Legal Assistance with Bankruptcy in Glen Burnie, Maryland
If you’re inundated by debt and have no way to repay it, it might be time to start over and file for bankruptcy. If any of the subsequent situations embody your existing situation, then bankruptcy may be your only suitable choice.
- You cannot pay utility bills
- You have medical bills you cannot repay
- Your house is going into foreclosure
- Your car is about to be repossessed
- You have been unemployed for months and can’t repay debts
- Your wages are being garnished
- Your bank accounts are being attached
Types of Bankruptcy
At our law firm in Glen Burnie, Maryland (21060 & 21061), we can help you take care of filing for bankruptcy. There are two types of consumer bankruptcy we can file on your behalf: Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy
Otherwise known as “straight” or the “golden bankruptcy” Chapter 7 bankruptcy can eliminate most of your debts, with few exemptions. In the vast majority of Chapter 7 bankruptcies, you get to keep all of your assets and can begin to have a quality standard of living.
Exemptions (property you can keep) are usually ample enough to keep all of your possessions and unsecured creditors cannot go after them. With secured creditors, you can usually keep your home and/or vehicle. In the case of vehicles, you must be willing to sign a reaffirmation agreement stating that you will continue to make the payments on your car. Your home cannot be foreclosed on if you are up-to-date on your payments, and you don’t need to sign a reaffirmation agreement. Steps cannot be taken against your home solely because you have filed a Chapter 7 bankruptcy.
Chapter 13 Bankruptcy
Also known as debt reorganization, this type of bankruptcy is for debtors who are behind on their mortgage and need time to catch up. The court will order the lending institution to accept trustee payments on the arrears and allow you to start making your monthly payments directly to the bank.
Your unsecured debt, credit cards, personal loans medical bills, i.e. can be paid off in your Chapter 13 plan at an affordable rate. It all depends on your disposable income after the payment of your normal living expenses. Certain debtors cannot file for Chapter 7 relief if their income is too high. This must be determined at the onset of each case. Chapter 7 bankruptcy can only be filed every 8 years (from filing date to filing date) and in those instances, you may have to file a Chapter 13 because a creditor is garnishing your wages.
How We Can Help You
If you’re filing bankruptcy in Glen Burnie (21060 & 21061), it is best to consult with a lawyer beforehand. The filing is an involved process which involves dealing with creditors. Before you choose to file Chapter 7 or 13, contact a lawyer at Waldman, Grossfeld, Appel & Baer. Various issues could potentially come up when it comes to valuing a car, your home and other items, and a professional attorney can help you manage the situation.
Get in touch with our competent bankruptcy attorneys about filing for Chapter 7 or 13 bankruptcies. After hiring an attorney from Waldman, Grossfeld, Appel & Baer in Glen Burnie, you can refer your creditors to us so they stop contacting you. Our charges are based on the specific case it is and its intricacy but are usually flat fees so you know exactly what your bankruptcy filing will cost.