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

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Everything You Ever Wanted To Know About Filing For Bankruptcy In Maryland ByJeffreyM.Sirody,P.C. 2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQTable Of Contents TableOfContentsIntroductionHowDoesTheBankruptcyProcessWork?StepsToFilingForBankruptcyInMarylandWhichBankruptcyChapter(7Or13)IsRightForMe?TopFiveThingsToDoBeforeFilingForBankruptcyHowMuchDoesBankruptcyCost?IDontHaveMuchIncomeOrMoneyHowBankruptcyCanStopForeclosureOnYourHomeHowToGetRidOfAMortgageWhenFilingForBankruptcyHowToStopWageGarnishmentHowToChooseABankruptcyAttorneyDoINeedALawyerToFileForBankruptcy?MedicalBankruptcyAtAGlanceWhatYouNeedToKnowAboutTheAuthorNeedToKnowMore? 2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQIntroduction In2013,over1millionpeoplefiledforbankruptcy.Manypeople,justlikeyou,faceseriousdebtsituationsthatcanberesolvedthroughlegalsolutions.HereattheLawOfficesofSirody&Associates,wehaveover80yearsofcombinedlegalexperiencemakingourfirmhighlyqualifiedtoguidepeoplethroughbankruptcyproceedings.Inthespiritofenablingpeopletoknowasmuchabouttheprocessaspossible,wehavedevelopedthiseBook.Hereyouwillfindanswerstosomeofthemostcommonquestionsaboutbankruptcyinlanguagethatiseasytounderstand.Wehopeyoufindituseful.ShouldyouwanttospeaktoanexpertaboutbankruptcyinMaryland,weofferfreeconsultations.JustCall4104150445OrCompleteThisForm.Wewillkeepyourinformationconfidential.Herestomakingafinancialfreshstart.Sincerely,JeffreyM.Sirody,P.C.Disclaimer:Nopartofthisebookmeanttoserveaslegaladvice.Alwaysconsultwithalawyerforproperlegaladvice.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.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&sa=D&sntz=1&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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQHow Does The Bankruptcy Process Work? Everyyear,countlessAmericansfindthemselves,throughnofaultoftheirown,facingbankruptcy.Manyhavenoideahowlongthebankruptcyprocesscantake.Thelengthoftimefromfilingbankruptcytohavingyourdebtsdischargedcanvarygreatly,dependingonwhichtypeofbankruptcyisbeingfiled,andhowquicklyyoucangathertogetheralltherequiredfinancialinformation.WhetheryouarefilingforChapter7orChapter13bankruptcywillmakeasignificantdifferenceinhowlongthebankruptcyprocesstakes.(Imagesource).Ifyouhavekeptfinancialrecordslikebankstatements,debtstatements,incometaxes,anddividenddisclosures,youarealreadyaheadofthegame.Chapter7bankruptcyfilingrequirescopiesofthesetypesofrecords.Ifyouvenotkeptmeticulousrecords,dontworry..Allthenecessaryinformationcanbetrackeddown,butitwilljusttakealittlemoretime.Agoodattorneycanhelpbytrackingdownbusinessesthathavepurchasedyourdebt.Ifthisinformationhasbeengatheredbeforethefiling,thebankruptcycangothroughwithoutanyfurthercomplications.Chapter7BankruptcyProcessingChapter7bankruptcyisforindividualswhohavefewmajorassets(likeahome)toprotect.Gatheringpaperworkisthemosttimeconsumingpartoftheprocess.Ifyourdebtaccountshavebeensoldtocollectionagencies,itcanbeachallengetotrackdownexactlywhoyouowemoneyto,butyourlawyercanhelpyouwiththis.Oncethebankruptcypapersarefiledwiththecourts,youllwaitonetotwomonths,whichisabouthowlongittakestosetacourtdateatwhichyouwillappear.Onthatdate,ifallyourfinancialpapersareinorder,thecourtwillthendeclarethebankruptcy.Atthispoint,allyourdebtswillbedischargedwiththeexceptionofstudentloansandafewotherexceptions.Also,onceyouhireabankruptcylawyer,allcreditorscallscanbereferredtoyourlawyer,whowillendanyharassmentbycreditorsintheinterim.