Mar 19, 2012

5 Questions to ask Before Filing Bankruptcy in Maryland

Mar 19, 2012 - Resources by |

Filing bankruptcy in Maryland can be a daunting process when you don’t know where to begin. Therefore, one of the best steps you can take as you begin the process is to learn more about what’s involved, and from that point you’ll have a better sense of how to move forward. While specific Maryland bankruptcy laws and codes may be frequently updated, although their core regulations and standards are easier to become familiar with.

In addition to the below information, there are also plenty of useful websites where you can find tips and helpful advice ranging from new bankruptcy laws for Maryland and the general process of filing bankruptcy in Maryland. For example, you can visit the Department of Justice website and read their bankruptcy law information sheet, the District of Maryland United States Bankruptcy Court site, and take a look at their information as well.

In addition, be sure to ask yourself the following 5 questions before filing bankruptcy in Maryland:

  1. Is bankruptcy best for you? Just because bankruptcy is an option, it doesn’t mean that filing for bankruptcy in Maryland makes sense for all people or families, at all times. Furthermore, if you’ve filed for bankruptcy in the past, you may not be currently eligible to do so again. Therefore, before filing bankruptcy in Maryland, you need to evaluate all of your options, and determine if bankruptcy is really the most effective solution.
  2. What do you qualify for? As mentioned, individuals who have previously filed for bankruptcy in Maryland may not yet be eligible to file for bankruptcy again. While bankruptcy is a federal set of laws, Maryland bankruptcy laws determine specifically what you can qualify for in terms of Chapter 7 vs. Chapter 13 eligibility, overall eligibility, and more.
  3. What are your goals? Don’t forget one of the most important steps when filing bankruptcy in Maryland is determining what your goals are. Are you looking for complete liquidation? Are there any possessions you want to be able to retain, and work out payment schedules for? Looking ahead, what will be your plans for home and car ownership, or employment? Know your goals before you file, and you’ll be in a better position to work with Maryland bankruptcy laws for a satisfactory result.
  4. Do I need a lawyer? The quick answer to this is that no, you certainly do not need a lawyer in order to file for bankruptcy in Maryland. However, it’s easy to lose track of the fine details in a case, from dates and deadlines, new bankruptcy laws for the region you’re living in, to paperwork requirements, specific regulations, fee schedules and more. To protect yourself and your interests as much as possible, it’s strongly suggested that you hire an attorney.
  5. How do I find a lawyer? If you decide that you do hire an attorney for filing bankruptcy in Maryland, then there are several considerations to keep in mind when choosing who to work with. Ultimately, you want affordable, attentive service from an attorney who provides you with a great chance at receiving the outcome that you’d like. Schedule a consultation with an attorney and see if they mesh well with you and your needs, and then let them get to work on seeking the best possible resolution.