BANKRUPTCY SHOULD BE ABOUT RENEWAL, NOT RUIN
Let Hassan, Hassan & Tuchman
get you back on track
Contact us now for your free Case Analysis
To speak to a lawyer now, call
410.669.5070
We’re available 24/7/365.
BANKRUPTCY SHOULD BE ABOUT RENEWAL, NOT RUIN
Let Hassan, Hassan & Tuchman
get you back on track
Contact us now for your free Case Analysis
To speak to a lawyer now, call
410.669.5070
We’re available 24/7/365.
You never thought you would be in this situation: You are living from paycheck to paycheck. You have more debt than income. Bill collectors will not stop contacting you. Your debts keep incurring interest. You are not sure what you should do. Bankruptcy is a serious option for those in similar situations. Bankruptcy is the only legal way to eliminate your debts and get a financial fresh start. The U.S. Bankruptcy Courts oversee all bankruptcy petitions in Baltimore.
What are my bankruptcy options in Baltimore & Maryland?
In Baltimore, you have two personal bankruptcy chapters available to you:
Which Chapter of Bankruptcy Eliminates Unsecured Debts in Baltimore & Maryland?
Chapter 7 is the bankruptcy chapter for unsecured debts. Unsecured debts include any type of credit or loans obtained via a promise to pay. You did not need to give over collateral like a title to a vehicle or down payment to receive such credit or loans. Unsecured debts can include credit cards and payday loans.
After successful completion of the Chapter 7 process, a debtor (or individual seeking bankruptcy), can eliminate the following debts:
This means that the debtor will no longer be responsible for paying those creditors back. The debts are forgiven forever.
Which Type of Bankruptcy Gives You the Option of Paying Down Your Debt?
Maryland & Baltimore Chapter 13 Gives You the Option of Paying Down Your Debt.
Chapter 13 is different from Chapter 7. It allows you to repay your creditors slowly over three to five years. The number of years depends on your specific plan. You make a monthly payment to your bankruptcy trustee. You also make your current monthly payments directly to your creditors. This bankruptcy chapter is for both unsecured and secured debts.
Will Filing Bankruptcy Eliminate All of My Debt?
In Maryland & Baltimore, Filing for Bankruptcy Can Not Eliminate Some Debt.
Filing for bankruptcy cannot eliminate the following types of debt:
What is the Automatic Stay?
The biggest advantage to filing for bankruptcy is the legal protection of the automatic stay. An automatic stay prevents a creditor from starting, continuing, or resolving any legal issue against you such as:
Chapter 13 is the only bankruptcy chapter that can stop the foreclosure process in any stage. This includes stopping the sale of your home at an auction. As long as the auction is not completed, you can save your home with an automatic stay.
You have the legal right to file for bankruptcy if your debt has become an insurmountable problem. However, the U.S. Bankruptcy courts require you to complete certain tasks such as a credit counseling course and a means test. The means test is to determine which bankruptcy chapter you are eligible to use. You also have to appear at a creditors’ meeting.
Contact us immediately for help with getting your financial fresh start.
Lee Tuchman
Benjamin J. Hassan