Consumer Bankruptcy Lawyers in Hagerstown, Maryland

Find the right Consumer Bankruptcy attorney in Hagerstown, 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 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 Hagerstown, Maryland will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Hagerstown, Maryland

In Hagerstown, 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 typically includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

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

Chapter 13 Bankruptcy in Hagerstown, Maryland

Chapter 13 Bankruptcy in Hagerstown, Maryland differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 Bankruptcy involves a court setting up a altered payment plan, which allows the debtor to pay off most or all of his debts over a extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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

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

In any case, you should talk with a local Hagerstown, Maryland bankruptcy lawyer. Your lawyer can advise you of your options and inform you of their likely result. This will make it much easier for your to make an informed choice.

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Life in Hagerstown

Hagerstown is the county seat of Washington County, located in the state of Maryland. It was founded in 1762 and has a population of about 40,000. It is the sixth largest city in the state and the largest city in the area known as Western Maryland. It is considered to be the industrial and commercial center of the greater Tri-State area, and is therefore locally known as "The Hub City".

Hagerstown received its reputation as a commercial nexus due to its heritage in the transportation industry, namely the railroad and airport industries. As a result today the city has several museums commemorating its rich beginnings, including the Train Museum. The city continues to promote development with the Neighborhoods 1st Program. The program encourages community improvement through participation in local government and planning.

Many unique events draw visitors and tourists throughout the year. For example, the city hosts fairs like Market in the Square, Colonial Family Fun Day, and Augustoberfest. Downtown Hagerstown is an ideal place for shopping, retail and recreation. It is also an excellent site to start a career, as many companies have made their home in the city.

Lawyers in Hagerstown typically practice in a wide range of legal fields and some specialize in particular areas of law. Hagerstown, Maryland lawyers usually file their claims at the Washington County District Court located in Hagerstown.

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