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How Do I File for Bankruptcy in Maryland: A Step-by-Step Guide
Filing for bankruptcy can be a daunting task, but understanding the process can make it more manageable. This guide will walk you through the steps required to file for bankruptcy in Maryland, helping you navigate this complex legal procedure.
Understanding Bankruptcy Options
Before filing, it's crucial to understand the types of bankruptcy available.
Chapter 7 Bankruptcy
Chapter 7 involves liquidating assets to pay off debts. It's suitable for those with limited income and significant unsecured debts.
Chapter 13 Bankruptcy
Chapter 13 allows individuals to create a repayment plan to settle debts over time. This option is often chosen by those with regular income who want to keep their assets.
Eligibility Criteria
To file for bankruptcy in Maryland, certain eligibility criteria must be met.
- Residency: You must have lived in Maryland for at least 91 days before filing.
- Means Test: You must pass a means test to qualify for Chapter 7.
- Credit Counseling: Completion of a credit counseling course from an approved agency is required.
Filing Process
- Gather Financial Documents: Collect all necessary documents, including income records, tax returns, and a list of assets and liabilities.
- Complete Bankruptcy Forms: Fill out the required bankruptcy forms, which can be downloaded from the court's website.
- File with the Court: Submit your forms to the Maryland Bankruptcy Court and pay the filing fee.
- Attend the Meeting of Creditors: This meeting allows creditors to ask questions about your financial situation.
- Complete a Debtor Education Course: Post-filing, you must complete a debtor education course to receive a discharge.
Choosing Legal Assistance
It's often advisable to seek legal assistance. Consulting with professionals like bankruptcy lawyers in Delaware can provide insights tailored to your situation.
Frequently Asked Questions
What is the cost of filing for bankruptcy in Maryland?
The cost varies, but generally includes a filing fee of around $335 for Chapter 7 and $310 for Chapter 13, plus attorney fees.
How long does the bankruptcy process take?
Chapter 7 typically takes 3-6 months, while Chapter 13 can last 3-5 years, depending on the repayment plan.
Can I file for bankruptcy without an attorney?
Yes, you can file without an attorney, but it's not recommended due to the complexity of the process.
After Filing: What to Expect
Once you file, you'll receive an automatic stay, which temporarily stops most creditors from collecting debts. Additionally, working with professionals such as a birmingham bankruptcy attorney can help manage the post-filing process.
Understanding each step in the bankruptcy process can help reduce stress and uncertainty, ensuring a smoother transition to financial recovery.
Garmatz Federal Courthouse (view from West Pratt St.), 101 West Lombard St., Baltimore, Maryland, April 2001. Photo by Diane F.
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Our experienced bankruptcy attorneys at Wolff & Orenstein, LLC can help you through the bankruptcy process in Maryland and help you with a fresh start.
