Many of our Bankruptcy clients ultimately file a Petition for Relief under Chapter 7 of the United States Bankruptcy Code. A “Chapter 7” Bankruptcy is designed for individuals who do not have the ability to pay their existing debts. Discharge of debts under Chapter 7 allows most debtors to rid themselves of all unsecured debt, such as credit card debt or unpaid medical expenses. There are exceptions to what kinds of debt can be discharged in Bankruptcy and you should talk to a Bankruptcy attorney to determine whether your debts are dischargeable. Examples of non-dischargeable debt include student loans, taxes, and child support or alimony.
In a Chapter 7, most people are also able to keep their home and vehicle, as long as they are current with their payments and can show that they can afford to continue to make payments on these items. In addition to the opportunity to keep the debtor’s home and vehicle(s), the State of Maryland entitles Chapter 7 debtors to exempt certain assets, including equity in a home, personal property and retirement assets.
We encourage you to meet with our attorneys to discuss how you can benefit by using the Bankruptcy laws designed to help you. If you think you might be a candidate for Bankruptcy or our other debt relief services, please contact the Firm to discuss your debt relief options.
This firm is considered a Debt Relief Agency under the Bankruptcy Reform Act.
We help people file for Bankruptcy relief under the Bankruptcy Code