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Can an Individual File for Chapter 11?

A Maryland and Washington DC Bankruptcy Attorney Explains Bankruptcy offers an invaluable solution to individuals and families struggling under the weight of overwhelming debt. Although most people find that they can end their financial troubles through a Chapter 7 or Chapter 13 filing, some debtors find that they could benefit from filing under the rules of Chapter 11. Reasons for Filing Chapter 11 The law allows any individual to file for Chapter 11. While it is more common for an individual to file for Chapter 7 or Chapter 13, there are certain circumstances that necessitate filing under Chapter 11. Since Chapter 11 filings are mainly used by businesses, the rules are structured to handle large amounts of income, assets and debts. An individual can file for Chapter 11 only if their debts meet or exceed: $336,900 in unsecured debt like credit cards, medical bills, vacation or home improvement loans and…
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Bankruptcy and Its Effects on Your Most Important Assets

Often, the first question that a person considering bankruptcy has concerns how the bankruptcy will affect his or her property. There is no simple answer to this. The impact of a bankruptcy depends on factors like the type of debt that a person used to acquire the property, the income that a person currently earns and what the person’s long-term goals are. Below are overviews of how a bankruptcy could affect important assets like your home, small business, automobile or retirement money. A Maryland bankruptcy attorney can assist you in understanding how filing for bankruptcy will affect property that you own. Bankruptcy and Your House While a Chapter 7 bankruptcy can eliminate many of your debts, the bank is still able to foreclose on your home if you fail to make your mortgage payments. We refer to this type of debt as secured debt. Your home serves as collateral so…
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Understanding Reaffirmation Agreements

In Chapter 7 bankruptcy, you have several options when it comes to dealing with secured debts. You can reaffirm the debt, redeem the collateral, surrender the collateral and discharge the debt, or, in certain circumstances, retain the collateral and continue making payments without reaffirming the debt. Secured debts include mortgages; car loans; purchase money loans for jewelry, furniture, appliances and other household goods; title loans, and any loans for which you pledge already-owned property as collateral. To ensure your assets and legal rights are adequately protected, it is important to properly list all secured debts in your bankruptcy schedules and to indicate your intentions for each secured debt. A qualified Maryland and Washington DC bankruptcy attorney can help you prepare and file the required Chapter 7 paperwork. Making decisions about whether to keep or surrender secured property involves weighing a number of factors. You will need to consider your present…
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How Often Can I File for Bankruptcy?

Our Washington DC and Maryland Bankruptcy Lawyer Can Guide You Through the Bankruptcy Process Debt crises can strike at any time. Even if you already worked through your debt by filing a Chapter 7 or Chapter 13 bankruptcy, emergencies and other difficult financial situations may require you to file for bankruptcy again. Although those with overwhelming debt may not want to file a second bankruptcy, sometimes this may be the best solution. Federal and state laws limit the ability of individuals with debt to file for bankruptcy multiple times. If you are considering filing for bankruptcy again, it is important that you are aware of the regulations and restrictions concerning multiple bankruptcies. How Long Do I Need to Wait to File for Bankruptcy Again? Bankruptcy law does not require any minimum time limit before you can file for another bankruptcy. Unless the bankruptcy court rules otherwise, you can file for…
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