Consumer Bankruptcy Lawyers in Germantown, Maryland

Find the right Consumer Bankruptcy attorney in Germantown, MD

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

Chapter 7 Bankruptcy in Germantown, Maryland

In Germantown, Maryland, there are 2 commonly-used types 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 usually includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some forms of debt, however, can't be discharged in Chapter 7 Bankruptcy in Germantown, Maryland. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Germantown, Maryland

Chapter 13 bankruptcy in Germantown, Maryland is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

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

Which Bankruptcy type to file under depends strongly on the facts of each individual case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Regardless of your situation, you should speak with an attorney in Germantown, Maryland who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

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Life in Germantown

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.

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