Glen Burnie’s Top-Rated Bankruptcy Lawyer

Chapter 7 bankruptcy is a legal process that helps individuals or businesses eliminate most of their unsecured debts, such as credit card balances, medical bills, and personal loans. It allows you to get a fresh financial start by liquidating non-exempt assets and distributing the proceeds to creditors. If you’re struggling with overwhelming debt, Chapter 7 bankruptcy may provide the relief you need to regain control of your finances.

To qualify for Chapter 7 bankruptcy in Maryland, you must pass a “means test,” which compares your income to the state median. If your income falls below the median or you meet other specific conditions, you may be eligible. Speaking with an experienced bankruptcy attorney at Sirody Bankruptcy Center will help you understand your eligibility and navigate the process.

The Chapter 7 process in Maryland usually takes about four to six months from the time you file until your debts are discharged. If you’re ready to file Chapter 7 bankruptcy, Sirody Bankruptcy Center can guide you through every step and provide a clear timeline based on your situation.

Chapter 13 bankruptcy is a form of debt reorganization that allows individuals with regular income to create a repayment plan for their debts over a period of three to five years. Unlike Chapter 7, Chapter 13 helps you keep your assets while making manageable payments to creditors. This option is ideal for those who are behind on secured debts like mortgages or car loans but want to retain their property.

Both Chapter 7 and Chapter 13 bankruptcies will negatively impact your credit score. Chapter 7 remains on your credit report for 10 years, while Chapter 13 remains for seven years after completion of the repayment plan. However, filing for bankruptcy may offer relief from unmanageable debt and a chance to rebuild your financial future.

The best option depends on your financial situation. Chapter 7 may be better if you have little income and many unsecured debts, while Chapter 13 may be more appropriate if you have a steady income and wish to keep your assets while repaying some of your debt.