Best Bankruptcy Lawyers in Towson

About Bankruptcy Law in Towson, United States:

Bankruptcy in Towson, United States is a legal process that allows individuals or businesses to seek relief from their debts when they are unable to pay them. This can involve liquidating assets to repay creditors or creating a repayment plan. Bankruptcy laws are designed to provide a fresh start to debtors while also ensuring fair treatment for creditors.

Why You May Need a Lawyer:

While it is possible to file for bankruptcy without legal representation, hiring a lawyer can greatly benefit you. A lawyer can help navigate the complex bankruptcy laws, ensure all paperwork is filed correctly and on time, protect your rights, and provide guidance throughout the process. Additionally, a lawyer can represent you in court if necessary and negotiate with creditors on your behalf.

Local Laws Overview:

In Towson, United States, bankruptcy is primarily governed by federal law under the Bankruptcy Code. However, there may be specific local rules and procedures that apply in your area. It is important to be aware of these local laws, as they can impact your bankruptcy case, such as exemptions that determine what property you can keep.

Frequently Asked Questions:

1. What types of bankruptcy can I file for in Towson, United States?

In Towson, you can typically file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 involves the liquidation of assets to pay creditors, while Chapter 13 allows for a repayment plan over several years.

2. Will bankruptcy stop creditor harassment?

Yes, filing for bankruptcy triggers an automatic stay, which prohibits creditors from pursuing collection actions such as calling you, suing you, or repossessing property.

3. How will bankruptcy affect my credit score?

Bankruptcy will negatively impact your credit score, but it is possible to rebuild your credit over time. Many individuals see their credit score improve within a few years after bankruptcy.

4. Can I keep any of my assets in bankruptcy?

There are exemptions that allow you to keep certain assets, such as a home, car, and personal belongings. The specific exemptions vary by state and can be complex, so it is important to consult with a lawyer.

5. How long does the bankruptcy process take?

The duration of the bankruptcy process can vary depending on the type of bankruptcy you file and the complexity of your case. In general, Chapter 7 bankruptcy typically takes a few months, while Chapter 13 bankruptcy can last three to five years.

6. Will I have to go to court if I file for bankruptcy?

You will likely have to attend a meeting of creditors, also known as a 341 meeting, but court appearances are not always necessary. However, if there are disputes in your case, you may need to appear in court.

7. Can I file for bankruptcy more than once?

Yes, but there are limitations on when you can file for bankruptcy again. For example, if you previously filed for Chapter 7 bankruptcy, you must wait eight years before filing for Chapter 7 again.

8. Will I be able to discharge all of my debts in bankruptcy?

Not all debts are dischargeable in bankruptcy. For example, student loans, child support, and certain tax debts are typically non-dischargeable. Your lawyer can advise you on which debts can be discharged in your case.

9. How much does it cost to file for bankruptcy?

There are filing fees associated with bankruptcy, which can vary depending on the type of bankruptcy you file. Additionally, if you hire a lawyer, you will incur legal fees. However, many bankruptcy attorneys offer payment plans to help make their services more affordable.

10. How can I find a reputable bankruptcy lawyer in Towson, United States?

You can start by asking for recommendations from friends or family members who have filed for bankruptcy. Additionally, you can search online for bankruptcy lawyers in Towson and read reviews from past clients. It is important to choose a lawyer who specializes in bankruptcy law and has a track record of success.

Additional Resources:

For more information on bankruptcy law in Towson, you can visit the Maryland Bankruptcy Court website at https://www.mdb.uscourts.gov/. Additionally, the Maryland State Bar Association can provide referrals to qualified bankruptcy lawyers in your area.

Next Steps:

If you are considering filing for bankruptcy in Towson, United States, it is recommended to consult with a bankruptcy lawyer to discuss your options. A lawyer can help you understand the process, determine which type of bankruptcy is right for you, and guide you through the necessary steps to achieve debt relief.