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

Please see this video by the U.S. Bankruptcy Court: 

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.