Consumer Bankruptcy Lawyers in Frederick, Maryland

Find the right Consumer Bankruptcy attorney in Frederick, MD

Bankruptcy is a legal procedure allowing a person or business to have their debts excused, in part or in whole. It is typically treated as a last resort, because, while it can prevent financial catastrophe, it has some influential long-term consequences. This warrants careful consideration of the costs and benefits. Being a product of federal law, bankruptcy will go through federal courts. Accordingly, the procedure for filing for bankruptcy in Maryland is basically the same as the procedure anywhere else in the United States. However, individual courts in Frederick, Maryland will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Frederick, Maryland

In Frederick, Maryland, there are 2 commonly-used forms of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This typically includes homes, vehicles, insurance policies, and retirement accounts. These do not need to be sold.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Frederick, Maryland is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Frederick, Maryland

In Frederick, Maryland, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with a adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Frederick, Maryland

The answer to this question depends heavily on your distinct situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an experienced local Frederick, Maryland bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Frederick

Frederick is located in Frederick County, Maryland. Specifically, it is in the central north of Maryland. Frederick is Maryland's largest county. Overall, the city has a population of around 65,239 people.

Frederick's largest employer is the U.S. Army's Fort Detrick. Next in line is BP Solar. Unfortunately, after March 2010, BP had to lay off many employees. Frederick is also home to a few attorneys that practice actively and do their best to tend to the legal needs of residents.

Some popular attractions include Cityscape, The Frederick Arts Council, and The Maryland Ensemble Theatre (MET).

Famous past and present residents include Joe Alexander, Michael Beasley, Lester Bowie, Fred Carter, Chuck Foreman, David Gallaher, Sam Hinds MLB, Bradley Tyler Johnson, Charles Mathias, Florence Roberts, Winfield Scott Schley, and Bryan Voltaggio.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY

Gotham Light