- Personal Finance
Maryland Bankruptcy Lawyers
What can Maryland bankruptcy lawyers do for you, and how can they help?
Bankruptcy. It's an unhappy word, however, it's one that more and more individuals and families are becoming familiar with in these economic times. For Maryland residents beginning to deal with this kind of circumstance, it's important to get the answer to a few key questions - what can Maryland bankruptcy lawyers do for you, and how can they help you favorably resolve your situation?
Below, you'll find more information on finding and hiring a bankruptcy attorney in Marlyand, how to choose one who's right for you, and more.
Identify the best course of action
One of the best ways in which bankruptcy lawyers in Maryland will be able to help you is simply identifying the best course of action for you. There are half a dozen different chapters of bankruptcy, and multiple options or action plans for each.
Knowing your personal circumstances and the details of your financial past and present, as well as your future goals, a bankruptcy attorney in Maryland will be able to pick the right option for you, and ensure that you're eligible for the proceedings. They'll also be able to prioritize the outcomes you're seeking in terms of asset protection, debt liquidation, time frame for results, and more.
Further, after hearing your information, Maryland bankruptcy lawyers may actually advise you against filing bankruptcy, and seeking protection through other means.
Maximize benefits and protection
Bankruptcy lawyers in Maryland will ensure that you are able to maximize the benefits and protection that you receive.
For an individual trying to file bankruptcy on their own, it's easy to overlook certain specific regulations, the latest changes in bankruptcy code and more, and this can lead to a worse outcome for you. Not to mention that seemingly harmless slip-ups with procedure, timelines, fees, paperwork and more can lead to your case being thrown out entirely.
Regardless of which chapter that your bankruptcy attorney in Maryland decides to pursue for you, they'll be able to take advantage of every possible exemption, protection and other intelligent legal maneuvering that is in your best interest. At the end of the day, you'll be able to rest easy knowing that nothing was overlooked or forgotten, and that your best interests were fought for at every step of the process.
As a potential client, you don't have to blindly sign up to work with an attorney or firm right from the beginning. Instead, take advantage of Maryland bankruptcy lawyers who offer free, no obligation consultations for their clients.
This will enable you to see personally if this individual or firm will be a good fit for you, and it will enable them to tell you how they will be able to help you specifically. You'll also be able to get on the same page in terms of fees and pricing, realistic expectations and more.
Don't just sign up for the first firm you hear about - go ahead and get a free consultation and make sure it's an ideal match on all fronts.
How to Choose a Bankruptcy Attorney in Maryland
There are many different factors to consider when choosing a bankruptcy attorney in Maryland. Further, there is a huge number of Maryland bankruptcy lawyers to choose from. Here are a few questions to ask to help you choose who to work with:
- Do they have experience dealing with similar situations as my own, and do they have a track record of producing favorable outcomes?
- What are there fees, and what can I expect in terms of pricing?
- How accessible is the lawyer or the firm? Will I receive personal attention and support?
- Are they locally based, and are they up to date on the latest local regulations and code changes?
- Will I be able to receive a free consultation before committing?
- Are they selling me on something, or ensuring that my personal desires, preferences and goals are the priority?
Filing for bankruptcy in Maryland - different chapters, eligibility & more
It's crucial that you become familiar with the different chapters and types of bankruptcy cases, whether or not you plan on hiring a bankruptcy attorney. Maryland offers clear eligibility and outcome requirements and specifications in each instance, however your own personal circumstances will dictate what you end up pursuing.
- Chapter 7: Chapter 7, also known as liquidation or simply a straight bankruptcy case, is the most well known and most commonly utilized option. It allows you to discharge most of your debts, although not all debts, like taxes and student loans, are eligible. You will also be able to protect some of your assets - up to $12,000 for an individual, or $24,000 for a married couple. After filing for Chapter 7, you will not be able to do so again for another 8 years.
- Chapter 11: Chapter 11 is a business reorganization. However, it is possible for individuals to file under this Chapter as well. Mostly, it's a way to reorganize debts and assets, assign creditors into different classes, and ultimately maintaining possession of your assets while arranging payment plans for the future.
- Chapter 13: When you're facing a foreclosure, have other assets to protect or do not qualify for Chapter 7, then a Chapter 13 is typically pursued. This allows you to set three or five year repayment plans which are automatically garnished from your wages through a trustee. Determining whether or not to file for a Chapter 13, and then maximizing the results, is best achieved through Maryland bankruptcy lawyers who are well versed in the latest codes and regulations for exemptions, revaluations, asset protection, and more.
Of course, there are other forms and chapters of bankruptcy in Maryland as well, including Chapter 9, Chapter 12 and Chapter 15. However, the above three forms are the most commonplace and apply to almost all individuals.
More Resources on Bankruptcy in Maryland
- US Courts Bankruptcy Basics Guide
This is the official Bankruptcy Basics guide from the United States court website, USCourts.gov. It provides an overview on every chapter of bankruptcy filing, the process involved, various bankruptcy forms, terminology and much more.
- District of Maryland US Bankruptcy Court
The official website of the District of Maryland United States Bankruptcy Court. Includes lists and breakdowns of the various fees for filing for bankruptcy, timelines and processes, and guides for finding a bankruptcy attorney in Maryland.
- Department of Justice U.S. Trustee Program
Another useful resource to find out more about different types of bankruptcy and how they vary, and what you may or may not be eligible for.
- Maryland State Bar Association
The Maryland State Bar Association has a number of different online brochures on various legal processes and topics, including bankruptcy, foreclosure, ad when you may or may not need a lawyer.