Sometimes, everything about handling the financial issues becomes very difficult and also overwhelming for some. They look for a way to handle such issues and this is when they will get to know more about filing bankruptcy. Before planning for filing bankruptcy in Maryland, you should understand everything about your options and rights.
Bankruptcy law is not easy for everyone to understand. You are not alone in this case, and if you are planning to file for liquidation, then you should find the right attorneys to help you here. Hinkle Law PLLC is the best solution for finding an experienced bankruptcy attorney in Hagerstown, MD. They will help you learn everything about the topic and can guide you through the process. You can visit them to get more information.
Bankruptcy Filing in Maryland
Some medical bills, credit card debts, mortgage payments, and other such financial issues might become quite overwhelming for you. During such cases, filing bankruptcy can be your best solution to handle all kinds of such matters. Liquidation options are many and you can choose the one that works in your favor.
Chapter 7 bankruptcy suggests liquidation of your properties and assets to clear all the debts with the funds that are available from doing so.
Chapter 13 liquidation is the option given to the person filing for bankruptcy to take a time of 3 to 5 years and come up with the best plan for repaying all the debts. There is no need to lose any property or asset in this case.
Qualifying for the Bankruptcy Chapter
With the help of the “bankruptcy means test”, you can understand the type of chapter that is ideal for filing liquidation. The results of this test will determine what chapter will work in your favor if you plan to file for bankruptcy, as the test results will paint a clear picture of your actual income per annum.
Bankruptcy and Clearing Your Debts
Filing liquidation is the best way of handling some of the financial problems such as medical bills, credit card bills, utility payments, and so on. However, you should understand the fact that some of the financial matters and bills cannot be cleared with the help of bankruptcy, and you should find a way to clear them accordingly.
Some of the exemption types can become your guide towards saving some properties while filing for bankruptcy. Know about them in detail and make the right choice.