Contact a Baltimore Bankruptcy Lawyer

Bankruptcy is not an awful experience that many people may believe it to be based on what they have read or heard about the bankruptcy process. In most cases, bankruptcy is the fresh start that a person needs to get back on his or her feet after a financial crisis. For many people, filing Chapter 7 or Chapter 13 is an affordable solution to debt problems that have caused substantial stress and anxiety. A Baltimore bankruptcy lawyer can help. To find out if bankruptcy is right for you, call (410) 525-5337 for a free consultation at our Baltimore bankruptcy firm. You may be able to get out of debt in as little as four to six months after filing your bankruptcy petition.

What Is a Chapter 7 Bankruptcy Case?

Chapter 7 bankruptcies are intended for individuals who cannot afford to pay any portion of their unsecured debts. A business may also file under Chapter 7, but the business closes and ceases to exist when it files a Chapter 7 case. To be eligible for a bankruptcy discharge under Chapter 7, you must meet certain income requirements. If your average income is below the median income for individuals in Maryland, you probably qualify to file under Chapter 7. However, you may also file under Chapter 7 if your disposable income, the income you can use to pay debts, is below a certain amount or if your debts are primarily business-related debts. Don’t let the horror stories about Chapter 7 keep you from discussing a Chapter 7 case with one of our Parkville bankruptcy attorneys. Most Chapter 7 cases filed in Maryland are no-asset cases. In a no-asset Chapter 7 case, you can keep all your property while getting rid of your debts.

What Is a Chapter 13 Bankruptcy Case?

Chapter 13 bankruptcies are for individuals who can afford to pay a portion of their unsecured debts. Unsecured debts include medical bills, credit card debts, personal loans, old utility bills, and most judgment debts. In most cases, an individual only pays a small percentage of the unsecured debts through a Chapter 13 bankruptcy plan. The remaining balances owed on the accounts are discharged when the person completes the Chapter 13 plan. A Chapter 13 bankruptcy case can help you keep your home and your car if you are behind on the payment. You can also pay past-due taxes, alimony, and child support through a Chapter 13 plan to avoid wage garnishments and other collection efforts. A Chapter 13 case has several advantages that may help you get out of debt and keep your property.