Glen Burnie Chapter 7 Attorney
Chapter 7 Bankruptcy Cases
If you are burdened by too many debts, there are various financial relief options that you should consider, such as filing for bankruptcy. Chapter 7 is the most common type of bankruptcy, and involves the liquidation of non-exempt assets to pay creditors. A Glen Burnie bankruptcy attorney can explain the bankruptcy process and administer the Means Test, which is used to establish your qualifications for Chapter 7. The test contains a series of questions to determine your disposable income. If a person has sufficient disposable income to repay creditors, they will be ineligible for Chapter 7, and must file for bankruptcy under Chapter 13, the restructuring of payments to creditors.
In a Chapter 7 bankruptcy, many of your assets may be exempt from liquidation, including your home, car, furniture, heirlooms, retirement savings and disability benefits. The proceeds from any items that are liquidated will be distributed to your creditors, and any remaining debts will be discharged. A Chapter 7 bankruptcy can eliminate debts such as:
- Credit card debts
- Department store debts
- Personal loans
- Medical bills
- Debts resulting from lawsuits
- Non-criminal judgments
Understanding Chapter 7 procedures is important when considering possible solutions to your financial situation.
Chapter 7 Attorney Serving Anne Arundel County
Filing for Chapter 7 bankruptcy can help eliminate many of your debts. Types of debts that will not be discharged include criminal penalties and fines, restitution, most student loans, alimony and most taxes. An attorney from Ward Pratz & Associates, P.A. can give you legal advice regarding your debts, and discuss the advantages and disadvantages of bankruptcy, including Chapter 7. Our firm is committed to helping you improve your financial condition, and will provide whatever legal support is needed to resolve your debt problems , including aggressive negotiations with creditors as needed.
Contact a Glen Burnie Chapter 7 lawyer for experienced legal advice if you are heavily in debt.