Category Archives: Bankruptcy

Bankruptcy attorney for filing bankruptcy in Maryland and Washington DC on important bankruptcy information, debt relief and credit repair.

What are some bankruptcy exemptions?

One of the biggest fears associated with filing for bankruptcy is the fear of loss. While one is facing severe financial struggle, it can be scary to realize that there’s a chance you’ll be losing most of your property. Filing bankruptcy under Chapter 7 means that you’ll be gathering your property and assets, and you’ll be preparing to sell these items to pay off as much debt as possible before the rest of the charge is eliminated. Fortunately, bankruptcy law protects certain kinds of property from being sold during this process. These are called exemptions, and it’s vital to know what exemptions you’ll have. What Are the Exemptions? Every state has its own set of bankruptcy exemption laws, so it’s important to know which specific exemptions apply to your state laws. However, there are some common bankruptcy laws that any person interested in filing for bankruptcy should be aware of:…
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What Should I Do Before Filing for Bankruptcy?

There is a lot to consider if you are thinking about filing for bankruptcy. The first determination you should make is that bankruptcy is the best way for you to deal with your financial problems. Bankruptcy is an incredibly valuable tool to help you dig yourself out of a financial hole, but every case is different. As such, you will want to go through your finances with someone who is familiar with the field of bankruptcy – your attorney. Before you file, there are some things you have to do first. Within the 180 days prior to your bankruptcy filing, you must receive budget and credit counseling from an approved credit counseling agency. During this counseling, you and your counselor will go over all possible options for your finances and budgeting. Once you complete the counseling, you will receive a certificate stating that you received the counseling. You need this…
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Am I Eligible for Chapter 7 Bankruptcy?

How do you know if you are eligible to file for Chapter 7 bankruptcy? There are a few criteria you must fit. They include a specific income amount and your results from a means test. Here is a short breakdown of the ways that your specific financial situation can prevent you from filing for Chapter 7: Income: If you have enough to repay your debts in a timely fashion, you are not eligible for Chapter 7 bankruptcy. Instead, Chapter 13 bankruptcy would be your route forward. The rule that determines eligibility is one that measures your current monthly income against the median income for a family of your size in your state. If your income is less than or equal to the median, you are likely eligible for Chapter 7. If your income is more than the media, you must pass the “means test.” See our page on the “means…
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