Looking up information about how to file for Chapter 7 bankruptcy in Maryland can be confusing and daunting. It's easy to become overwhelmed, because there's so much information out there, and also because so much of the information is either incorrect or incomplete. Luckily though, with the right knowledge and tips, you'll be fully prepared in terms of what to expect, determining whether or not it's the right solution for you, and more.
Before filing for Chapter 7 bankruptcy in Maryland, you'll first need to understand the difference between these and Chapter 13. Chapter 7 is referred to as a straight bankruptcy, or liquidation. Chapter 13 on the other hand is a reorganization where you construct a payment plan.
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In Maryland, if you have been a resident for two or more years, you can be exempt for a certain value of assets or possessions. For an individual, the typical value is set at $12,000, while married couples can become exempt for $24,000. Further exemptions may also be available depending on your own personal circumstances and financial details.
Another thing to know is that in Maryland the case remains open for six months, however a discharge will be entered within 90 days of the file being petitioned. Therefore, in as little as three months from the time you file for bankruptcy, you can be discharged of your debts and obligations.
Not all debts can be discharged, including things like student loans and domestic support, and personal tax liabilities. However, once again this will come down to the specific details of your filings. All of your debts must be listed on your filing, even if you plan to continue to make payments on them.
There are many resources online to help Maryland residents through the process. The Maryland State Bar Association has a guide to filing bankruptcy at MSBA.org, and the District of Maryland United States Bankruptcy Court also has useful guidelines and details on its website, MDB.USCourts.Gov.
Ultimately, the best way to make sure that you're fully protected and prepared is to work with a high quality bankruptcy attorney in Maryland. In this way, you can rest easy knowing that you have someone's experience, expertise and dedication working on your behalf, and you won't miss any important details or get caught in the legal fine print which can be complex and challenging to understand.
If you think you should be filing for bankruptcy in Maryland, hire an attorney, discuss your options, and figure out the best way to move forward together to protect yourself, your family and your financial future.
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