Chapter 12 Bankruptcy In Maryland
Chapter 12 bankruptcy is for family farmers and fisherman. It is similar to a Chapter 13 bankruptcy but allows for greater flexibility in payment terms. There are some unique advantages to Chapter 12 for those who qualify. Because Chapter 12 bankruptcy has extra eligibility requirements, it is not as common as the other chapters. There are only a handful of Chapter 12 trustees in Maryland. You need a Maryland Chapter 12 bankruptcy attorney who knows the procedures of the Maryland Chapter 12 trustees and the Maryland bankruptcy courts.
Will I Lose My House If I File For Bankruptcy
In many cases, bankruptcy can offer protection from having to leave a residence or at least can provide more time to find a new place to live. When a bankruptcy petition is filed, the court will issue an order for an automatic stay. The automatic stay immediately stops any and all further collection actions from being taken against the filer, including home foreclosure, while the bankruptcy process is underway. Depending on the filers individual situation, Chapter 13 bankruptcy may offer the opportunity to work with the lender to lower the monthly mortgage payment and also establish a repayment plan to catch-up on any past-due amounts.
How Many House Payments Can I Miss Before Facing Foreclosure
If you are even just 10-15 days late with a mortgage payment, your lender will probably assess a late fee. If you miss one months mortgage payment, youll probably receive a monthly statement marked in red with the late fee clearly prominently displayed. If youve missed two or three payments, your lender will likely send a Demand Letter requesting full payment within 30 days. By the end of the fourth month if you have not made a mortgage payment, your lender will likely consider the loan to be in default and will start the foreclosure process. If you have fallen behind in mortgage payments, its important to speak with an experienced foreclosure attorney as soon as possible in order to understand all of your options. For example, in some cases, bankruptcy can prevent or delay foreclosure.
Recommended Reading: How To Make Bankruptcy Payments Online
Bankruptcy Is Your Constitutional Right
- Have you received threatening or bothersome phone calls from bill collectors at home or at work?
- Does your credit card debt appear to be never ending?
- Are you afraid of potential wage garnishments?
- Are fearful of losings your home to a foreclosure?
- Are you afraid of having your vehicle repossessed?
If you have answered Yes to any of the above questions, then the Maryland Bankruptcy Center is prepared to help you. We can offer you debt relief and immediate help and protection. Stop living a life of stress and worry.
WHAT IS THE MARYLAND BANKRUPTCY CENTER AND WHAT CAN WE DO FOR YOU?
WHY CHOOSE US?
CONTACT USThe harassing telephone calls at home and work will stop immediately
- Complete legal analysis
- The Bankruptcy Court WILL accept your case
- Instant relief from creditors
Which Type Of Bankruptcy Should I File
When it comes to filing for bankruptcy, most people have two primary options: they can file under Chapter 7, or they can file under Chapter 13. Which option makes the most sense for you depends on your personal financial circumstances. The specific types of debts that you are struggling to pay are a particularly important consideration.
When you schedule a consultation at Andrews, Bongar, Gormley & Clagett, one of our Lexington Park bankruptcy attorneys will work with you one on one to help you decide whether to file under Chapter 7 or Chapter 13. Once you make this decision, we will take the lead for the entire bankruptcy process, including
- Helping you collect necessary financial documents
- Advising you on compliance with all bankruptcy requirements
- Preparing all the necessary paperwork on your behalf
- Developing a strategy that minimizes the bankruptcys negative effects and
- Representing you in court.
Our goal is to help you make informed decisions with your long-term best interests in mind.
Filing for Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a good option for individuals and couples who are plagued by debt and who truly need a fresh start. When you successfully file for bankruptcy under Chapter 7, it will wipe out your unsecured debts entirely. You must continue to make payments on your secured debts . However, this means in many situations you will get to keep your car and your home despite filing for bankruptcy.
Filing for Chapter 13 Bankruptcy
Also Check: How Many Years Between Chapter 7 Bankruptcy
How Does Bankruptcy Work In Maryland
The bankruptcy process is governed by federal laws, so it works in a similar way in Maryland as it does in most states. Those filing for bankruptcy may see some of their debts erased or may be given the chance to repay the debts over the course of a few years through a payment plan. Once you file for bankruptcy, creditors are notified and ordered to cease all collection activities.
What varies from state to state are the exemptions covering the types of assets you may be able to keep in case of bankruptcy. Maryland has an extensive list of exemptions that you may resort to in order to keep assets such as your home, your vehicles, some personal property, and other assets such as retirement benefits. If you are considering filing for bankruptcy, an attorney can be fundamental in helping you understand the process and make the right decisions, as there are many steps and important choices you may have to make to protect your assets while getting the most benefit out of the bankruptcy process.