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&sa=D&sntz=1&usg=AFQjCNHdW6xY4jMZMtnMUB-GO_SoBZu9mAhttp://www.google.com/url?q=http%3A%2F%2Fcommons.wikimedia.org%2Fwiki%2FFile%3AItalian_legal_hardback_books_open.jpg&sa=D&sntz=1&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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQChapter13BankruptcyProcessingChapter13bankruptcyprocessisforthosewhohaveasignificantnumberofmajorassetstoprotect.Insteadofdischargingyourdebtoutright,Chapter13rearrangesand/orreducesdebtstocomeupwithareasonablepaymentplanthatyoucanafford.PaymentplansforChapter13bankruptcyareusuallyspreadoveracomfortablethreetofiveyeartimespan.So,eventhoughthebankruptcyhasbeenapproved,youllstillbepayingbackyourdebtsforseveralyears.Steps To Filing For Bankruptcy In Maryland IfyouliveinMarylandandarefacingseriouscreditproblems,youmightbeconsideringfilingforbankruptcy.FederalLawChangedIn2005, anditisimportanttobeawarehowthesechangesaffectanyoneconsideringbankruptcyfiling.Asyoucanseebelow,thestepstofilingforbankruptcyintheStateofMarylandarecomplexandbesthandledbyanexperiencedattorney.(Imagesource).StepOne:Counselling&EducationAccordingtotheFederalTradeCommission,youmustgetcreditcounsellingwithin180daysbeforeyoufileforbankruptcy.CounsellingmustbedonebyanorganizationapprovedbytheDepartmentofJusticesU.S.TrusteeProgram.Also,youmustcompleteadebtoreducationcoursebeforeyourdebtscanbedischarged.Debtoreducationhelpsyoudevelopabudget,managemoneyandusecreditwisely.StepTwo:DetermineIfYouQualifyForChapter7OrChapter13Aftercounselling,youwillhavetopassameanstesttodetermineifyouqualifyforfilingforChapter7.Chapter7involvesyourdebtbeingwipedoutwiththesaleofyournonexemptpropertyorassets.Themeanstestdeterminesifyouhaveenoughmoneytorepayatleastaportionofyourdebt.If,forthesixmonthspriortofiling,youhaveanincomeof$100ormoreleftoverafterpayingforlivingexpenses,youwillprobablynotqualifyforChapter7.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fcommons.wikimedia.org%2Fwiki%2FFile%3AFlag_of_Maryland.svg%3Fuselang%3Den&sa=D&sntz=1&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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQBeawarethatyourlivingexpensesestimatesarebasedonyouractualexpendituresandtheInternalRevenueServices(IRS)localandnationalexpensestandards.TheIRSsexpensestandardsmightbelowerthanwhatyouactuallyspend,andthiscaninfluenceifyouqualifyforChapter7.Allowabledeductionscaninclude: Childsupportpayments HealthcarecostsforsickorDisabledfamilymembers Someschoolexpenses SomepaymentstosecuredcreditorsIfyourtotalhouseholdincomeislessthanthemedianfamilyincomeintheStateofMaryland,thereisagoodchancethatyourpetitionforChapter7willbegranted.IfyouaredeniedChapter7,youcanstillfileforChapter13whichisamuchmorerigorousformofbankruptcy.Chapter13bankruptcyinvolvesacourtsupervisedpaymentofapercentageofyourdebtoveraperiodof36to60months.Yourfinancialactivityisunderclosescrutinyduringthisrepaymentperiod.Anyspendingonnewcars,luxuryitemsorvacationswillhavetobereducedoreliminated.Anyfinancingofasecondcarorboatwilllikelyrequirepaymentofthereplacementvalue.Finally,ifyoureceivearaiseorabonusduringthistimeyouwillprobablyhavetodivertthistowardsdebtrepayment.StepThree:GatherDataWhenfilingforbankruptcy,youwillhavetogatherallyourrelevantfinancialdataanddocuments.Thesemightinclude: Itemizationofcurrentincomesource Lasttwoyearshistoryofmajorfinancialtransactions Monthlylivingexpenses Securedandunsecureddebts Allassetsincludingpropertyandpossessions Lasttwoyearsstateandfederalincometaxreturns Realestatedeedsandloandocuments Cartitles2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQStepFour:FilingTheFormsOnceyouhavecompletedcreditcounselling,takenthemeanstestandgatheredallthenecessarydata,youcanthenproceedwiththebankruptcyfilingprocess.Thisinvolvesfillingoutabankruptcypetitionandseveralotherforms,calledschedules.Theschedulesaskforinformationregardingcreditors,property,claimedexemptions,codebtors,income,expensesandafinancialaffairsstatement.InMaryland,theChapter7filingfeeis$274,andyoucanrequesttohavethefeewaivedortopayitininstallments.ThefeeforfilingChapter13is$189andcannotbewaived.