Chapter 7 Bankruptcy Explained

In this video, Dan Guenther explains Chapter 7 bankruptcy.

 

Over the past 30 years, Dan has helped hundreds of clients in Southern Maryland (Charles County, Prince George County, Calvert County, St. Mary’s County) get out of debt and get a fresh start financially through a Chapter 7 bankruptcy. A Chapter 7 is generally considered the most widely used bankruptcy to help people get completely debt free or as close to debt free as possible. While there are several income limitations to filing a Chapter 7, Maryland residents are fortunate that Maryland is one of the most liberal states in the country. That means you can make quite a bit of money and still qualify to do a Chapter 7 in Maryland.

Presently, under the Maryland exemption laws, you may find that you can keep all or most of your assets and still become debt free with a Chapter 7 bankruptcy. Of course, if you have a car with a lien or home with a mortgage, you want to keep these debts current. That will help you keep these assets. What all this means is that most of his clients have used Chapter 7 to become completely debt free and still keep their home, their car, their bank accounts and other personal assets. This depends on the equity in the property and the value of those assets. In order to find out if you qualify for a Chapter 7 to become debt free and obtain your fresh financial start, call the office at 301-475-3106 to schedule your free consultation.