Many types of debts can be discharged by a Chapter 7 bankruptcy filing. However, there are some debts that can’t be wiped out during the Chapter 7 bankruptcy process. Dischargeable Debts Debts that can be discharged in a Chapter 7 bankruptcy include: Credit Card Debt...
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bankruptcy
What is the process for declaring bankruptcy?
After a consultation with your attorney and after making the decision which type of bankruptcy to declare, the bankruptcy process is fairly simple in most instances. However, it does require lots of paperwork and even completing a couple of educational requirements....
How can I keep my car or computer if I declare Chapter 7 bankruptcy?
Chapter 7 bankruptcy requires that debtors give up property of value – if they have any – to be sold by the trustee to pay off creditors. In real life, there rarely is a “seizure” of the debtor’s assets because most debtors don’t have any property of value. However,...
If I declare Chapter 7 bankruptcy in Maryland, can I keep my property?
In a Chapter 7 bankruptcy, which is a liquidation of assets, the debtor’s property – if there is anything of value – is generally taken by the trustee and sold to pay off debts. In most instances, there is no taking of property because the debtor’s belongings have no...
Can I obtain credit – credit cards or a mortgage – after bankruptcy?
A lot of people wonder about their credit rating and whether they can obtain credit, including a mortgage, if they declare bankruptcy. You can obtain credit after a bankruptcy, including a mortgage, but it might not happen right away. Credit rating By the time most...
What is a Chapter 13 bankruptcy?
When considering bankruptcy, a consumer has two choices – a Chapter 7 liquidation or a Chapter 13 reorganization. This blog discusses the Chapter 13 bankruptcy process. Chapter 13 is a reorganization bankruptcy, which means that the debtor is not liquidating debts as...
What is a Chapter 7 bankruptcy?
When considering bankruptcy, a consumer has two choices – a Chapter 7 liquidation or a Chapter 13 reorganization. This blog discusses the Chapter 7 bankruptcy process. A Chapter 7 bankruptcy is a liquidation of debts which means that the debtor is allowed to liquidate...
New bankruptcy law makes it easier for small businesses to declare bankruptcy
The attempts to reduce incidences of the coronavirus, including Maryland’s “stay-at-home” orders, have been hard on many of the Maryland’s small businesses. As a result, many Baltimore and Ocean City small businesses owners are considering bankruptcy. While bankruptcy...
Experts predicting wave of consumer and business debt in 2021, bankruptcy can help
More than 7,200 businesses and consumers in Maryland filed bankruptcy from January through July of this year, according to figures available from the American Bankruptcy Institute. The numbers show a decrease in recent filings, but experts are predicting that 2021...
List of assistance for those in Maryland facing unemployment, utility and health insurance cutoffs because of the pandemic
Maryland officials have put into place a number of programs aimed at helping those who have lost their jobs or have seen their work hours and income reduced during the COVID-19 pandemic. Maryland extends unemployment assistance for 13 weeks The Maryland Department of...