Chapter 7 Bankruptcy


During tough economic times, people turn to bankruptcy to handle their financial problems. Chapter 7 bankruptcy is the most common bankruptcy type filed. And when it is the right financial remedy, you can put an end to creditors' calls and get a fresh start. The pages of " Chapter 7 Consumer Bankruptcy Strategies" (2010 ed.) published by Aspatore also features my expertise and provides an insider's prospective on best practices for Chapter 7 filings. Find out how a Glen Burnie Chapter 7 bankruptcy lawyer at Robert A. Siegel with the Law Office of Marla Zide, LLC, can help.

Bankruptcy Law In Maryland

Overall, bankruptcy follows the rules set out by the federal Bankruptcy Code. Determining what assets are not subject to bankruptcy is the only exception. Maryland provides the list of assets you can claim for exemption when filing bankruptcy.

Chapter 7 involves selling nonexempt assets to pay creditors. In most Chapter 7 cases, there are few or no assets left after taking exemptions. Bring a list of your assets to our first meeting and I can review them.

Qualifying For Chapter 7

To qualify for filing Chapter 7, you must pass an income test, called a means test. Your income is compared with other Maryland residents, and if it is the same or less than the median Maryland income, you qualify for Chapter 7. Even if your income is greater, you still may qualify. Maryland Chapter 7 bankruptcy attorneys can do the calculations for you to see if you pass the means test.

Types Of Debt

I also review the type of debt you have and whether filing Chapter 7 will wipe it out. The two main types of debt are secured and unsecured debt. Secured debt has collateral — such as a car or house — that secures the debt. Secured debt allows the creditor to take possession of your car if you do not make loan payments or your house if you do not make mortgage payments. Other debt is unsecured — nothing secures it. You do not lose any possessions if you fail to pay this type of debt. Medical bills, credit card debt and utility bills are examples of unsecured debt.

I also take into consideration whether you have debts that bankruptcy cannot clear, such as student loans, alimony, child support payments and recent overdue taxes, and try to form a strategy to deal with these debts as well.

Find out if Chapter 7 is right for you.

Discuss Filing Bankruptcy With An Experienced Lawyer

For a free initial consultation with a Glen Burnie bankruptcy attorney about your bankruptcy, contact Robert A. Siegel with the Law Office of Marla Zide, LLC.

Robert A. Siegel with the Law Office of Marla Zide, LLC, is a debt relief agency as described in the federal Bankruptcy Code. This law firm helps people file for bankruptcy relief under the Bankruptcy Code.