Everything You Ever Wanted To Know About Filing For Bankruptcy In Maryland

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<ul><li><p>Everything You Ever Wanted To Know About Filing For Bankruptcy In Maryland </p><p>ByJeffreyM.Sirody,P.C.</p><p>2014Sirody&amp;Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.</p><p>http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Ffree-consultation%2F%3Futm_source%3DOutreach%26utm_medium%3DeBook%26utm_campaign%3Dfiling-for-bankruptcy-ebook&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ</p></li><li><p>Table Of Contents </p><p>TableOfContentsIntroductionHowDoesTheBankruptcyProcessWork?StepsToFilingForBankruptcyInMarylandWhichBankruptcyChapter(7Or13)IsRightForMe?TopFiveThingsToDoBeforeFilingForBankruptcyHowMuchDoesBankruptcyCost?IDontHaveMuchIncomeOrMoneyHowBankruptcyCanStopForeclosureOnYourHomeHowToGetRidOfAMortgageWhenFilingForBankruptcyHowToStopWageGarnishmentHowToChooseABankruptcyAttorneyDoINeedALawyerToFileForBankruptcy?MedicalBankruptcyAtAGlanceWhatYouNeedToKnowAboutTheAuthorNeedToKnowMore?</p><p>2014Sirody&amp;Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.</p><p>http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Ffree-consultation%2F%3Futm_source%3DOutreach%26utm_medium%3DeBook%26utm_campaign%3Dfiling-for-bankruptcy-ebook&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ</p></li><li><p>Introduction </p><p>In2013,over1millionpeoplefiledforbankruptcy.Manypeople,justlikeyou,faceseriousdebt</p><p>situationsthatcanberesolvedthroughlegalsolutions.HereattheLawOfficesofSirody&amp;</p><p>Associates,wehaveover80yearsofcombinedlegalexperiencemakingourfirmhighlyqualified</p><p>toguidepeoplethroughbankruptcyproceedings.</p><p>Inthespiritofenablingpeopletoknowasmuchabouttheprocessaspossible,wehave</p><p>developedthiseBook.Hereyouwillfindanswerstosomeofthemostcommonquestionsabout</p><p>bankruptcyinlanguagethatiseasytounderstand.Wehopeyoufindituseful.</p><p>ShouldyouwanttospeaktoanexpertaboutbankruptcyinMaryland,weofferfree</p><p>consultations.JustCall4104150445OrCompleteThisForm.Wewillkeepyourinformation</p><p>confidential.</p><p>Herestomakingafinancialfreshstart.</p><p>Sincerely,</p><p>JeffreyM.Sirody,P.C.</p><p>Disclaimer:Nopartofthisebookmeanttoserveaslegaladvice.Alwaysconsultwithalawyer</p><p>forproperlegaladvice.</p><p>2014Sirody&amp;Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.</p><p>http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Ffree-consultation%2F%3Futm_source%3DOutreach%26utm_medium%3DeBook%26utm_campaign%3Dfiling-for-bankruptcy-ebook&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQhttp://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Ffree-consultation%2F%3Futm_source%3DOutreach%26utm_medium%3DeBook%26utm_campaign%3Dfiling-for-bankruptcy-ebook&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ</p></li><li><p>How Does The Bankruptcy Process Work? </p><p>Everyyear,countlessAmericansfindthemselves,</p><p>throughnofaultoftheirown,facingbankruptcy.Many</p><p>havenoideahowlongthebankruptcyprocesscantake.</p><p>Thelengthoftimefromfilingbankruptcytohavingyour</p><p>debtsdischargedcanvarygreatly,dependingonwhich</p><p>typeofbankruptcyisbeingfiled,andhowquicklyyoucan</p><p>gathertogetheralltherequiredfinancialinformation.</p><p>WhetheryouarefilingforChapter7orChapter13bankruptcywillmakeasignificantdifference</p><p>inhowlongthebankruptcyprocesstakes.(Imagesource).</p><p>Ifyouhavekeptfinancialrecordslikebankstatements,debtstatements,incometaxes,and</p><p>dividenddisclosures,youarealreadyaheadofthegame.Chapter7bankruptcyfilingrequires</p><p>copiesofthesetypesofrecords.Ifyouvenotkeptmeticulousrecords,dontworry..Allthe</p><p>necessaryinformationcanbetrackeddown,butitwilljusttakealittlemoretime.Agoodattorney</p><p>canhelpbytrackingdownbusinessesthathavepurchasedyourdebt.Ifthisinformationhas</p><p>beengatheredbeforethefiling,thebankruptcycangothroughwithoutanyfurthercomplications.