Find a Bankruptcy Lawyer in Towson, Maryland

Find the right Bankruptcy attorney in Towson, MD

In Towson, Maryland, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally absolved, when they are unable to pay them. This hopefully allows them to begin over with a clean slate and move on, after having learned to better manage their use of credit in the process. However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are honestly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a heavily damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Therefore, it is a good idea to talk with an seasoned bankruptcy lawyer in Towson, Maryland. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each particular case, the counsel of a Towson bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Towson, Maryland

There are three basic bankruptcy schemes that are most commonly used in Towson: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Towson, Maryland will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the qualifying property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will normally be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other typically used bankruptcy system in Towson is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the contracts that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is normally a better option for people who have a steady income. Chapter 11 bankruptcy is usually used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - basically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a Towson Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Towson is a huge decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Towson bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Towson

Towson, Maryland is the county seat of Baltimore County. Its population of over 53,000 residents makes it the second largest unincorporated county seat in the entire U.S. Towson is recognized as an excellent city for retail and shopping endeavors.

The highlight of Towson is the Towson Town Center. The Town Center is Baltimore County's largest indoor shopping mall. It has four stories filled with all types of different shops, including a unique bookstore located structurally underneath Joppa Road. Another great place to visit is Alleghany Avenue, Towson' main downtown street. Alleghany Avenue is famous for its wide variety of local eateries.

Education is also a major aspect of Towson life. Towson University (TU) is located in the city and has an associated body of 20,000 students. The largest business school in Maryland is located at the University, as are the Towson Center arena and Unitas Stadium.

Several prominent persons have called Towson their home: football legend Johnny Unitas, Olympic swimmer Michael Phelps, and writer F. Scott Fitzgerald, to name a few.

The Maryland District Court has a branch conveniently located in Towson. The District Court is where most Towson lawyers file legal claims. Lawyers in Towson, Maryland are a great asset to the city and its community.

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