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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36465
Experience:  Bankruptcy Lawyer. Experienced.
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How do I file for bankruptcy without having to give up all

Resolved Question:

How do I file for bankruptcy without having to give up all my belongings
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 1 year ago.
*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.*



Hello,

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:
http://www.bankruptcyinformation.com/MD_exemp.htm

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 1 year ago.

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

Expert:  FiveStarLaw replied 1 year ago.

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 1 year 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?

Expert:  FiveStarLaw replied 1 year ago.

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.

I see that you are new to the site. JustAnswer policy requires that new questions be posted on new pages. Since you are new, I answered your new question on this page. If you have any additional questions other than a request for clarification, please open a new question page. Thank you in advance
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36465
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 2 other Bankruptcy Law Specialists are ready to help you

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