</p><p>Chapter7BankruptcyProcessing</p><p>Chapter7bankruptcyisforindividualswhohavefewmajorassets(likeahome)toprotect.</p><p>Gatheringpaperworkisthemosttimeconsumingpartoftheprocess.Ifyourdebtaccountshave</p><p>beensoldtocollectionagencies,itcanbeachallengetotrackdownexactlywhoyouowe</p><p>moneyto,butyourlawyercanhelpyouwiththis.</p><p>Oncethebankruptcypapersarefiledwiththecourts,youllwaitonetotwomonths,whichis</p><p>abouthowlongittakestosetacourtdateatwhichyouwillappear.Onthatdate,ifallyour</p><p>financialpapersareinorder,thecourtwillthendeclarethebankruptcy.Atthispoint,allyour</p><p>debtswillbedischargedwiththeexceptionofstudentloansandafewotherexceptions.Also,</p><p>onceyouhireabankruptcylawyer,allcreditorscallscanbereferredtoyourlawyer,whowillend</p><p>anyharassmentbycreditorsintheinterim.</p><p>2014Sirody&amp;Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.</p><p>http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHdW6xY4jMZMtnMUB-GO_SoBZu9mAhttp://www.google.com/url?q=http%3A%2F%2Fcommons.wikimedia.org%2Fwiki%2FFile%3AItalian_legal_hardback_books_open.jpg&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHUSE4FlS-nx_TAMA7g-lPp2TzXTghttp://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Ffree-consultation%2F%3Futm_source%3DOutreach%26utm_medium%3DeBook%26utm_campaign%3Dfiling-for-bankruptcy-ebook&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ</p></li><li><p>Chapter13BankruptcyProcessing</p><p>Chapter13bankruptcyprocessisforthosewhohaveasignificantnumberofmajorassetsto</p><p>protect.Insteadofdischargingyourdebtoutright,Chapter13rearrangesand/orreducesdebts</p><p>tocomeupwithareasonablepaymentplanthatyoucanafford.PaymentplansforChapter13</p><p>bankruptcyareusuallyspreadoveracomfortablethreetofiveyeartimespan.So,eventhough</p><p>thebankruptcyhasbeenapproved,youllstillbepayingbackyourdebtsforseveralyears.</p><p>Steps To Filing For Bankruptcy In Maryland </p><p>IfyouliveinMarylandandarefacingseriouscreditproblems,</p><p>youmightbeconsideringfilingforbankruptcy.FederalLaw</p><p>ChangedIn2005, anditisimportanttobeawarehowthese</p><p>changesaffectanyoneconsideringbankruptcyfiling.Asyoucan</p><p>seebelow,thestepstofilingforbankruptcyintheStateof</p><p>Marylandarecomplexandbesthandledbyanexperienced</p><p>attorney.(Imagesource).</p><p>StepOne:Counselling&amp;Education</p><p>AccordingtotheFederalTradeCommission,youmustgetcreditcounsellingwithin180days</p><p>beforeyoufileforbankruptcy.Counsellingmustbedonebyanorganizationapprovedbythe</p><p>DepartmentofJusticesU.S.TrusteeProgram.Also,youmustcompleteadebtoreducation</p><p>coursebeforeyourdebtscanbedischarged.Debtoreducationhelpsyoudevelopabudget,</p><p>managemoneyandusecreditwisely.</p><p>StepTwo:DetermineIfYouQualifyForChapter7OrChapter13</p><p>Aftercounselling,youwillhavetopassameanstesttodetermineifyouqualifyforfilingfor</p><p>Chapter7.Chapter7involvesyourdebtbeingwipedoutwiththesaleofyournonexempt</p><p>propertyorassets.Themeanstestdeterminesifyouhaveenoughmoneytorepayatleasta</p><p>portionofyourdebt.If,forthesixmonthspriortofiling,youhaveanincomeof$100ormoreleft</p><p>overafterpayingforlivingexpenses,youwillprobablynotqualifyforChapter7.</p><p>2014Sirody&amp;Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.</p><p>http://www.google.com/url?q=http%3A%2F%2Fcommons.wikimedia.org%2Fwiki%2FFile%3AFlag_of_Maryland.svg%3Fuselang%3Den&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNFcZHTtLdnrqLlykYlbFsV9wUqzsghttp://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Ffree-consultation%2F%3Futm_source%3DOutreach%26utm_medium%3DeBook%26utm_campaign%3Dfiling-for-bankruptcy-ebook&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ</p></li><li><p>Beawarethatyourlivingexpensesestimatesarebasedonyouractualexpendituresandthe</p><p>InternalRevenueServices(IRS)localandnationalexpensestandards.TheIRSsexpense</p><p>standardsmightbelowerthanwhatyouactuallyspend,andthiscaninfluenceifyouqualifyfor</p><p>Chapter7.