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Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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How do I file for bankruptcy without having to give up all

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How do I file for bankruptcy without having to give up all my belongings
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*


My name is FiveStarLaw. I shall strive to provide you with legal information. My answers are information only and do not form an attorney/client relationship.

If at any time the information which I provide is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button. When we are done, please take a moment to click the rating tab to rate my work. My goal is EXCELLENT and I hope your rating reflects that.

You may want to consider a chapter 13 bankruptcy. 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. You specifically stated you do not want to give up your belongings

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:

I think this is what you wanted to know. Please let me know if I have answered your question or whether you would like further information

Customer: replied 4 years ago.

If only belongs are an old car and box tv, would chapter seven be better if debt is over 45,000?

Yes. Both appear to fall under Maryland's exemptions and therefore you would be entitled to retain the car and vehicle in a chapter 7 bankruptcy
Customer: replied 4 years ago.

I have been told, if I file chapter 7 I will not be able to use my credit for the next 10 years. Is this true?

No it is not true.

Most Chapter 7 debtors find that they are able to begin to reestablish credit within the first year after bankruptcy. A home mortgage will require 2 years after filing.

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