(Imagesource).Thefilingprocesscanbeverycomplexandtypicallyinvolvesthehelpofabankruptcyattorney.Choosinggoodlegalcounselhelpsmakesurethatnothingisoverlookedwhichcouldthreatentheoutcomeofyourpetition.Onceyouhavefiledthebankruptcyforms,anautomaticstaygoesintoeffectwhichmeanscreditorscannotcontactyouormakefurtherclaimsagainstyourproperty.IfyouhavefiledforChapter13,youmustbegintomakedebtpaymentsafterfilingtheforms.StepFive:AttendMeetingOfCreditorsOnceyoufileforbankruptcy,thecourtappointsatrusteewhoassumeslegalcontrolofyourdebtsandnonexemptpropertyandassets.Inmostcases,youwillhavetogotocourttoattendameeting(calledthe341meeting)withthetrusteeandanycreditorsthatdesiretomeetwithyou.Thisgivescreditorsachancetoaskanyquestionsandnegotiateifthereareanyobjections.Inmanycircumstances,nocreditorsattend,andthemeetingonlylasts515minutes.StepSix:DischargeAttheendofthebankruptcyprocess,allofyourdebtsaredischarged,thatis,wipedout.Someformsofdebt,however,usuallycannotbewipedoutsuchaschildsupportdebt,studentloansortaxdebt.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.https://www.google.com/url?q=https%3A%2F%2Fwww.flickr.com%2Fphotos%2Fmariareyesmcdavis%2F2890706354%2F&sa=D&sntz=1&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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQConclusionFilingforbankruptcyisaseriousmatter.Itisimportantthatyoucompleteallthestepsasrequiredbythelaw.Havingabankruptcyattorneytoassistyoucanensurethatyourfilingistakencareofcorrectlysothatyoucanbegintorestoreyourfinancialhealth.Which Bankruptcy Chapter (7 Or 13) Is Right For Me? Whendebtaccruedhasexceededcertainunbearablelevelsbyeitheranindividualorbusiness,bankruptcyisoftensoughttosecurefinancialreliefandsetupaprocesswherebydebtscanbedischargedorcreditorscanbepaidoveraperiodoftime.Twomajorcategoriesofbankruptcy(Chapter7andChapter13)arecommonlyused,andbotharepartoftheofficialU.S.BankruptcyCode.Inordertochoosetherightbankruptcychapterforyoursituation,itsimportanttounderstandthepurposeandbenefitsassociatedwitheachfiling.Chapter7BankruptcyChapter7bankruptcyconsistsmainlyofaliquidationprocesswherebyaportionofyourassetsaresoldtopayoffdebtobligations.Oftenreferredtoasindividualorconsumerbankruptcy,thisformofbankruptcycanoftentakeanywherebetween3to6months.Acourtappointedtrusteewilloftensellpropertythatsecuresyourdebtinordertopayoffyourcreditors.Yougettoretainsomeofyourpersonalitems,includinghouseholdfurnishings,clothingandotherpossessions.YoucanevenincludeyourcarandyourhomeaslongastheirvaluedoesntexceedcertainlimitssetbytheU.S.BankruptcyCode.TobeeligibleforChapter7,thefilermusteitherhaveamedianfamilyincomelevelthatfallsbelowthenationalaverageorelsepassameanstestthatdeterminesifthemarginofexcessincomeexceedsthatallowedbythebankruptcycode.Chapter13BankruptcyChapter13bankruptcyisanoptionforindividualsorcouplesthatareunabletomeetthemeanstestingstandardsunderChapter7.Thisbankruptcyprocessconsistsofareorganizationofdebtsandprovidestheopportunityforthedebtortokeeptheirpropertyandotherhighlyvaluedassetswhileoperatingunderaplanwherebytheypayoftheirdebtsover2to5years.Chapter2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&sa=D&sntz=1&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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ13bankruptcyalsorequiresproofofaconsistentandreliablesourceofincome.MoredebtsareallowedtobedischargedunderChapter13asopposedtoChapter7,butChapter13requiresthedebtortomakepaymentsonbothsecuredandunsecureddebtsoverthelifeoftheplan.Sincetherearenostandardizedformsforsuchapaymentplan,seekingtheadvicefromaqualifiedbankruptcyattorneywhenpreparingtheserepaymentplandocumentsisessential.Top Five Things To Do Before Filing For Bankruptcy Thebankruptcyprocessisdemandingandemotional.Bankruptcyisdesignedtoprovideanewstart,buttheprocesscanbecomplicated.Theseguidelineswillmaketheprocesssmootherandlessstressful.1.CompileInformationIfyouhaventalreadydonesomakealistwiththefollowinginformationandcompiledocumentsincluding: Allofyourdebtsincludingamountsowed Listallofyourassets Collectallofyourdeedsandtitlestoallproperty Assemblealltaxreturnsforthelastthreeyears ProofofidentitysuchasSocialSecuritycard Anypaperworkpertainingtoloans,divorcedecrees,orchildsupportorders Statementsfrombrokerageandretirementaccounts2.TalkToAnAttorneyWhileitispossibletofileforbankruptcywithoutthehelpofanattorney,filingalonecanbeconfusingandtimeconsuming.Anattorneywilladviseyouabout: Typesofbankruptcyandhowtheywillaffectyourassets Lawsinthestateinwhichyoulive Howtodealwiththecourtsandbillcollectors.