Mar 19, 2012
Guide to Bankruptcy in Maryland: Which type of Bankruptcy is Best For You?
As you prepare to file for bankruptcy in Maryland, there are many different steps you’ll need to take, and things you’ll need to think about. Certainly, at the top of that list is finding the right bankruptcy attorney. Maryland, like all states, also deals with many specific types of bankruptcy, and various chapters, codes and regulations. Which type of bankruptcy in Maryland is best for you, your interests and your financial future? Should you be specifically looking for Chapter 7 bankruptcy attorneys, and what does “Chapter 7” even mean to begin with? Find the answers to some of these introductory questions with this guide to bankruptcy in Maryland. The United States Courts Bankruptcy Basics guide lists six different bankruptcy Chapters, and needless to say, there are numerous factors and regulations involved with each. However, if you’re an individual, you can begin eliminating many of these right from the beginning. For example, Chapter 12 bankruptcy only deals with family farmers and family fishermen, and Chapter 15 deals with cross-border cases. Chapter 9 is actually for municipalities, and Chapter 11 is primarily for businesses. In essence then, you only have to be concerned with Chapter 13 and Chapter 7 bankruptcy in Maryland. Chapter 7 deals with the liquidation of your assets, and the removal of as much debt as possible. Chapter 13 deals with debt adjustments, and restructuring your debt to reasonable payment levels over a specific period of time. Which of these you need up pursuing will largely depend on your […]Read More