For those in Severna Park who are suffering financially, it might be time to start over and file for bankruptcy. If any of the following characterize your current situation, then bankruptcy may be your only valid option.

  • 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

Legally There are Two Types of Consumer Bankruptcies

At Waldman, Grossfeld, Appel & Baer near Severna Park, MD, we can help you deal with filing for bankruptcy. Legally, there are two bankruptcy options to file for: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

This is otherwise known as “straight” bankruptcy, as it clears you of most of your debts, with some exemptions. It is possible to keep your vehicle, if you are current on your payments, but if your vehicle is repossessed you generally are not liable for the excess debt (difference between car debt and auction price). In Maryland, it is unusual not to be able to keep your vehicle, jewelry, clothing, household goods, etc. though every case is different and that is why you should speak to a bankruptcy attorney.

In some cases, the property is reclaimed to pay your creditors. However, some states permit the filer to keep their vehicle, clothing, jewelry, life insurance, retirement plan, etc., but this greatly varies from state to state. Possessions are appraised first before the judge makes a ruling on what possessions are exempt and non-exempt. The filing fee is different in each state.

Chapter 13 Bankruptcy

Also known as debt adjustment, Chapter 13 bankruptcy is applicable for people in Severna Park, MD who are behind on payments but still able to pay creditors. They will need a new reimbursement plan. These people can file for Chapter 13 Bankruptcy if they have a good income but are behind a car loan or mortgage payment, owe income taxes or have property they want to hold onto. It may not be viable to file Chapter 13 bankruptcy if you’ve already filed for Chapter 7 in the last eight years. The filing fee varies from state to state.

How We Can Help You

If you’re filing bankruptcy in Severna Park, it is best to consult with a lawyer ahead of time. Filing bankruptcy is an involved process which requires you to deal with creditors. Before you choose to file Chapter 7 or 13, call a lawyer at Waldman, Grossfeld, Appel & Baer. Many issues could potentially come up when it comes to assessing a car and other possessions, and a professional attorney can help you manage the situation.

Contact a Bankruptcy Lawyer Now

Contact our qualified bankruptcy attorneys about filing for Chapter 7 or 13 bankruptcies. Once you hire a lawyer from Waldman, Grossfeld, Appel & Baer near Severna Park, you can refer your creditors to us so they stop calling you. Our fees are reliant on the type of case it is and its involvement. Call 443-712-2529 today!