Deciding whether or not to file for bankruptcy in Maryland may be a tough decision to make. In order to make an informed decision it helps to know how filing for bankruptcy will affect you now and in the future. Here is a list of some Maryland bankruptcy basics:
Maryland Bankruptcy Positives: Filing for bankruptcy may make it possible to:
1. Eliminate the legal obligation to pay most, if not all, debts.
2. Stop foreclosure on a home and allow for the debtor an opportunity to cure a default.
3. Prevent repossession of a vehicle or other personal property.
4. Stop wage garnishment, harassment from debt collectors, and other similar activities.
5. Prevent utilities from being turned off, or restore those that already have been.
6. Lower some types of monthly payments, such as car loans.
7. Challenge the claims of certain creditors who have violated federal or state consumer protection laws, or who have engaged in fraudulent or other unlawful conduct.
Maryland Bankruptcy Negatives: Filing for bankruptcy may NOT make it possible to:
1. Modify certain rights of secured creditors.
2. Discharge certain types of debts, including child support, alimony, most student loans, court restitution orders, criminal fines and most taxes.
3. Protect cosignors of loans.
4. Discharge debts that are incurred after bankruptcy has been filed.
This is just a short introduction to bankruptcy law and how filing for bankruptcy may affect you. For more information contact the Law Offices of David L. Ruben. We are Maryland Bankruptcy attorneys who file Chapter 7 and Chapter 13 bankruptcy for client’s living in Baltimore, Glen Burnie, Columbia, Owings Mills, Essex, Dundalk, Rosedale, Brooklyn, Pasadena, Catonsville, Pikesville, Arbutus, Randallstown, Laurel, Elkridge, Ellicott City and all other areas of Maryland. Call today and speak with an attorney bankruptcy in Maryland for free, and we will answer all of your questions. Our telephone number is (410) 766-4044.
Note: This article was adapted from the National Consumer Law Center's book Bankruptcy Basics: A Step-by-Step Guide for Pro Bono Attorneys, general Practitioners, and Legal Services Offices written by John Rao and Tara Twomey.