Both chapter 7 bankruptcy and chapter 13 bankruptcy have their unique advantages. Maryland bankruptcy attorneys are here to help you determine which choice is best for you.
Chapter 7 bankruptcy provides for a fast process where you can get rid of your dischargeable debt. This means that you can generally get rid of all of your credit card debt, garnishments, deficiencies (such as from a car repossession) and various other debt. In most cases you will keep your personal items including your car. And in many cases you will be able to keep your home.
Chapter 13 bankruptcy provides for an orderly repayment plan where you can keep assets with substantial value (real estate, automobiles, jewelry, savings) while making a payment plan with your creditors. This plan, once approved, will be over a period of 3-5 years and will stop harassing creditor calls. Chapter 13 bankruptcy also may allow you to strip the second loan from your home and cram down your car loans.
Contact us today to find out if chapter 7 bankruptcy or chapter 13 bankruptcy is right for you.