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&sa=D&sntz=1&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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQAnattorneyknowledgeableinbankruptcylawwillaskquestionsaboutyourfinancialsituationandexplainallofthebenefitsandcostinvolvedintheprocess.Theattorneycanalsotalkwithyouabouttherequireddebtcounselingwithagovernmentcertifiedcounselingagency.3.PaySomeOfYourBillsItisimportanttopaybillssuchasrent,carpayment,insuranceandotherbasicexpenses.Whenyoufileforbankruptcyyourcreditcardwillbeconsideredunsecureddebtandwillbecoveredunderbankruptcyprotection.Yourattorneycanexplainexactlywhatbillstopayuptothetimebankruptcyisfiled.Dontrackupcreditcarddebtnearthetimeyouanticipatedeclaringbankruptcy.Thecourtsdonotlookfavorablyuponlargeexpendituresnearthetimebankruptcyisdeclared.4.ChangeYourLifestyleAndBeRealisticNowisthetimetolearntomakethemostofless.Therearemanyresourcesavailablethatteachgoodbudgetingstrategies.Understandhowyourfinancesgotoutofcontroltopreventitfromhappeningagain.Ifyouhavechildren,nowisthetimetoexplaintothemthattheirlifestylewillalsochange.Keepinmindcertaindebtcannotbeerasedwhenfilingforbankruptcysuchaschildsupport,alimony,studentloans,andtaxes.Yournewbudgetshouldincludetheseexpenses.Keepallofyourpropertyinyournameduringthistime.Also,whileitmightbetemptingtotransferorgiftyourpropertytoothersbeforedeclaringbankruptcy,butthecourtsmaypenalizeyoufordoingso.5.ChangeYourPhoneNumberAssoonasanattorneyishiredtohelpyoufileforbankruptcy,billcollectorsarenolongerallowedtocontactyouforpayments.Changingyourphonenumbergivesyoutheprivacyyoudeservebutmighthavelost..Filingforbankruptcyisdifficultandnobodywantstogothroughitalone.Inadditiontotalkingwithatrustedattorney,talktoyourfriendsandfamilyforsupport.Dontbeashameditstimetomoveahead.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQHow Much Does Bankruptcy Cost? I Dont Have Much Income Or Money Althoughmanypeopleconsiderbankruptcyasanextrememeasure,littleistrulyunderstoodbythosewhoveneverhadtomakethisdecision.Aswithmostfacingbankruptcy,veryfew,ifanyfundsareavailabletopayforthefilingandlawyerfeesassociatedwithenteringintothisprocess.Thefollowinginformationwillhelptoexplainthecostofbankruptcyandprovidesuggestionsforhowtobegintheprocess.TheCostVariesSomepeoplewillcallaroundtofindtheleastexpensiveattorneyandmaketheirdecisionbasedonlyoncost.But,determiningwhichistherightattorneyforyoursituationshouldnotbebasedoncostalone.Noreputableattorneycanquoteyouafeeoverthephonewithoutmeetingwithyoupersonallytoassessyourindividualcircumstances.Goodlawyersrealizethatmostbankruptcyclientsarestrappedforcash,andtheyworkwithyoutomakebankruptcyaffordable.Assoonasyoufileforbankruptcy,anautomaticstayisputinplacethatprohibitsyourcreditorsfromdemandingfurtherpaymentsuntilyourcaseisresolved.Thiscanfreeupsomemuchneededfundstopayforbankruptcycosts.CostOfBankruptcyIsNotOnlyCriteriaForChoosingALawyerItsimportanttonotallowcosttobetheprimarycriteriaforchoosingabankruptcyattorney.Goingwithacheapbankruptcylawyercanleaveyouwithsomeonewhohaseitherlittleexperienceorisadishonestpractitionerjustoutforyourmoney.Themaincriteriaforselectingabankruptcylawyershouldbetheirrelevantexperienceandintegrity.Experienceshouldbeconfirmedbyobtainingverifiablereferences,i.e.pastsatisfiedclients.Yourattorneyshouldalsobelicensedwithinthestateinwhichyouarefiling.Aswell,atrustworthybankruptcylawyerwillletyouknowaboutanyotheralternativestobankruptcythatmaybeavailableandfeasibleinyoursituation.