Consumer Law Center of Maryland
Free Consultation 888-463-3520 11403 Seneca Forest Circle, Germantown, MD 20876

Maryland Bankruptcy Attorney

Life can change in an instant and leave one struggling to make ends meet. Perhaps you find yourself swimming in debt as the result of treating a serious medical condition or from losing a job. There are countless life events that can throw a wrench into the most careful financial planning. Even when your consumer debt feels overwhelming, don’t lose hope. A skilled Maryland bankruptcy attorney at Haeger Law can help you find a way out. Contact us today to find out if you’re a good candidate to file for bankruptcy under Chapter 7 or Chapter 13.

Chapter 7 vs. Chapter 13

There are two main forms of personal bankruptcy that individuals can file: Chapter 7 and Chapter 13. Each form has its advantages and disadvantages, and it is important to get the help of a seasoned bankruptcy attorney when choosing the right form of bankruptcy for you.

  • Chapter 7 bankruptcy, also known as liquidation bankruptcy, is often a good choice for a consumer with few personal assets. Petitioners must meet restrictive income limits in order to qualify to file Chapter 7 bankruptcy. The petitioner will receive property exemptions that will allow them to keep most or all of their assets, while the trustee assigned to the petitioner may sell the petitioner’s remaining unexempted property to generate revenue to pay down outstanding debts. After considering the status of the petitioner’s assets, eligible debts will be discharged.
  • Chapter 13 bankruptcy is known as reorganization bankruptcy. Chapter 13 is often the choice of someone who owns property they would like to retain but cannot currently afford the payments, or who does not meet the income requirements to file for Chapter 7 bankruptcy. Chapter 13 bankruptcy petitioners will receive a monthly payment plan that can help them catch up on missed payments on secured debts, such as those owed on home mortgages or car loans, or on non-dischargeable debts, such as alimony or student loans.

What Types of Debt Are Eliminated in Bankruptcy?

Bankruptcy can be a great solution for individuals with a large amount of consumer debt, such as credit card debt, medical debt, and unsecured loans. Not all forms of debt can be forgiven through bankruptcy, however. For example, student loans generally, many forms of income tax debt, and child support cannot be eliminated through a bankruptcy filing.

For this and other reasons, bankruptcy isn’t the right choice for all debtors, and it is important to work with an experienced consumer law attorney to find out whether bankruptcy is right for you. A Germantown bankruptcy and consumer law attorney at Haeger Law is dedicated to assisting clients who are facing difficult financial circumstances, helping them find a way forward toward a brighter future.

Find Effective Debt Relief with the Help of Experienced Maryland Bankruptcy Lawyer

If you’re facing overwhelming debt and need professional help finding a way forward, contact compassionate, effective, and seasoned Maryland bankruptcy lawyer, Robert Haeger at Haeger Law for a free consultation in Germantown at 888-463-3520.