</p><p>Allowabledeductionscaninclude:</p><p> Childsupportpayments</p><p> HealthcarecostsforsickorDisabledfamilymembers</p><p> Someschoolexpenses</p><p> Somepaymentstosecuredcreditors</p><p>IfyourtotalhouseholdincomeislessthanthemedianfamilyincomeintheStateofMaryland,</p><p>thereisagoodchancethatyourpetitionforChapter7willbegranted.IfyouaredeniedChapter</p><p>7,youcanstillfileforChapter13whichisamuchmorerigorousformofbankruptcy.</p><p>Chapter13bankruptcyinvolvesacourtsupervisedpaymentofapercentageofyourdebtovera</p><p>periodof36to60months.Yourfinancialactivityisunderclosescrutinyduringthisrepayment</p><p>period.Anyspendingonnewcars,luxuryitemsorvacationswillhavetobereducedor</p><p>eliminated.Anyfinancingofasecondcarorboatwilllikelyrequirepaymentofthereplacement</p><p>value.Finally,ifyoureceivearaiseorabonusduringthistimeyouwillprobablyhavetodivert</p><p>thistowardsdebtrepayment.</p><p>StepThree:GatherData</p><p>Whenfilingforbankruptcy,youwillhavetogatherallyourrelevantfinancialdataanddocuments.</p><p>Thesemightinclude:</p><p> Itemizationofcurrentincomesource</p><p> Lasttwoyearshistoryofmajorfinancialtransactions</p><p> Monthlylivingexpenses</p><p> Securedandunsecureddebts</p><p> Allassetsincludingpropertyandpossessions</p><p> Lasttwoyearsstateandfederalincometaxreturns</p><p> Realestatedeedsandloandocuments</p><p> Cartitles</p><p>2014Sirody&amp;Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.</p><p>http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Ffree-consultation%2F%3Futm_source%3DOutreach%26utm_medium%3DeBook%26utm_campaign%3Dfiling-for-bankruptcy-ebook&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ</p></li><li><p>StepFour:FilingTheForms</p><p>Onceyouhavecompletedcreditcounselling,takenthemeanstestandgatheredallthenecessarydata,youcanthenproceedwiththebankruptcyfilingprocess.Thisinvolvesfillingoutabankruptcypetitionandseveralotherforms,calledschedules.Theschedulesaskforinformationregardingcreditors,property,claimedexemptions,codebtors,income,expensesandafinancialaffairsstatement.InMaryland,theChapter7</p><p>filingfeeis$274,andyoucanrequesttohavethefeewaivedortopayitininstallments.ThefeeforfilingChapter13is$189andcannotbewaived.(Imagesource).</p><p>Thefilingprocesscanbeverycomplexandtypicallyinvolvesthehelpofabankruptcyattorney.Choosinggoodlegalcounselhelpsmakesurethatnothingisoverlookedwhichcouldthreatentheoutcomeofyourpetition.</p><p>Onceyouhavefiledthebankruptcyforms,anautomaticstaygoesintoeffectwhichmeanscreditorscannotcontactyouormakefurtherclaimsagainstyourproperty.IfyouhavefiledforChapter13,youmustbegintomakedebtpaymentsafterfilingtheforms.</p><p>StepFive:AttendMeetingOfCreditors</p><p>Onceyoufileforbankruptcy,thecourtappointsatrusteewhoassumeslegalcontrolofyourdebtsandnonexemptpropertyandassets.Inmostcases,youwillhavetogotocourttoattendameeting(calledthe341meeting)withthetrusteeandanycreditorsthatdesiretomeetwithyou.Thisgivescreditorsachancetoaskanyquestionsandnegotiateifthere</p><p>areanyobjections.Inmanycircumstances,nocreditorsattend,andthemeetingonlylasts515minutes.</p><p>StepSix:Discharge</p><p>Attheendofthebankruptcyprocess,allofyourdebtsaredischarged,thatis,wipedout.Someformsofdebt,however,usuallycannotbewipedoutsuchaschildsupportdebt,studentloansortaxdebt.</p><p>2014Sirody&amp;Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.</p><p>https://www.google.com/url?q=https%3A%2F%2Fwww.flickr.com%2Fphotos%2Fmariareyesmcdavis%2F2890706354%2F&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNH4GWQ2Kl2XJHix8yBN5xUdh1_r4whttp://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Ffree-consultation%2F%3Futm_source%3DOutreach%26utm_medium%3DeBook%26utm_campaign%3Dfiling-for-bankruptcy-ebook&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ</p></li><li><p>Conclusion</p><p>Filingforbankruptcyisaseriousmatter.Itisimportantthatyoucompleteallthestepsasrequiredbythelaw.Havingabankruptcyattorneytoassistyoucanensurethatyourfilingistakencareofcorrectlysothatyoucanbegintorestoreyourfinancialhealth.