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&sa=D&sntz=1&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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQHow Bankruptcy Can Stop Foreclosure On Your Home Intougheconomictimes,manypeoplehavebeenforcedtogiveuptheirhomes.Ifyouhavefallenbehindonmortgagepayments,thenbankruptcymightbeasolution.Inmanycases,filingforbankruptcycandelayorstopforeclosureonyourhome.(Imagesource).Evenifyouareeventuallyforcedtogiveupyourhome,bankruptcycanhelpmaketheprocesslesspainful.Areliableattorneywithexperienceinforeclosuresandbankruptcycanguideyouthroughthisprocess.HowBankruptcyProtectsYouManypeoplehavethemisconceptionthatdeclaringbankruptcymeansthatyouwillbeleftoutonthestreet.However,thetruthisthatbankruptcyprotectsyoufromhavingtoleaveyourhomeorbuysyoutimetofindanewplacetolive.Oncethebankruptcypetitionhasbeenfiledanautomaticstayisplacedonallofyourdebts.Thismeansthatallcreditoractionstocollectpaymentmustbehaltedsonomorelettersorphonecallsfromdebtcollectors.Theautomaticstayincludesanyeffortstoforecloseonyourhome.Evenifyouhomeisupforforeclosuresale,theautomaticstaycandelayorstoptheprocess.Theautomaticstayonforeclosuresendswhenthebankruptcyprocessisfinishedorifthelendergetscourtpermissiontocontinuewithforeclosure(permissiontoliftthestay).Chapter13BankruptcyAndForeclosureInChapter13bankruptcythedebtoragreestopaydownpartoralloftheirdebtoverasetperiodoftime,typicallyaroundfiveyears.Thisprocessismonitoredstrictlybyabankruptcytrustee,andattheendofthetermallremainingdebtisdischargedorwipedclean.InChapter13,youagreetopayoff,ininstallments,theamountyouoweoverasetperiodoftime.However,youmustcontinuetomakeregularmortgagepaymentsasscheduled.Itmightturnoutthatyoudonothaveenoughincometocovertheseobligationsandwilleventuallyhave2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fcommons.wikimedia.org%2Fwiki%2FCategory%3AForeclosure%23mediaviewer%2FFile%3ASign_of_the_Times-Foreclosure.jpg&sa=D&sntz=1&usg=AFQjCNEkrYxkj_OP2OecKGwhqXFRSzUbcQhttp://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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQtogiveupyourhome.Agoodbankruptcylawyercanmakesureyoumaketherightdecisionsandthatallyourrightsareprotectedduringtheprocess.Chapter7BankruptcyAndForeclosureInChapter7bankruptcy,yourdebtsarepaiddownfromproceedsgeneratedbythesaleofnonexemptassets.Inthiscase,theforeclosureprocessisdelayedforuptofourmonths.However,oncethestayisliftedtheforeclosureprocesscancontinue.Duringthefourmonthdelay,youcaneitherfindmoneytocontinuepayingoffyourmortgageorlookforanotherdwelling.Oneadvantageisthatduringthefourmonthwaityoucanliveinyourhomeforfree.Itisimportanttoknowthatthelendercanrequesttoproceedwithforeclosuredespitethebankruptcyfiling.Ifthisrequestisgranted,thetimeyouhavetofindanewplacetolivewillbereduced.ConclusionIfyouarefacingthepossibilityofforeclosureonyourhome,thenbankruptcymightbeasolution.Goodlegalcounsel,experiencedinbankruptcy,willensurethatyourcaseishandledappropriatelywithyourbestinterestsinmind.How To Get Rid Of A Mortgage When Filing For Bankruptcy Whenfilingforbankruptcy,thereisawaytogetridofamortgageloan.ThetwotypesofbankruptcyChapter7andChapter13,takeintoaccountdifferenttypesofmortgagedebt.(Imagesource).WhatIsAMortgage?Amortgageisaloanitisalegalagreementsignedthroughabankorotherlendertoborrowmoneyusedforthepurchaseofahomeorotherproperty.Mortgagesarealsoknownasliensordeeds.Whenamortgageissigned,youareabletoliveinthehouseorusetheitemaslongasyoumakepaymentsbutthelenderisthetrueowner.The2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&sa=D&sntz=1&usg=AFQjCNHdW6xY4jMZMtnMUB-GO_SoBZu9mAhttp://www.google.com/url?q=http%3A%2F%2Fcommons.wikimedia.org%2Fwiki%2FFile%3ACalifornia_Bungalow_Styled_Home.jpg&sa=D&sntz=1&usg=AFQjCNGsq9BG7qhrmcGuNndbjYNvadLJWQhttp://