Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Baltimore, United States Attorneys in related practice areas.
In Baltimore, United States, bankruptcy and debt law are federal legal issues that provide a way for individuals and businesses facing considerable debt to eliminate or repay them under court supervision and protection. Bankruptcy can provide a financial fresh start by wiping out the legal obligation to pay most debts through a discharge. However, it has severe impacts, such as a drop in your credit score and public record of your bankruptcy on your credit report for up to ten years.
A knowledgeable and experienced bankruptcy lawyer will guide you through the complex steps of the process. They can suggest when the time is right for bankruptcy, what type of bankruptcy suits best to your needs, and how to make the most of the process. A law professional can also ensure the correctness and completion of forms, adherence to deadlines, and direct you towards the right debt relief path. Moreover, having legal representation might represent a strong line of defense against creditors who could object to your filing.
While federal law governs bankruptcy in the United States, certain local rules and exemptions apply in Baltimore. Some of these exemptions include homestead exemption, motor vehicle exemption, and wildcard exemption protecting a debtor's personal property. Maryland doesn't allow residents to utilize the federal bankruptcy exemptions; hence your assets will safeguard under Maryland's state law exemptions. A key local rule in Baltimore is that all bankruptcy cases are filed in the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division.
In Baltimore, most people file either a Chapter 7 or Chapter 13 bankruptcy. Chapter 7 works best for people with low income with few assets, while Chapter 13 is designed for people who can repay a part of the debt through a payment plan.
Property protections depend on whether your assets are exempt under Maryland's exemption laws. In many cases, filing a Chapter 13 bankruptcy will allow you to keep your property.
Typically, a Chapter 7 bankruptcy stays on your credit report for ten years, whereas a Chapter 13 bankruptcy stays for seven years.
Yes, you might be able to get credit after your bankruptcy is discharged. However, the interest rates might be higher, and the credit limit might be lower.
While it's legally possible to file for bankruptcy by yourself, it's not recommended due to the complexities of the bankruptcy laws and the potential negative consequences if any mistake is made during the filing process.
The Maryland Chapter 13 bankruptcy trustee's website and United States Trustee Program of the Department of Justice's site are excellent resources for finding more information about bankruptcy. Moreover, the Maryland Courts website provides valuable information about filing bankruptcy without a lawyer.
If you're considering filing for bankruptcy, the first step is to consult with an experienced bankruptcy lawyer. This will help you understand your options and the potential consequences of bankruptcy. Do thorough research and choose a lawyer who is well-acclaimed in the bankruptcy field and whom you feel comfortable with. Remember, the success of your bankruptcy case heavily depends upon your legal representation.
