Knowledgeable Glen Burnie Bankruptcy Attorney Helps Many People Save Valued Assets
The recent economic downturn caused many financially responsible people to turn to credit to pay their bills, often to the point where they now struggle to meet payments. When a loan is backed by the purchased item, known as collateral, that item can be repossessed by creditors. You cannot stop repossession once it begins, but, with the assistance of Robert A. Siegel with the Law Office of Marla Zide, LLC, in Glen Burnie, you often have the power to prevent it.
Filing Bankruptcy Can Help Save Your Property
The purpose of filing bankruptcy is to help relieve your debt so you can make a fresh financial start. One of the benefits of bankruptcy includes the opportunity to get that fresh start without losing everything you own.
My firm is a debt relief agency as described in the federal Bankruptcy Code. I can help you avoid repossession of your valued property. However, for the best possible results, you need to contact my firm before the creditors start knocking at your door.
Chapter 13 Bankruptcy Can Offer The Best Options For Stopping Repossessions
Sometimes a few adjustments to the terms of a loan can make the difference to your ability to pay it in full. Unfortunately, many lenders are unwilling to work with you to renegotiate new terms. If you have a stable source of income, you probably qualify for Chapter 13 bankruptcy. The moment you file, the courts place a temporary stay on all debt collection actions and allow you to restructure the terms of your loans, typically by extending the repayment period up to five years.
The process begins when I assess your property to determine which items Maryland law automatically allows you to keep, known as exemptions. You can typically keep items such as the following:
- Cash or property valued at up to $6,000
- Up to $5,000 worth of items used in your profession
- All health aids that are professionally prescribed for you and your dependents
- Funds from a qualified retirement plan in your name
- Household goods and furnishings valued at up to $1,000
- Up to $21,625 of your home value under specific circumstances
- Money received by or payable to you from personal injury or wrongful death claims
I work with you to identify all exempt property and then help negotiate repayment terms for the nonexempt property so you can keep some or all of the items that fall into this category.
Chapter 7 Bankruptcy Saves Some Property Through Maryland Exemptions
The Maryland exemption list applies even if you choose to liquidate through a Chapter 7 bankruptcy filing. While liquidating assets do not provide the same protections against repossession offered under Chapter 13, you still have the opportunity to save many assets.
During your free initial consultation, I can answer all your bankruptcy questions and help you choose the form of bankruptcy that makes the most sense for your unique circumstances. As part of my full range of bankruptcy services, I make sure all exemption claims are filed properly and within the time limits required by law.
Get The Help You Need From An Experienced Glen Burnie Bankruptcy Lawyer
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.