For people who are in Perry Hall (21128) it might be time to start over and file for bankruptcy. If any of the following situations embody your current circumstances, 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 our law firm in Perry Hall, Maryland, we can help you take care of filing for bankruptcy. There are two types of bankruptcy to file for: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

Also called “straight” bankruptcy, or the “golden bankruptcy”, Chapter 7 clears you of most of your debts, with some exemptions. It’s possible that some property will be reclaimed, but you’ll be allowed to keep necessities to keep a healthy measure of living.

Exemptions from Chapter 7 bankruptcy are usually significant enough that you can keep all of your possessions and keep them safe from unsecured creditors. With secured creditors, you can typically keep your home and/or vehicle. When it comes to vehicles, you need to be willing to sign a reaffirmation agreement that promises you’ll keep up on payments for your car. Chapter 7 also ensures that your home isn’t foreclosed on if you continue to make payments, and a reaffirmation agreement isn’t required. Action cannot be taken against your home when you file Chapter 7 bankruptcy.

Chapter 13 Bankruptcy

Also known as debt adjustment, Chapter 13 bankruptcy is appropriate for people in Perry Hall, Maryland who are behind on payments but still able to pay creditors. They will need a new repayment plan, which is where Chapter 13 bankruptcy comes in. This form of bankruptcy is useful for someone has a steady income but they are behind a car loan or mortgage payment, owe income taxes or have property they want to keep.

Sometimes it isn’t viable to file Chapter 13 bankruptcy if you’ve already filed for Chapter 7 in the last eight years. The filing payment differs from state to state. Unsecured debt, credit cards and personal loans can be paid off in a Chapter 13 plan at an affordable rate.

How We Can Help You

After deciding to file for bankruptcy in Perry Hall, it is best to discuss it with a lawyer ahead of time. 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. Various issues can arise when it comes to assessing property and other assets, and a professional attorney can help you find a way through the situation.

Call our experienced bankruptcy attorneys about filing for Chapter 7 or 13 bankruptcies. After hiring an attorney from Waldman, Grossfeld, Appel & Baer in Perry Hall, you can refer your creditors to us so they stop calling you. Our fees are based on the type of case it is and its intricacy. Call 443-712-2529 today!