Chapter 7 Bankruptcy is the most common form of bankruptcy filed in the United States. In 2014 there were 14,548 Chapter 7 cases filed in the State of Maryland. 14,548 individuals had the opportunity to eliminate their dischargeable debts, protect their property and achieve a fresh start in their financial life by filing Chapter 7 bankruptcy.
Chapter 7 Bankruptcy is commonly known as “straight” bankruptcy or “liquidation” bankruptcy. Chapter 7 Bankruptcy is a liquidation proceeding in which a person’s non-exempt assets, if any, are sold by the bankruptcy trustee, the case administrator, and the proceeds distributed to the person’s creditors.
Most individuals who file a Chapter 7 Bankruptcy case don’t have any non-exempt assets and therefore there is nothing for the trustee to sell and distribute to creditors. Most individuals are able to discharge their debts and protect their property.
Filing a Chapter Bankruptcy case imposes an automatic stay that immediately stops creditor collection activity. Filing a Chapter 7 Bankruptcy case could allow you to:
- Protect your home, vehicles, bank and retirement accoutns
- Eliminate or significantly reduce your debts
- Stop harassing creditors calls and letters
- Stop foreclosure
- Stop wage garnishment
- Eliminate Credit Card debt
- Stop vehicle repossession
- Stop collection on a judgment
- Activate a suspended drivers license
- Unfreeze a bank account or other assets
- Eliminate Tax debt
- Eliminate HOA fees
obtain a Bankruptcy Consultation by an experienced lawyer before your file a Chapter 7 Bankruptcy. A bankruptcy attorney could help you file for bankruptcy and protect your assets.
Ready learn more about the bankruptcy process in Maryland? Call 202-445-4775 for a free consultation.