For those in Pasadena who are filing bankruptcy might be your best choice. If any of the subsequent scenarios represent your existing situation, then bankruptcy may be your only valid selection.

  • You cannot pay utility bills
  • You have medical expenses 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

Types of Bankruptcy

At Waldman, Grossfeld, Appel & Baer in Pasadena, Maryland (21122), we can help you handle filing for bankruptcy. There are two types of bankruptcy to file for: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, also known as “straight” or “golden” bankruptcy, clears you of most of your debts, with some exceptions. It’s possible that some property will be repossessed, but you’ll be allowed to keep necessities to maintain a healthy standard of living.

Sometimes exemptions are great enough that you can keep all of your possessions and unsecured creditors cannot legally go after them. With secured creditors, it’s normal to be able to keep your home or vehicle, however you must sign a reaffirmation agreement for the vehicle. This states that you’ll keep up on car payments. Your house will not be foreclosed upon if you continue to make payments and a reaffirmation agreement is not necessary. Chapter 7 bankruptcy prevents creditors from seizing your home.

Chapter 13 Bankruptcy

This is also known as debt adjustment and it is relevant for people in Pasadena, Maryland who are behind on payments but can still pay off creditors. They will need a new reimbursement plan. These people can file for Chapter 13 Bankruptcy if they have a steady income but are behind a car loan or mortgage payment, owe income taxes or have property they want to keep. It may not be probable to file Chapter 13 bankruptcy if you’ve filed for Chapter 7 within the last eight years. The filing fee varies from state to state.

You can pay off unsecured debt, credit cards and personal loans at an affordable rate with a Chapter 13 plan. This all depends on your disposable income after paying normal living expenses. Some people can’t file for Chapter 7 bankruptcy when their income is too high and this will be determined at the beginning of your case.

How We Can Help You

After deciding to file for bankruptcy in Pasadena, it is best to talk with a lawyer beforehand. This is a complicated situation which requires you to deal with creditors. Before you file for Chapter 7 or 13, contact a lawyer at Waldman, Grossfeld, Appel & Baer. Several issues can arise when it comes to assessing a car and other possessions, and a professional lawyer can help you manage the situation.

Contact our competent bankruptcy attorneys about filing for Chapter 7 or 13 bankruptcies. After hiring an attorney from Waldman, Grossfeld, Appel & Baer in Pasadena (21122), you can relay your creditors to us so they stop contacting you. Our prices are reliant on the type of case it is and its involvement. Call 443-712-2529 today!