Filing Chapter 7 Bankruptcy
Don't let the burden of debt control your life any longer.
Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, provides a legal route for individuals struggling with debt to get a fresh financial start.
Given the complexity of bankruptcy law, hiring a bankruptcy lawyer is the smart choice to help you navigate the process and avoid the pitfalls that can potentially have severe financial consequences.
What are the benefits?
Most of your debts, including medical bills, credit card balances, and unsecured personal loans, can be wiped out.
Depending on the amount of equity you have in your home and the status of your mortgage payments, you may not be required to sell your home.
Once you file for Chapter 7, an automatic stay goes into effect, halting all collections activities, including wage garnishment and harassing phone calls or letters.
Adam M. Freiman, Esq.
Specializing in Bankruptcy
Call Me: (410) 486-3500
Over one billion dollars of debt erased on behalf of our clients.
Guaranteed results. Same day filings available – Free Consultation.
Who Can Qualify For A Chapter 7 Bankruptcy in Maryland?
Chapter 7 bankruptcy is designed for individuals who are unable to repay their debts. In Maryland, to qualify for Chapter 7, you must pass the “means test”. This test assesses your income and expenses to determine if you’re eligible. If your annual income is below the median income in Maryland, you’re likely to qualify. However, if your income exceeds the state’s median, you may need to explore other financial options. Our experienced bankruptcy lawyers can help you understand these options and determine the best course of action for your situation.
Frequently Asked Questions about Chapter 7
Our consultation is free, call or contact us to explore your options. In many cases, our clients can afford to pay based on not having to pay their creditor bills. Once you file, most debts are wiped out enabling you to start fresh.
The cost to file for Chapter 7 bankruptcy in Maryland includes a $338 filing fee, as of 2021. However, this does not include attorney fees, which can vary widely depending on the complexity of the case and the attorney’s experience. It’s also important to note that there may be additional costs for credit counseling and debtor education courses.
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.
While Chapter 7 bankruptcy can provide relief from overwhelming debt, it also has significant downsides. It can severely impact your credit score and remain on your credit report for 10 years, which can make it more difficult to obtain credit, buy a home, or sometimes get a job. Additionally, you may have to surrender some of your property, and not all debts can be discharged in Chapter 7 bankruptcy. Certain debts, such as student loans, child support, and most tax debts, are typically not dischargeable.
If you’re considering filing for Chapter 7 bankruptcy in Maryland, it’s crucial to have a knowledgeable and experienced lawyer by your side. I’m ready to guide you through every step of the process, ensuring you understand your options and make the best decisions for your financial future.
Take the first step towards regaining your financial freedom. Contact me today for a free, no-obligation consultation. Let’s discuss your situation and explore how we can help you navigate the complexities of Chapter 7 bankruptcy.