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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQloancanbepaiddownbymakingmonthlypaymentsorsellingthepropertyandpayingthelender.Therearetypicallytwotypesofmortgagesaprimarymortgageandasecondorthirdmortgagewhichmighttaketheformofahomeequityloan.Thelenderofaprimarymortgagehastherighttobepaidfirstbeforethelenderofasecondorthirdmortgage.GettingRidOfAPrimaryMortgage:Chapter7BankruptcyIfyourearnedincomeislowenough(speaktoanattorneytodeterminethis),Chapter7bankruptcycanbefiled.Chapter7bankruptcymeansyoudonothavetopaybacktheprimarymortgageitiseliminated.Howeverthelendercantakeback(foreclose)yourpropertytopaythemoneythatisowed.Ifyouonlywanttogetridofasecondand/orthirdmortgagethatisowedtoalender,considerChapter13bankruptcy.GettingRidOfSecondMortgages:Chapter13BankruptcyChapter13givesyoutheabilitytogetridofasecondand/orthirdmortgageonapropertywhilepossiblykeepingthefirstmortgageaslongasyoucanmakethepayments.Asecondorthirdmortgageonapropertyisaloanthatwastakenfromalenderusingequityintheproperty.Gettingridofasecond/thirdmortgageisknownaslienstripping.Alienisaclaimforpaymentonaloan.Lienstrippingworksifthemortgagebalanceismorethanwhatyourhomeisworthnow.Anexampleofasecondorthirdmortgageisahomeequityloan.Eliminatingsecondand/orthirdloansaredonebythecourtsbychangingthesecondmortgagetoanunsecureddebt(debtnotbackedupbyasasset.),andthisremovesthelien.Youareabletokeeptheprimarymortgageonyourpropertyunderthisplanifyoucanmakepaymentstothelender.HeresanexampleofhowChapter13bankruptcyworks:Thecurrentappraisedpriceofyourhouseis$200,000butyoustillowe$300,000onthefirstmortgage.Youhaveasecondmortgageof$50,000.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQIfChapter13bankruptcyisdeclared,anysecondmortgageamountowedisstrippedorremoved.Youmaythenbeabletomaintainownershipofthehouse.How To Stop Wage Garnishment Ifyouareunabletopayadebt,yourcreditormayseektogarnishyourwages,meaningmoneyistakenoutofeachpaycheckaspayment..However,itispossibleforyoutostopwagegarnishment.(Imagesource).HowCanThisHappenToMe?Wagegarnishmentismostoftenimposedwhenbackchildsupportortaxesareowed,butitcanalsohappenwithunpaidcreditcarddebt.Foradebtortohavemoneytakenoutofyourpaycheck,alawsuitmustbefiledinthecourtsandacourtorderissued,.Garnishmentlawsvaryfromstatetostate.However,lawshavesetthemaximumamountthatcanbededucted.Considerationisgiventoyourlivingexpensesandsourcesofincome.HowToStopWageGarnishmentItisimportanttohaveacompetentattorneyguideyouifyouwagesaregarnished.Ingeneral,thefollowingstepsshouldbetakentostopwagegarnishment:1.NegotiateWithYourCreditorImmediatelyAssoonasyouknowyoucantpayyourdebt,callorwriteandaskhowyoucansettleyourdebts.Acreditormaybewillingtoacceptalumpsumpaymentratherthanwaitwhatcouldbeyearstogettheirmoneyfrompaycheckdeductions.Sinceacourtorderisnecessarytogarnishyourwages,itmaybedifficulttochange,sonegotiatebeforethecourtorderisinplace.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fwww.flickr.com%2Fphotos%2Fjenniferwoodardmaderazo%2F440981861%2F&sa=D&sntz=1&usg=AFQjCNFEL8YU4otGWBlEVA53CROLZhCUlghttp://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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ2.FileAClaimOfExemptionFiling this form will adjust the amount taken based on factors such as how much you earn, how you earn your money, and if you support another person. The rules for this kind of claim vary by statesoitsadvisabletoconsultwithanattorney.3.FileToGetRidOfTheJudgmentIt is possible to stop wage garnishment if you feel the judgment is not correct. Reasons vary for an improper judgment. For example, if deductions are made by your employer without a court order or your permission, the deduction may not be legal. Be prepared to explain and prove your claimindetail.Againrulesvarybystate.4.FileForBankruptcyChapter 7 may eliminate debt, which might stop wage garnishment. Note that some debt can survivebankruptcy.Chapter13assignsanautomaticstaytoyourdebts,butthepaymentassignedbythecourtsmaystillcomeoutofyourpaycheck.Bankruptcyrulesvarybystateasdotherequirementsforfiling.EitherChapter7orChapter13maystopwagegarnishment,butthereareotherfactorstoconsider.Aqualifiedbankruptcyattorneycanexplainyouroptions.How To Choose A Bankruptcy Attorney Whiletherearemanyfactorstoconsiderinthebankruptcyprocess,thefirstthingyoushoulddoisconsultwithacompetentbankruptcyattorney.Thissectionprovidesguidelinesonhowtochooseabankruptcyattorneythatisrightforyou.