If you feel you are consumed with debt and have no way to pay it back, it might be time to start over and file for bankruptcy. If any of the following situations characterize your current situation, then bankruptcy may be the only option.

  • You cannot pay your utility bills
  • You have medical bills that cannot be repaid
  • You have been unemployed and you can’t repay debts
  • Your house is being foreclosed on
  • Your car is about to be repossessed
  • Your wages are being garnished
  • Your bank accounts are being attached

Types of Bankruptcy

At Waldman, Grossfeld, Appel & Baer in Middle River, Maryland, we can help you in filing for bankruptcy. There are two types of consumer bankruptcy to file for: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is commonly known as “straight” bankruptcy or “golden” bankruptcy. It can clear most of your debts with some exemptions. The majority of Chapter 7 bankruptcies allow you to keep all of your assets so you can begin having a quality standard of life.

Exemptions determine what property you can keep during or after your bankruptcy. Under Chapter 7, exemptions are usually significant enough that you will be able to keep all your possessions and unsecured creditors won’t be able to go after them. However, this differs from state to state. Typically, under a secured creditor you’ll be able to keep your home and/or vehicle.

For a vehicle, you must sign a reaffirmation agreement stating that you’ll stay up-to-date with your car payments. For a home, it won’t be foreclosed on as long as you keep making payments under Chapter 7 and you won’t need to sign a reaffirmation agreement.

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is also known as debt adjustment, and it is appropriate for people in Middle River, Maryland who are behind on payments but are still able to pay creditors. They will need a new repayment plan. Chapter 13 is favorable for individuals who have a steady income but they’re behind on either a car loan, mortgage or they owe income taxes.

Your unsecured debt, credit card, personal loans, medical bills, etc. can be paid off during your Chapter 13 Bankruptcy at an affordable rate. Your rate will depend on your disposable income after the payment of your personal living expenses. Chapter 13 may not be viable if you’ve already filed for Chapter 7 within the last eight years.

How We Can Help You

If you’re filing for bankruptcy in Middle River, it is best to speak to a lawyer ahead of time. Bankruptcy is an involved process since it involves dealing with creditors. Contact a lawyer at Waldman, Grossfeld, Appel & Baer before you choose to file for Chapter 7 or Chapter 13.

Once you hire an attorney from us in Middle River, you can refer your creditors to us so they stop calling you. Our fees are specific to the intricacies of your case, but we typically have flat-fees so you know what your bankruptcy filing will cost. Call 443-712-2529 today!