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Frederick Bankruptcy Lawyer
Maryland Bankruptcy Attorney
A debtor can file for several chapters under bankruptcy law. Which bankruptcy chapters to file depends on several factors such as whether it is a person or business entity, the filing party’s total assets and liabilities, if the debtor wants to retain any assets of property. When a bankruptcy petition is filed with the court, an automatic stay is entered that prohibits anyone from pursuing or collecting certain debts. Keep in mind, certain debts are not dischargeable, so that debt would not be stayed. As your Frederick Bankruptcy Attorney, the Soubra Law Firm is here to serve Frederick, Montgomery, Washington, and Carroll Counties as well as the remaining Maryland area. The Soubra Law Firm would like to be your Frederick Bankruptcy Attorney.
Chapter 7 Attorney
A Chapter 7 Bankruptcy attorney is a type of liquidation bankruptcy where in the minds of the public people think of this type of bankruptcy when a petition is filed. To be eligible for a Chapter 7 Bankruptcy, a debtor must pass a means test which means that a test that uses income and financial debt to see if that debtor is facing financial hardship through his bills. In short, the means test will determine if the person lack sufficient disposable income to pay his debts. Even though a debtor is eligible through the means test, the debtor cannot file another Chapter 7 petition if one was filed eight years ago or six years ago if the bankruptcy was a Chapter 13. In the bankruptcy petition, the debtor must list all his assets and exempt and non-exempt property. Any property that is not exempt under the bankruptcy code will be liquidated, and the proceeds will be used to pay the debtor’s creditors. As your Frederick Chapter 7 Bankruptcy Attorney, the Soubra Law Firm is here to serve Frederick, Montgomery, Washington, and Carroll Counties as well as the remaining Maryland area. The Soubra Law Firm would like to be your Frederick Chapter 7 Bankruptcy Attorney.
Chapter 13 Attorney
Debtors who are not eligible for a Chapter 7 bankruptcy or who want to keep their non-exempt property, can file for Chapter 13 bankruptcy. A Maryland bankruptcy counsel can advise whether a Maryland resident which chapters 7 or 13 is appropriate for them. Chapter 13 is a reorganization bankruptcy in which it permits the debtor to restructure their debts and devise a payment plan to pay back within 3 to 5 years. The debtor will tender payments to the bankruptcy trustee where in turn the trustee then pays the creditors in term of highest priority from support obligations to secured debts and then unsecured debts. If the debtor meets the plan, any remaining debt will be discharged at the end of the period. However, if the debtor does not, their debts will not be discharged. Chapter 13 provides the benefit of retaining the debtor’s property while the burden is imposed on the debtor to make the payments on the debts owed. As your Frederick Chapter 13 Bankruptcy Attorney, the Soubra Law Firm is here to serve Frederick, Montgomery, Washington, and Carroll Counties as well as the remaining Maryland area. The Soubra Law Firm would like to be your Frederick Chapter 13 Bankruptcy Attorney.
If you are looking for a Maryland Bankruptcy Attorney, the Soubra Law Firm is here to help you through your financial situation. We are here to serve all the Maryland residents through their dire financial situation. The Firm’s phone number is 301-219-5038 or you can contact us through our contact form’s website.