Bankruptcy Law in Maryland. Chapters 7, 11 and 13.
Bankruptcy law is essentially the same from state to state as bankruptcy law is governed by federal law, but this doesn’t make the bankruptcy process any less complicated and daunting to make your way through. The bankruptcy process may be simplified quite a bit when you have the expertise of a Maryland bankruptcy lawyer at your service. The experience that a Maryland bankruptcy attorney possesses in regards to the practice of bankruptcy law will allow them to navigate the bankruptcy process and ensure that the process of bankruptcy proceeds as smoothly and as quickly as time will allow. There are pretty much two forms of bankruptcy your average individual may potentially take advantage of and those are Chapter 7 bankruptcy, a straight bankruptcy, or Chapter 13 bankruptcy which is a repayment option.
If you find yourself eligible for a Chapter 7 bankruptcy, you are basically looking towards complete debt relief. A Chapter 7 bankruptcy is a process in which a trustee which is appointed by the court, collects your assets, liquidates them, and then distributes the money acquired amongst your creditors. Chapter 7 bankruptcy law allows you to retain certain property which is exempt under the law, but there is a limit when it comes to exempted property so you may find yourself having to part with some property that is deemed nonexempt. If there is property you wish to keep which will not be exempt through a Chapter 7 bankruptcy, you may want to look into a Chapter 13 bankruptcy. A Maryland bankruptcy lawyer may assist you in the determination of what bankruptcy option you are legally eligible to apply for.
If you have found yourself in serious financial trouble and have no idea how to pull yourself out of it, it may be time for you to speak with a Maryland bankruptcy lawyer who may help you devise a plan to regain control of your finances and work to rebuild your credit. Bankruptcy is a way for one to achieve debt relief, whether it be a straight bankruptcy which may very well wipe clean your debts owed, or a repayment option in the form of a Chapter 13 bankruptcy. While a Chapter 7 bankruptcy will allow someone to achieve discharge of debts far more quickly than a Chapter 13 bankruptcy, not everyone is eligible to apply for an immediate discharge through a Chapter 7 bankruptcy. For instance, if you have steady income which exceeds the median income for your household in the state which you are applying, then you will most likely be ineligible to apply for a Chapter 7 bankruptcy. Of course, it would be best to consult with an expert Maryland bankruptcy attorney who may sit down with you and assess your exact situation as there may be other factors which will better determine your eligibility.
There are a number of things which may have led you to a life of debt, but a Maryland lawyer that is practiced with the process of bankruptcy, may lead you out of it through the option of bankruptcy. While bankruptcy is a last resort type of financial decision, it is the right decision for many folks whom find themselves struggling under the weight of debt. So, if you find yourself living and facing financial ruin, consult a Maryland attorney who can assist you in either discharging your debt through a Chapter 7 bankruptcy or by helping you to to come up with a Chapter 13 repayment plan which will allow you to pay off your debt over a 3 to 5 year period. A Maryland bankruptcy lawyer can assess your situation and assist you with devising a plan which will set you on the path of financial responsibility and security once again.
James Lawson is the copywriter for Maryland-Legal.org, a website dedicated to legal representation including issues such as declaring bankruptcy in the state of Maryland (see http://maryland-legal.org/bankruptcy-attorneys/ for details), Criminal Defense, Family Law & Construction Law. Visit www.maryland-legal.org for more information.