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Should I File a Chapter 13 in Maryland?
Deciding whether to file for bankruptcy is an important choice. Once you’ve made the decision to get serious help with dealing with your debt, you have another choice to make. You need to decide which chapter of the bankruptcy code to file under. Talk to a qualified and experienced Maryland bankruptcy lawyer. Call Lee Legal if you find yourself asking: Should I file a Chapter 13 in Maryland?
Should I File a Chapter 13 in Maryland?
For most consumers, there are two primary choices when it comes to a bankruptcy filing: Chapter 7 or Chapter 13. In Maryland, there are several fundamental differences between Chapter 7 and Chapter 13. The processes and outcomes of each depend upon your personal financial situtaion. It is important to understand your choices so you can select the right chapter for you.
Chapter 13 is the right choice if you make too much to qualify for Chapter 7
You must pass a means test to file for a Chapter 7. That means your income must be below the median income for a family of your size within your state. If you have income insufficient to support a Chapter 13 Plan payment, then consider instead a Chapter 7. But if you make too much for Chapter 7, then Chapter 13 is a good option to eliminate your debt.
Chapter 13 is the right choice if you have a small business you want to keep running
Small businesses use Chapter 7 to liquidate an unprofitable venture and to cease operations. And larger businesses seeking to reorganize will typically file under Chapter 11. But many small businesses are pass-through to the business owner and not separate legal entities. That means that you and your business are viewed as one and the same. In those cases, Chapter 13 bankruptcy can help you to reorganize both personal and corporate debt without shutting down the business.
Chapter 13 is the right choice if you’re concerned about protecting assets
In a Chapter 7, non-exempt assets can be sold to repay your creditors. In most cases, you’ll get to keep some home equity, inexpensive cars, personal property, and retirement accounts. But if you have substantial assets you may lose a great deal of what you have. Chapter 13 allows you to reorganize debts and lower payments to a reasonable level without giving up the things you own.
Talk to a Maryland bankruptcy attorney
These are just a few of the many considerations. But to decide whether Chapter 13 bankruptcy is a viable solution for you, talk to a Maryland bankruptcy attorney. Only an experienced legal professional can fully evaluate your specific circumstances and provide you with the best way forward for you.
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Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
Brian has the amazing talent of taking complicated legal matters and distilling them down to seamless, frictionless resolutions. He is a phenomenal problem solver and a trusted advisor.
Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
