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The success rate of Chapter 7 bankruptcy is generally high, with the majority of cases resulting in a discharge of debts. According to the U.S. Courts, over 95% of Chapter 7 bankruptcy cases filed result in a discharge of debts. However, the success rate can vary depending on the individual’s circumstances and the complexity of the case. Read more about Chapter 7 Bankruptcy.
The short answer is, yes. Medical bills owed directly to doctors, and those owed to hospitals, treatment centers, rehabilitation clinics and the like can be included in bankruptcy, regardless of which chapter you file. Read more here.
In a Chapter 7 bankruptcy, you can keep your home and/or car as long as your equity in the property is fully exempt AND you are current on any payments for any mortgages or loans secured by the property.
If you are reading this, you probably already have credit problems. A Chapter 7 bankruptcy may stay on credit reports for 10 years from the filing date, while a Chapter 13 bankruptcy generally remains for seven years from the filing date. For many people, filing bankruptcy gives them the opportunity to improve their credit score. They can pay their bills on time without the burden of previous debt. Read more about this topic here.
No. In Maryland, either spouse can file separately. This can be the sensible thing to do if one spouse is burdened by debt and the other has very little debt. In Maryland, your spouse’s assets are not liable for your debts just because you are married.
Once your Bankruptcy case is filed, creditors cannot sue you in state court, cannot send you collection letters, are not even supposed to call you. Wage garnishments are stopped.
Debt management or debt consolidation programs cannot guarantee all of your creditors will agree to participate in their program. Most likely, more than one will not. It only takes one creditor to refuse to participate to blow your whole plan out of the water. Read more about this here.
Even if you do not hire our firm, I implore you to seek counsel before proceeding into the murky waters of bankruptcy law. Read this article for ways to pay your legal costs.
Don’t hesitate to reach out to us. We’re happy to answer your questions about bankruptcy in Maryland.