Mail Documents To Your Trustee
Shortly after you file your bankruptcy forms, the court system will assign a Chapter 7 trustee to your case. Some of the trusteeâs main duties are to review your forms and verify that all the information listed is complete and accurate. Your trusteeâs name and contact information will be on the notice the court sends you about your 341 meeting . The court usually sends this a few days after your case is filed.
The Bankruptcy Code and District of Maryland Local Rules require you to send certain documents to your trustee at least seven days before your 341 meeting. These documents help the trustee verify your identity and other information. They include:
Copies of your two most recent tax returns.
Bank statements for any checking or savings accounts. You must send the statement that includes the date you filed your bankruptcy. For example, if your case was filed on March 24th, send your bank statement for March 1-31.
A copy of your Social Security card or a statement from the Social Security office showing the number.
A copy of your driverâs license or other government-issued photo ID. This ID must be valid and not expired.
All paycheck stubs you received in the 60 days before you filed your case. A printout from your employer will work if it shows your gross pay, all deductions, and your net pay for each pay period during the 60 days.
What About My Credit Score
If you are looking to file bankruptcy in MD, you need the right lawyer. You want a lawyer who will not only file your bankruptcy, but go the extra mile to rebuild your credit score. Thats why we do more than simply help you eliminate your debt. We work with you to rebuild your credit score after bankruptcy! Our clients receive free access to 7 Steps to a 720 Credit Score. If credit score is a concern, you should strongly consider bankruptcy over other options. Bankruptcy wins almost every time when you consider bankruptcy vs. debt settlement. Many of our clients see their credit score go up after bankruptcy! Thats because we know how bankruptcy affects your credit score.
Chapter 11 Bankruptcy In Maryland
Also known as reorganization, Chapter 11 bankruptcy is the most expansive of the chapters. Both businesses and consumers can file a Chapter 11, but Chapter 11 is the only option for a business that needs bankruptcy relief and wishes to continue operations. In a Maryland Chapter 11 bankruptcy, the United States Trustees Office monitors your case to ensure compliance with the rules. Chapter 11 bankruptcy is complex. You need a Maryland Chapter 11 bankruptcy attorney who knows the procedures of the Maryland bankruptcy courts.
Read Also: How Long Does Bankruptcy Last In Qld
Do I Need An Attorney To File Bankruptcy
You should hire an experienced Waldorf bankruptcy attorney to help you file. Bankruptcy is not generally something you can do on your own. In Maryland, they must be filed electronically and they are hard to do. You must understand bankruptcy law so that you can file your petition correctly and that it will go smoothly when you go in front of your 341 meeting with the Chapter 7 trustee. There are certain documents that must be given to the trustee prior to the hearing and if you hire an attorney they will be able to walk you through this process.
How Can A Bankruptcy Attorney Help
While you are allowed to file for bankruptcy without an attorney, it may be overwhelming or confusing to understand what to do or figure out the right steps to take. Your attorney can help you decide whether bankruptcy is right for you Ã¢â¬â or if you should try other alternatives first Ã¢â¬â and if no other options are feasible, your attorney can help you understand if Chapter 7 is the right choice or if Chapter 13 would get you better results.
At ParÃÂ© & Associates, LLC, our attorneys have assisted countless clients with filing for bankruptcy and starting again on a blank slate. Call ParÃÂ© & Associates, LLC today at 515-1190 to schedule a free consultation.
We’ve Helped 205 Clients Find Attorneys Today
How Do I Know If Filing For Medical Bankruptcy Is The Best Option
Some of the biggest mistakes people make are to ignore hefty medical bills or to just want too long to get help. It is understandable to feel overwhelmed by a difficult financial situation, but delaying action will only serve to increase interest fees and add to the number of weeks or months you are in arrears. If you are struggling with medical debt, make time to meet with an experienced local bankruptcy attorney, so that you can weigh all of your options. Bankruptcy can be a sensible course of action during times of extreme financial distress. Contact Jeffrey M. Sirody & Associates at for more information about filing for medical bankruptcy. Our trusted bankruptcy attorneys will take the time to understand your individual situation and outline all available options. We understand that you want to hold onto your home and other valuable assets. We have filed thousands of Maryland bankruptcy cases, giving us the experience to develop the best strategy for your particular situation.
You May Like: Macomb County Sheriff Sale
Germantown Bankruptcy Lawyers Helping Clients Dealing With Bankruptcy Matters
When an honest person falls into hard times and becomes unable to repay his or her debts, it may seem like the whole world is resting on their shoulders. Dealing with constant collection calls and letters while struggling to make ends meet is an overwhelming and mentally exhausting situation. The bankruptcy process is designed to help people who are significantly in debt to get their finances back under control and start over fresh. Learn how bankruptcy works in Maryland and whether it is the right choice for your situation.
