Answer These Maryland Bankruptcy FAQs Before Filing

ANSWER THESE MARYLAND BANKRUPTCY

FAQS BEFORE FILING

Michael P. Coyle, Esquire

Maryland Bankruptcy Attorney

Answer These Maryland Bankruptcy FAQs Before Filing thecoylelawgroup.com 2

There is a lot going through your mind when facing the possibility of filing for

bankruptcy. While the choice is yours, you realize this will have a big impact on

your financial future.

There will always be some level of uncertainty regarding your final decision. Even

so, when you take the right approach to the research phase, you should be able

to make a choice that suits you now and in the future.

Before you make such a big financial decision, it is imperative to answer as many

questions as possible. This will clear your mind and ensure that you are doing

what is best for you, your family, and your finances.


FREQUENTLY ASKED QUESTIONS

You aren’t the only person

considering bankruptcy. There

are many others in the same

position. Furthermore, there are

millions who have decided for

or against this in the past.

There is a good chance you are

struggling with some of the

same questions as many others.

Here is a group of frequently

asked questions pertaining to

bankruptcy:

1. Do I qualify for Chapter 7

bankruptcy? Most individuals

are interested in this type of

filing, as it allows them to

discharge most or all their debt.

That being said, some people don’t qualify.

2. What are the differences between Chapter 7 and Chapter 13 bankruptcy?

These are not one in the same, so you need to know what you are getting with

each.


3. Will a bankruptcy guarantee that you lose some property? Not necessarily.

This depends on your situation, the state in which you live, and the type of

bankruptcy you file.

4. What is the difference

between non-exempt and

exempt property? Some

property is protected in

bankruptcy. This is known as

“exempt.” Non-exempt

property, on the other hand, is

not as safe.

5. Will bankruptcy have an

affect on my credit score? The

short answer is yes, however,

you want to learn more about

the impact it will have,

including how long it remains

on your credit report.

Bankruptcy may improve your

financial situation by allowing you to discharge or organize your debt, but it will

still have an impact on your finances.

6. Can I use bankruptcy to get rid of student loan debt? Generally speaking, the

answer is no. The only exception is if you can prove to the court that paying this

debt will bring forth an undue hardship.


7. Is bankruptcy an option for stopping foreclosure? This depends on the

approach you take. If nothing else, filing for bankruptcy will stop the lender from

taking action for the time being. This is due to the automatic stay requiring

creditors to stop collection activity while you are going through the bankruptcy

process.

8. Do I need to hire an attorney to file for bankruptcy? It is a common

misconception that this is required. You have the right to file for bankruptcy on

your own, taking on each and every step without professional assistance. The

problem is the complexities of bankruptcy law and the challenges that arise

along the way. It can be difficult to handle some situations when you don’t have

knowledge of bankruptcy law and how the process will unfold.


KNOWLEDGE IS POWER

Just like anything, the more knowledge you have of bankruptcy the more

comfortable you will feel. Once you answer the questions above, as well as any

others that are on your mind, you are in better position to decide for or against

bankruptcy.

At some point, you will collect as much information as possible on your own. It is

then that you want to consult with a bankruptcy attorney who can answer

additional questions and explain anything you don’t understand.


About the Author

Michael P. Coyle, Esquire

Mr. Coyle is one of the founding partners of Chaifetz and Coyle. Prior to Chaifetz and Coyle, Mr.

Coyle was a law clerk to The Honorable Robert J. Yock. Mr. Coyle then was an attorney with

several of the largest and most prominent law firms in the country, before starting his own

practice.

Mr. Coyle graduated summa cum laude from The Washington College of Law (American

University) in 1994, and was a member of The Law Review. Prior to Law School, Mr. Coyle

graduated with a BA in Government from Franklin & Marshall College, Lancaster, PA.

Mr. Coyle’s practice specializes in bankruptcy, foreclosure defense, general litigation, civil rights,

and employment discrimination. Mr. Coyle manages the Bankruptcy Department of Chaifetz &

Coyle.

6700 Alexander Bell Drive, Suite 200 Columbia MD 21046

Phone: (410) 884-3180 Fax: 410-884-3104

http://www.chaifetzandcoylelaw.com/practice-areas/chapter-7-bankruptcy/

http://www.chaifetzandcoylelaw.com/practice-areas/foreclosure-defense/

tel:4108843180