(Imagesource).2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&sa=D&sntz=1&usg=AFQjCNHdW6xY4jMZMtnMUB-GO_SoBZu9mAhttps://www.google.com/url?q=https%3A%2F%2Fwww.flickr.com%2Fphotos%2F60588258%40N00%2F3293465641%2Fsizes%2Fs%2F&sa=D&sntz=1&usg=AFQjCNETfo_K-Ilzk_n3zQPfUxoo2fFHHwhttp://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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQWhyDoINeedABankruptcyAttorney?Whileabankruptcyattorneymaynotberequiredforanindividualtofilebankruptcy,inthecourtslegalrepresentationisstronglyrecommended.Therearemanybankruptcyformstocompleteanddocumentstofile.Ifnotcompletedcorrectly,theprocedurecouldbedelayedoryoucouldsufferfromanaccusationoffraud.WhereToBeginIfyouhaveafriendorrelativewhohasdeclaredbankruptcy,askforareferral.GototheNACBA(NationalAssociationOfConsumerBankruptcyAttorneys).Thissitelistsqualified,professionalbankruptcyattorneysinyourarea.Makeappointmentswithseveralattorneys.Gettoknowtheirpersonality,feestructure,andexpectedoutcomeofyoursituationinthebankruptcyprocess.WhatQuestionsToAskABankruptcyAttorneyTherearemanykindsoflawspecialtiessuchasfamilylaw,corporatelaw,ortaxlaw.Aqualifiedbankruptcyattorneyconcentratesmostofhisorherpracticeinbankruptcylaw.Eachtypeofbankruptcyhasdifferentconsequences.Cometoyourfirstappointmentprepared:themoreinformationyouhaveavailableaboutyoursituationfortheattorneytheeasieritwillbeforthemtomakeanassessmentofyourcase.Duringtheinitialinterviewsomequestionsyoucanaskandobservationstomakeare:: Is your initial meeting with a paralegal or an attorney? Your first meeting should be with a bankruptcy attorney. a paralegal is someone who assists an attorney but doesnt take the placeofanattorney. How many cases have you handled? An experienced attorney who has filed many cases mayhelpguideyoutoabetterresult. What is the fee structure? If it sounds too good to be true, it probably is. You dont have to choose the attorney with the highest fee since sometimes the court will limit the amount an attorney can charge. Also, dont choose an attorney just because his or her fee is the lowest.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fnacba2.memberpath.com%2FHome.aspx&sa=D&sntz=1&usg=AFQjCNHeFxifEdWog-WMyfaBn2SYKiRMGAhttp://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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQDontDelayFollowingtheguidelineslistedabovewillhelpinsuretheprocessofchoosingabankruptcyattorneyisasmoothone.Bankruptcyprotectionoffersyouafreshstart.Investingtimetoselectthebestlegalrepresentationwillkeeptheprocessasstressfreeaspossible.Do I Need A Lawyer To File For Bankruptcy? Whilecorporationsandpartnershipsrequireanattorneysrepresentationtofilebankruptcy,individualsmayrepresentthemselvesincourt.However,itcouldresultinyourpetitionbeingdeniedordelayed.Youcouldlosetherighttofileanothercase,orloseprotectionsliketheautomaticstay.Remember,therearepermanentconsequencestofilingforbankruptcy.Youwillwanttomakesurethebankruptcyprocessishandledbycompetentattorneysfamiliarwithbankruptcylaw.