Are you worried about debt or being harassed for payment? When you file for bankruptcy, you will receive an automatic stay from all collection activities during the bankruptcy process. The automatic stay will stop creditor calls and prevent creditors from wage garnishing, filing liens, foreclosing on liens and seizing collateral or property.
At the Law Office of Walsh, Becker, Moody & Rice, we help people and businesses file for bankruptcy. Speak with our Bowie bankruptcy attorneys to find out how we can help you.
Your Bankruptcy Options
Under Chapter 7 bankruptcy, many of your debts are discharged, which means you will not have to repay them. Examples of dischargeable debt include credit card debt, medical bills, and unsecured loans. To qualify for Chapter 7, your income must be below the median for a household of your size in Maryland. Any assets kept in this type of bankruptcy must be paid as originally agreed.
Instead of discharging most of your debt, Chapter 13 restructures debt into a repayment plan of either three or five years. The monthly payments on your loans can be lowered. You will be able to continue making payments. Chapter 13 bankruptcy is a good option if you want to keep your house or your car. Chapter 13 bankruptcy is for people with income above the median income in Maryland for a household of their size; small proprietary businesses may also be eligible.
This type of bankruptcy allows individuals and businesses to file a reorganization plan within 120 days from filing bankruptcy. After the plan is approved, the debtor will repay some of its obligations and discharge other debts. Businesses may be allowed to discontinue some contracts and leases. Chapter 11 bankruptcy is available for sole proprietors, businesses, partnerships, and corporations. It can also be used by an individual who is over the debt limit for Chapter 13.
Please call our office at 301-262-6000 to schedule an appointment with our bankruptcy attorney Jeanette Rice or bankruptcy paralegal Mike Collins. You may also contact us online.
WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY UNDER THE FEDERAL BANKRUPTCY LAWS.