Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” occurs when an individual or business asks the court to pardon all debts in exchange for the individual or businesses’ assets, or property. If a Chapter 7 bankruptcy filing is successful, the debtor is no longer responsible for repaying a creditor for any discharged debt. To learn more about Chapter 7 bankruptcy, click here.

Chapter 13 bankruptcy, also known as “reorganization bankruptcy,” is asking the court to grant the debtor an affordable and manageable repayment plan. The debts are reorganized in a manner that makes it possible to repay creditors. Chapter 13 bankruptcy repayment plans may only require the debtor to pay a fraction of what is owed, or nothing at all. To learn more about Chapter 13 bankruptcy, click here.

Chapter 11 bankruptcy is generally utilized by businesses that are facing difficult financial hardships. Successfully filing for Chapter 11 bankruptcy allows a business to reorganize their finances while still operating. The business or organization must propose a plan to repay its creditors in accordance to bankruptcy court guidelines.

Common dischargeable debts include, but are not limited to:

• Credit card
• Medical bills
• Repossessions
• Unpaid rent
• Utility bills
• Various loans
• Auto accident claims
• Consumer debt
• Various judgments and collections

Yes. A bankruptcy will appear on your credit report for 10 years. This is not something to worry about. Having a bankruptcy discharge on your credit report will not stop you from being eligible to purchase large items such as a home or car.

Definitely. It may actually be easier for you to obtain new credit after filing for bankruptcy. If you are burdened by financial obligations you owe, there are numerous debts listed on your credit report. After you successfully file for bankruptcy, your debts will be eliminated and there will be no sign of your debts on your credit report.

To a credit company, they see no outstanding debts and see that you have a clean slate. This makes you a desirable candidate. A bankruptcy attorney in Maryland can help you determine the most beneficial ways to obtain a new credit after bankruptcy.

Filing for bankruptcy does not mean you will lose your home, or valuable assets that you would not like to lose. Bankruptcy exists as a means to relieve individuals or businesses of their financial burdens, not for them to lose all of their assets. The Law Offices of Daniel J. Guenther have successfully represented individuals for over 25 years in bankruptcy cases. In the majority of these cases, clients were able to keep their valued assets including their home, and car.

Each and every bankruptcy case is unique, and Maryland Bankruptcy Attorney, Daniel J. Guenther, will work with you to analyze your case to ensure you keep your home.

Filing for bankruptcy can be very complex, and confusing. Hiring a bankruptcy attorney would be to your advantage. With the help of an experienced bankruptcy lawyer, you will be able to file for bankruptcy without any stress, fully knowing that the right steps are being taken on your behalf. Your questions and concerns about your filing will be answered by an expert in the field.

A bankruptcy attorney in Maryland can serve as your representative in the bankruptcy court, in front of a bankruptcy trustee or judge. All threatening communications from your creditor will be managed by your attorney, and you will no longer have to be burdened by your finances.