Alike other US states, the bankruptcy laws of Maryland are also to help people struggling hard to pay back their debts. Filing for bankruptcy gives you a chance to start your life again.
Advantages of the laws:-
- Help people clear their debt
- Prevent their commerce and trade
- Very easy to file the case
- Fees for lawyers to file the case can adjust
In Maryland, you can file for any of the 4 bankruptcy depending on your case.
- Chapter 7 – This bankruptcy is also known as “straight” or “liquidation” bankruptcy. Under this chapter, all your property gets sold except the “exemptions” to pay the creditors.
- Chapter 11 – Also known as “reorganization,” this chapter is mainly used by big businesses and individuals having large debts.
- Chapter 12 – This chapter is for family farmers.
- Chapter 13 – This bankruptcy is known as “debt adjustment,” This chapter allows you more time to pay your debts.
Why you need a Bankruptcy lawyer in Maryland?
You can file bankruptcy on your own, but as it requires a keen knowledge of laws to do the paperwork, hiring a good bankruptcy lawyer is always suggested. Any mistakes or errors in the paperwork can lead you to serious consequences, including criminal charges.
Your lawyer can also suggest to you the best-suited bankruptcy chapter basis on your debts and situation.
Related Articles
Why we see repeat bankruptcy cases in Chapter 11
There are more chances of same company filing the bankruptcy cases in chapter 11 again and again. This is not really worth it. what is the need to repeat?
