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Maryland Bankruptcy Lawyer

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The process of bankruptcy allows any person living in the United States that are burdened with excessive debts, that are owed to creditors in the United States, to shed those debts and get a FRESH START financially.

Bankruptcies can generally be described as "liquidation" or "reorganization."

Liquidation bankruptcy is called Chapter 7. Under Chapter 7 bankruptcy, a consumer or business asks the bankruptcy court to discharge the debts owed. Certain debts cannot be discharged. In exchange for the discharge of debts, the business's assets or the consumer's nonexempt property is sold, and the proceeds are used to pay off creditors.

There are several types of reorganization bankruptcy. Consumers with secured debts under $807,750 and unsecured debts under $269,250 can file for Chapter 13. Consumers with debts in excess of the Chapter 13 debt limits or businesses can file for Chapter 11 -- a complex, time-consuming and expensive process. In any reorganization bankruptcy, you file a plan with the bankruptcy court proposing how you will repay your creditors. Some debts must be repaid in full; others you pay only a percentage; others aren't paid at all. Some debts you have to pay with interest; some are paid at the beginning of your plan and some at the end.

Chapter 7 vs. Chapter 13
As we mentioned before, there are some differences between chapter 7 and chapter 13. Deciding which chapter is best for you will depend on your personal situation. At Hyatt Legal Services, we will assist you in determining what is the best course of action for you.

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Generally, many people are good candidates for Chapter 13 bankruptcy. If you are behind on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement, Chapter 13 may be for you. You cannot do this in Chapter 7 bankruptcy. You can make up missed payments only in Chapter 13 bankruptcy.

If a large part of your debt consists of federal taxes, what happens to your tax debts may determine which type of bankruptcy is best for you. Chapter 7 has some limitations on tax debts. If you cannot discharge your tax debts in a Chapter 7 bankruptcy, Chapter 13 may be a better alternative. There, you pay your tax debts over time.

If you have valuable nonexempt property. When you file for Chapter 7 bankruptcy, you get to keep certain property, called exempt (the state of Maryland has a list of what it considers exempt property.) If you have a lot of nonexempt property, which you would have to surrender if you file a Chapter 7 bankruptcy, Chapter 13 bankruptcy may be the better option.

There are other circumstances that may determine what type of bankruptcy to file. Hyatt Legal Services will evaluate your individual situation and provide counsel and advice as to the appropiate course of action.

Bankruptcy Frequently Asked Questions

Chapter 7 Bankruptcy FAQ

Chapter 13 Bankruptcy FAQ

Free Telephone Consultation: 410 - 486 - 1800

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