(Imagesource).TheUnitedStatesBankruptcyCodeishighlytechnicalandissubjecttofrequentrevisions.Abankruptcyattorneywillhelpyougatherallthenecessarypaperworktohandleyourfiling.Failuretofileevenonerequireddocumentcouldresultinyourcasebeingdismissed.Alldebtsmustbelistedonthebankruptcyschedules,andoverlookingadebtmeansitwontbedischarged.BankruptcyLawIsComplexItisnotadvisabletohirethesamelawyeryouuseforestateplanningorpersonalinjury.AttorneysthatarefamiliarwithbankruptcylawknowtheFederalRulesofBankruptcyProcedure,andcanavoidmanypotentialpitfallsinlfiling.Forinstance,donttrytohideordestroyproperty,falsifyrecords,orotherwiselieaboutyourfinancialsituation.Thejudgewillfindout,andyourcasecouldbedismissed,oryoumighthavetoattendadditionalhearings,oryoucouldevenloseyourassets.Individualbankruptcyfilingsarerandomlyauditedforaccuracy,completeness,andtruthfulness.Notonlyaretherefederallaws,butindividualdistrictcourtseachhavetheirownrulesandregulationsforfilingforbankruptcy.Andwithineachdistrictcourt,individualbankruptcytrustees2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&sa=D&sntz=1&usg=AFQjCNHdW6xY4jMZMtnMUB-GO_SoBZu9mAhttp://www.google.com/url?q=http%3A%2F%2Fcommons.wikimedia.org%2Fwiki%2FFile%3ACaroline_County_Courthouse%2C_Denton.jpg&sa=D&sntz=1&usg=AFQjCNG6oRfiyJ1syj_mOfu4HIUYbqo_wwhttp://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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQmayalsorequiretheirownadditionalprocedures.Youwantyourcasetogoassmoothlyaspossible.Hireabankruptcyattorneywhoknowsthelocalrulesofyourdistrictanditstrustees.InexperienceCanCostYouMoreInTheLongRunForChapter7bankruptcyfilings,themorecomplexthecase,thehigheryourattorneysfeeswillbe.However,thosefeescanstillvarysignificantlyfromonelawyertoanother.Itsagoodideatogetseveralquotes.ForChapter13filings,mostdistrictshaveguidelineslimitinghowmuchattorneyscancharge.However,attorneysmaychargedifferentamountsfortheirupfrontfeesbeforefilingyourcase.ItispossiblewithChapter13filingstopayapercentageupfront,andthenwraptheremainderintotherepaymentplan.Someattorneysmayaskyoutopaythefullamount.Soalwaysaskaboutinitialfees.Communicationiscritical,especiallyduringtheconsultationstage,soyoullwantanattorneywhoisavailabletoyou,andreturnscallsoremailspromptly.Medical Bankruptcy At A Glance What You Need To Know Mostofuswanttopayourbills.Wewereraisedthatway.Asaresult,toomanypeopleuseupalloftheirfinancialresourcesbeforeevenconsideringfilingformedicalbankruptcy.Theirintentionsaregood,butcashingoutcreditcards,retirementfunds,collegesavings,ortakingoutasecondmortgagetopaymedicalbillscanresultindisastrousconsequences.Thefollowinginfographicwillhelpyouunderstandtheinsandoutsofmedicalbankruptcy.AsmoreandmoreAmericansfindthemselvesunabletopayevermountingmedicalbills,bankruptcyisbecomingthebestoptionforrelief.Surprisingly,themostcommonfilerformedicalbankruptcyismiddleclassandhashealthinsurance.Copaysandoutofpocketexpenses,coupledwithlossofwork,canderaileventhehealthiestfinancialplatform.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.http://www.google.com/url?q=http%3A%2F%2Fwww.freshstartlaw.com%2Fauthor%2Fjeffrey-m-sirody%2F&sa=D&sntz=1&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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQAbout The Author JeffreyM.Sirody,P.C.JeffSirodygraduatedfromtheGeorgeMasonUniversitySchoolofLawin1991andwasadmittedtotheMarylandBarshortlythereafter.InFebruary,1992,Jeffopenedhisownbankruptcylawfirm,theLawOfficesofJeffreyM.Sirody&Associates,P.A..Jeffspracticeconcentratesinconsumerbankruptcylawandhehashelpedthousandsofclientsovertheyears.HeisanactivememberoftheMarylandStateBarAssociationandtheBankruptcyBarAssociationofMaryland.Mr.SirodylivesinBaltimorewithhiswifeandtwochildren.Heenjoyssports,includinggolfandtennis,andheisalsoanavidmusicbuff.Need To Know More? CallTodayForAFreeConsultationCall4104150445OrCompleteThisForm.Yourinformationwillbekeptconfidential.Letourattorneysworktogetyoubackonyourfeet.2014Sirody&Associates.FreeConsultation.Call4104150445OrCompleteThisFormToRequestAFreeConsultation.YourInformationWillBeKeptConfidential.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&sa=D&sntz=1&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&sa=D&sntz=1&usg=AFQjCNHgxHIbCAVcxFgqpgNd22tyFsLdFQ