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Your first decision when faced with a Maryland bankruptcy decision is whether you file a Maryland chapter 7 bankruptcy or Maryland chapter 13 bankruptcy.
A Maryland Chapter 7 Bankruptcy involves the liquidation of your non-exempt assets to repay your creditors. A chapter 7 Bankruptcy Trustee will handle the case for you through your Maryland bankruptcy attorney.
This type of bankruptcy filing will halt collection efforts against you, until a bankruptcy judge determines whether collections can continue or not. Be aware that there are certain types of debt that you may not be able to discharge under a Chapter 7 Bankruptcy. Consult with your Maryland bankruptcy attorney to determine which debt you own, if any, that may not be dischargeable.
A Maryland Chapter 13 Bankruptcy means that you have an income too high to qualify for a chapter 7 bankruptcy, which is the easiest and quickest form of bankruptcy to file and complete. You will be required under this bankruptcy petition to make payments to a bankruptcy trustee, who will help you set up a repayment plan. Usually a repayment plan lasts 3 to 5 years.
Because of certain rules of Maryland bankruptcy law and exemptions that may exist in the State of Maryland, we highly encourage you to seek the assistance of a Maryland bankruptcy attorney.