Our goal, as Chapter 7 bankruptcy lawyers, is to discharge your existing debts and allow you a FRESH START on your finances.
As of October 17, 2005 for Chapter 7 bankruptcy, Maryland cases are determined by a “means test.” You are not eligible if your annual income exceeds the median income for the State, and the specific terms change often. We can help you know if you are eligible or not to file for Chapter 7.
- Have your finances “wiped clean” of debt
- Permanently stop all calls and contact from creditors
- Make sure your assets are protected by the law
- Know whether or not you meet the “means test”
Chapter 7 Bankruptcy FAQs
What is Chapter 7 Bankruptcy?
Chapter 7 of the Bankruptcy Code is commonly known as a liquidation, personal bankruptcy, or just plain bankruptcy.
Who Can File Chapter 7 Bankruptcy?
As of October 17, 2005, Maryland Chapter 7 bankruptcy cases are determined by a “means test.” You are not eligible if your annual income exceeds the median income for the State, and the specific terms change often. OUR CHAPTER 7 BANKRUPTCY LAWYERS CAN HELP DETERMINE IF CHAPTER 7 IS RIGHT FOR YOU
Do I Need a Bankruptcy Attorney?
As Chapter 7 bankruptcy lawyers, our goal is to discharge your existing debts and allow you a FRESH START on your finances. Once the discharge is granted, you no longer need to repay the debts that were incurred before you filed your case. Your creditors are entitled to share in the proceeds obtained from the liquidation by a Bankruptcy Trustee of your NON-EXEMPT assets.
The bankruptcy law in Maryland allows the overwhelming majority of Chapter 7 bankruptcy cases to be filed as “no-asset” cases, meaning your creditors get nothing. Protecting your assets is the primary business of chapter 7 bankruptcy lawyers, and we know how to use every exemption to maximize that protection!
Can I Discharge All of My Debts?
If you meet the requirements of Chapter 7, you will be allowed to discharge most or all of your debts, regardless of how much you owe. HOWEVER, certain debts are non-dischargeable under Chapter 7 Bankruptcy. Examples include:
- Child Support
- Recent Income Tax Debt
- Student Loans
- Debts Incurred by Fraud
- Criminal Restitution