In filing for bankruptcy, knowing the type is very crucial. Commonly, Chapter 7 and Chapter 13 are filed by individuals who are suffering financially in Maryland. But the question is, what are these Chapters about? Based on your financial situation, which Chapter should you file? Most importantly, how may any of the Chapters help your daily life? If you still don’t have answers to these questions, you should speak with a competent bankruptcy attorney.
Kurland Law Group is a reputable bankruptcy law firm in Maryland that has momentous knowledge and experience. Sari Karson Kurland Esq. and Marie-Claire Noukelak are strongly committed to provide high quality and effective bankruptcy help for every client with undue hardship. We have been helping clients for over two decades in Maryland. We will treat you not as a client, but as a member of our family. We will walk you through the whole bankruptcy procedure as part of our commitment to addressing your debt problems. If you need to wipe out your unsecured debts, schedule a free consultation now!
There is no doubt that the process of bankruptcy is naturally complex. Albeit bankruptcy laws made the process simple, the terms employed by the law are difficult to understand without the assistance of a bankruptcy lawyer. However, selecting the best bankruptcy lawyer is never that simple. You thoroughly need to evaluate their background and qualities before hiring. In doing so, take note of the following good qualities that a bankruptcy firm must have:
Kurland Law Group has always been consistent in providing the highest quality of legal help, which is why clients’ reviews are always satisfactory. Our superior bankruptcy service has assisted many people in resolving various types of debt and bringing about the most positive change they need. As part of our dedication in helping individuals, we are also part of professional associations and memberships such as, but not limited to, Maryland State Bar Association, Consumer Bankruptcy Section, Maryland State Bar Association, and among others. If you need help, schedule a free case evaluation today!
In the most basic definition, bankruptcy can help people who can no longer make a repayment to their creditors. Bankruptcy is a legal option by which they can use to have a fresh start. To pay the debts, debtors may liquidate their assets or create a repayment plan for 3-5 years. The most common type of Bankruptcy is Chapter 7 and Chapter 13.
As previously stated, selecting the correct type of bankruptcy based on your situation is critical. It is imperative to fastidiously understand the nature, advantages and disadvantages, and qualifications of each type. To learn more, below are the differences between Chapter 7 and Chapter 13 bankruptcy:
Depending on your situation and the amount debts you owe, Chapter 7 Bankruptcy petition is a great choice if:
There are other types of debt that cannot be wiped out, even bankruptcy. This includes child support, alimony, criminal penalties, income tax return, and among other things. These are classified as special debts, hence, filing of a bankruptcy petition cannot resolve the problem.
In Chapter 13 bankruptcy, you can create a payment plan that lasts 3-5 years. This allows you to spread out the past-due and lessen the burden.
As enshrined in bankruptcy laws, you are prohibited from filing for the same type of bankruptcy for 8 years if you have received the discharge thereon. However, several exemptions are made insofar as the rule is concerned:
If your debts are secured, the type of bankruptcy you will be filing will depend on whether or not you are current in your payments. Debts are considered secured if the creditor took a lien on the property as collateral. In other words, the creditor can legally reclaim their share on the property if you will no longer make payments. For example, a car or a house.
Both Chapter 7 and Chapter 13 Bankruptcy are unique. Depending on the type of debt, each has advantages and disadvantages. Before filing a bankruptcy petition, each type must be thoroughly understood. This is done to ensure that the type of bankruptcy you file will meet your financial goals.
If you aim to get the best legal advice, Kurland Law Group can always help. Over two decades of resolving our clients’ financial problems, we have established our name and reputation in Maryland. We’ve got the experiences you need, as well as the knowledge and competencies.
Other than Bankruptcy, we also practice Foreclosure Defense and Loan Modifications, Short Sales, Individual/Consumer Services, Asset Protection, Small and Medium-Sized Businesses, Litigation Services, and Wage Garnishment. If you or someone you know requires any of our services, request a free case evaluation now!