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Attorney2020, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2579
Experience:  I am a practicing attorney. I have experience in business law, real estate law, bankruptcy and estates.
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We have a business that is Incorporated, not an LLC. We may

Customer Question

We have a business that is Incorporated, not an LLC. We may need to declare bankruptcy. If so, will our home be taken as part of this proceeding? We are a husband and wife owner (husband 51% and wife 49%).
Many thanks.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Attorney2020 replied 4 years ago.

Attorney2020 :


I will be assiting you today.

Is the business filing for bankruptcy or you filing for bankruptcy personally?

Maryland laws do not provide for a significant exemption amount for homes under Ch 7 BK. However, under Ch 13, you may retain your assets once you gather a payment plan with the trustee.

In orther words, the trustee might wish to sell off your home to gather up enough money in a Ch 7 bankrupcty. Under a Ch 13, you can retain your home while paying the debt in a repayment plan.

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