Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*
Whether your personal belongings are at risk, depends upon which type of bankruptcy you file. I will explain.As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.Here are the exemptions for Maryland:http://www.bankruptcyinformation.com/mf_exemp.htm