</p><p>Which Bankruptcy Chapter (7 Or 13) Is Right For Me? </p><p>Whendebtaccruedhasexceededcertainunbearablelevelsbyeitheranindividualorbusiness,</p><p>bankruptcyisoftensoughttosecurefinancialreliefandsetupaprocesswherebydebtscanbe</p><p>dischargedorcreditorscanbepaidoveraperiodoftime.Twomajorcategoriesofbankruptcy</p><p>(Chapter7andChapter13)arecommonlyused,andbotharepartoftheofficialU.S.Bankruptcy</p><p>Code.</p><p>Inordertochoosetherightbankruptcychapterforyoursituation,itsimportanttounderstandthe</p><p>purposeandbenefitsassociatedwitheachfiling.</p><p>Chapter7Bankruptcy</p><p>Chapter7bankruptcyconsistsmainlyofaliquidationprocesswherebyaportionofyourassets</p><p>aresoldtopayoffdebtobligations.Oftenreferredtoasindividualorconsumerbankruptcy,this</p><p>formofbankruptcycanoftentakeanywherebetween3to6months.Acourtappointedtrustee</p><p>willoftensellpropertythatsecuresyourdebtinordertopayoffyourcreditors.Yougettoretain</p><p>someofyourpersonalitems,includinghouseholdfurnishings,clothingandotherpossessions.</p><p>Youcanevenincludeyourcarandyourhomeaslongastheirvaluedoesntexceedcertain</p><p>limitssetbytheU.S.BankruptcyCode.TobeeligibleforChapter7,thefilermusteitherhavea</p><p>medianfamilyincomelevelthatfallsbelowthenationalaverageorelsepassameanstestthat</p><p>determinesifthemarginofexcessincomeexceedsthatallowedbythebankruptcycode.</p><p>Chapter13Bankruptcy</p><p>Chapter13bankruptcyisanoptionforindividualsorcouplesthatareunabletomeetthemeans</p><p>testingstandardsunderChapter7.Thisbankruptcyprocessconsistsofareorganizationof</p><p>debtsandprovidestheopportunityforthedebtortokeeptheirpropertyandotherhighlyvalued</p><p>assetswhileoperatingunderaplanwherebytheypayoftheirdebtsover2to5years.Chapter</p><p>2014Sirody&amp;Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.</p><p>http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHdW6xY4jMZMtnMUB-GO_SoBZu9mAhttp://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Ffree-consultation%2F%3Futm_source%3DOutreach%26utm_medium%3DeBook%26utm_campaign%3Dfiling-for-bankruptcy-ebook&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ</p></li><li><p>13bankruptcyalsorequiresproofofaconsistentandreliablesourceofincome.Moredebtsare</p><p>allowedtobedischargedunderChapter13asopposedtoChapter7,butChapter13requires</p><p>thedebtortomakepaymentsonbothsecuredandunsecureddebtsoverthelifeoftheplan.</p><p>Sincetherearenostandardizedformsforsuchapaymentplan,seekingtheadvicefroma</p><p>qualifiedbankruptcyattorneywhenpreparingtheserepaymentplandocumentsisessential.</p><p>Top Five Things To Do Before Filing For Bankruptcy </p><p>Thebankruptcyprocessisdemandingandemotional.Bankruptcyisdesignedtoprovideanew</p><p>start,buttheprocesscanbecomplicated.Theseguidelineswillmaketheprocesssmoother</p><p>andlessstressful.</p><p>1.CompileInformation</p><p>Ifyouhaventalreadydonesomakealistwiththefollowinginformationandcompiledocuments</p><p>including:</p><p> Allofyourdebtsincludingamountsowed</p><p> Listallofyourassets</p><p> Collectallofyourdeedsandtitlestoallproperty</p><p> Assemblealltaxreturnsforthelastthreeyears</p><p> ProofofidentitysuchasSocialSecuritycard</p><p> Anypaperworkpertainingtoloans,divorcedecrees,orchildsupportorders</p><p> Statementsfrombrokerageandretirementaccounts</p><p>2.TalkToAnAttorney</p><p>Whileitispossibletofileforbankruptcywithoutthehelpofanattorney,filingalonecanbe</p><p>confusingandtimeconsuming.Anattorneywilladviseyouabout:</p><p> Typesofbankruptcyandhowtheywillaffectyourassets</p><p> Lawsinthestateinwhichyoulive</p><p> Howtodealwiththecourtsandbillcollectors.</p><p>2014Sirody&amp;Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.</p><p>http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&amp;sa=D&amp;...</p></li></ul>