession of a lot of the property of your estate and make payments to the creditors through the trustee, which is based on your budget and you non-exempt assets. A Chapter 13 is used by the debtors who do not qualify for a Chapter 7 or who are behind on mortgage or car payments as well as other circumstances.
Unlike the Chapter 7, there is no quick discharge of debts. You must make all your payments under the plan before you receive a discharge. As long as the plan is in effect, you are protected from lawsuits, garnishments, foreclosures and other creditor activities.
In a Chapter 7 bankruptcy, most unsecured debts are eliminated with the entry of a discharge. This can take three to six months. A Chapter 13 bankruptcy can take from 3 to 5 years to complete.
Whether you file for a Chapter 7 or a Chapter 13 bankruptcy, it is wise to hire an experienced bankruptcy lawyer who has experience navigating the legal system inn Maryland. Having one of the skilled attorneys from Nager Law Group will help ensure that your case will be handled appropriately.
For more information on Filing For Bankruptcy In The State Of Maryland, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (443) 492-9003 today.
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