Chapter 7 Bankruptcy In Maryland
Also known as debt liquidation, Chapter 7 bankruptcy will allow you to get rid of all of your dischargeable debt within a matter of months. This includes credit card debt and medical bills. As one of the top bankruptcy attorneys in Maryland, we will help you determine whether you qualify for Chapter 7 bankruptcy in Maryland. Maryland has a number of state specific issues that arise in Chapter 7 bankruptcy. You need a Maryland bankruptcy lawyer who knows how to navigate these issues.
You May Like: What Is Bankruptcy Code In India
Collect Your Maryland Bankruptcy Documents
Before you jump into filling out your bankruptcy forms, itâs extremely helpful to gather up all the documents youâll need along the way. Even if you hire a bankruptcy lawyer, youâll still need to bring in certain key documents so your legal team can complete your case. The most essential documents are the ones you â or your lawyer if you hire one â must send to your bankruptcy trustee. These include:
Pay stubs or a printout from your employer showing your income and all deductions for the past 60 days.
Your most recent bank statement.
Tax returns for the past two years.
Also, try to gather as many of the following documents as you can:
Bills or statements showing how much you owe and the contact info.
Collection letters or lawsuit paperwork.
A recent from at least one of the major credit reporting bureaus .
You wonât have to send these documents to the trustee, but theyâre helpful to have on hand. Your bankruptcy forms must include a list of all your debts, including balances as well as your creditorsâ names and addresses. You can get most of that information from these documents.
Bank statements for the past six months can also help you to estimate your monthly expenses and to remember any debt payments youâve made recently. Finally, pay stubs or income printouts for the past six months will help you complete the Maryland means test forms.
How Can We Help You
We are a debt relief agency. We help people file for relief under the bankruptcy code. Our focus on the following area of practice helps us serve you better:
- Consumer bankruptcy We do not represent moneylenders or debt buyers. We represent you, the consumer in your bankruptcy action. We offer a full range of services related to both Chapter 7, Chapter 13 and individual and small business Chapter 11 bankruptcy.
Also Check: What Is An Act Of Bankruptcy
What Are The Differences Between Chapter 7 And Chapter 13 Bankruptcy
Bankruptcy is the last resort to give someone some relief from debt after all other options have been exhausted. There are two different ways to file for bankruptcy: you may file under Chapter 7 or Chapter 13.
When you file under Chapter 7, you are filing for liquidation bankruptcy. As the name implies, you agree to sell off some or all of your property and/or assets to pay your creditors. Your disposable income must fall under certain thresholds, and while it results in the cancellation of many different types of debts in as little as three to five months, you may be required to sell any nonexempt asset as part of your bankruptcy process.
Those who do not qualify for Chapter 7 or do not wish to sell off their property to satisfy creditors may consider filing for Chapter 13. Chapter 13 is also referred to as reorganization bankruptcy and is designed to help the individual who is in debt to repay their debts over time using a payment plan while enabling that person to keep most of their property. The payment plan typically lasts for three to five years. A person wishing to file for Chapter 13 must have regular income and also meet the thresholds for how much secured and unsecured debt they can have.
Providing A Fresh Start For The Communities Of Waldorf Lexington Park And All Of Southern Maryland For Over 30 Years
At Andrews, Bongar, Gormley & Clagett, we have been handling bankruptcy cases and stopping foreclosures in Waldorf, Lexington Park, and all of Southern Maryland for over 30 years. Our Southern Maryland bankruptcy lawyers didnt just jump into it a few years ago when it became profitable, like some other local attorneys. We have been steadily handling bankruptcy cases for decades.
Dave Gormley, our primary bankruptcy attorney, has personally been handling & litigating bankruptcy cases for over 25 years. Watch the video to meet your attorney and find out what will happen when you contact us for a consultation.
Our past clients like us!
Our Southern Maryland bankruptcy attorneys have handled thousands of bankruptcy cases. We have stopped thousands of foreclosures. Chances are we have handled a case similar to yours in the past. That knowledge and experience are what you get when you hire an experienced Southern Maryland bankruptcy lawyer at Southern Maryland Law to handle your bankruptcy case.
Free Online Legal Advice We are the only local law firm giving you free legal advice right here on our website. You should be informed before you hire an attorney. Here is some of the free legal advice we give about bankruptcy:
- See our Free Legal Guide to Bankruptcy in Maryland.
- See our other Client Resources explaining all aspects of the case, so you know what to expect.
- See our guide on how to rebuild your credit after a bankruptcy.
You May Like: What Happens When A Country Files For Bankruptcy