Maryland Chapter 7 Bankruptcy Attorney

Chapter 7 Bankruptcy for Maryland Consumers

Chapter 7 provides the simplest and most comprehensive relief to debtors under the Bankruptcy Code. You file your petition together with your schedules of assets, debts, income and expenses, attend a meeting with your Chapter 7 trustee, wait to see whether anyone objects to discharge of a particular debt or your general right to a discharge. If nobody objects, the process is complete. Without complications, the whole process usually takes four to six months.

Call (866) 654-2003 or (301) 637-0412 for advice from an experienced bankruptcy lawyer

For a free consultation about your ability to benefit from Chapter 7 bankruptcy, contact the law firm of Steven E. Mirsky, LLC, at any of our three Maryland locations. In order to qualify for Chapter 7 relief, you need to show that your net household income is less than the statewide median, and you need to complete credit counseling prior to filing. Our Chapter 7 attorneys offer highly individualized advice for clients considering bankruptcy, and we can explain just what your Chapter 7 case will involve for you.

Not everyone who qualifies should file for Chapter 7 bankruptcy

People who can satisfy the income-based means test for Chapter 7 might still prefer to file a Chapter 13 debt repayment case. The value and nature of your assets will be the main factor in deciding between the two chapters. While the prospect of straight debt liquidation in Chapter 7 is attractive to most debtors, it's entirely possible that you'll be better off paying off part of your debts in a Chapter 13 case.

If you have substantial equity in your home, or other valuable property that exceeds your available bankruptcy exemptions, these assets might be vulnerable to loss in a Chapter 7 case, unless you "buy" them back from your bankruptcy trustee. In a Chapter 13 case, you'll be able to keep these assets, but you'll have to reflect the value of nonexempt property in your Chapter 13 plan repayments.

Steve Mirsky has more than 30 years of bankruptcy experience, and his detailed knowledge of practice and procedure in the bankruptcy courts can help ensure that you'll get the best available advice under your specific circumstances. He can even show you how a Chapter 7 redemption motion can lead to refinancing of your auto loan on more attractive terms. Once our lawyers advise you about your bankruptcy options, we are entirely committed to helping you get the most out of your rights under the Bankruptcy Code.

To learn more about the role bankruptcy can play in protecting you from your creditors while achieving a discharge of many unsecured debts, contact the law firm of Steven E. Mirsky, LLC, in Rockville, Frederick or Laurel.