Breathing Room For Debts
Breathing Room For Debts
Individuals considering filing for bankruptcy need to first consult with Maryland bankruptcy lawyers. When it comes to personal bankruptcy, Maryland bankruptcy lawyers can help you decide if filing for bankruptcy should even be an option, and what type of bankruptcy you should file. Chapter 7 bankruptcy involves liquidation. Maryland bankruptcy lawyers call it straight bankruptcy. It is the quickest kind of bankruptcy and you receive a discharge typically 60 days after filing. A court-appointed trust holds a meeting with you and your creditors called a 341 meeting. There he organizes what of your property is non-exempt and can be sold to pay back your creditors. Contrary to many believe, chapter 7 bankruptcy does not mean that you lose almost all of your personal property such as your house and car. That only rarely happens, especially when you have hired Maryland bankruptcy lawyers to help you. Under Maryland bankruptcy laws, you actually get to keep a good amount of your personal property. You keep household furnishings, goods, apparel, appliances, books, and pets up to $100. You also keep burial plots, crypts, health aids, disability and health benefits, life insurance, medical benefits from wage deductions, ERISA-qualified benefits, public benefits, tools for work or business up to $5000, 75% of disposable wages, cash or any property up to $6000, and aggregate interest in real or personal property to $5000. Most of the time, a chapter 7 filer also keeps their house or car. You reaffirm the debt to the lender for the car, and set things up at the 341 meeting to make sure your mortgage is paid. Of course bankruptcy itself does not wipe out any debts. It simply gives you time and breathing room to help repay your debts, and get a fresh start financially.
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