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What Is Bankruptcy?

Bankruptcy is a legal process that allows an individual or a business (the debtor) to get a fresh financial start by forgiving debts that the debtor cannot repay while allowing creditors to obtain some repayment through liquidation of the debtor’s assets. Federal bankruptcy courts manage cases according to the U.S. Bankruptcy Code. Bankruptcy law includes several types of bankruptcy. Chapter 7, chapter 11, and chapter 13 bankruptcies are the most common.

Individuals typically file Chapter 7 bankruptcy to clear their unsecured debt, such as credit card balances and medical bills. The debtor must liquidate nonexempt assets, such as a second home, stocks, and bonds, to repay some of their unsecured debt. The remaining unsecured debt is typically discharged. The debtor is not required to liquidate exempt assets, such as household goods, clothing, and a personal vehicle (up to a particular value).
Chapter 11 bankruptcy allows a business to reorganize and remain in business to become profitable. This type of bankruptcy allows the business to continue its activities while working on a debt repayment plan under court supervision.

Chapter 13 bankruptcy allows individuals who make too much money to qualify for chapter 7 to create a workable debt repayment plan. Repayment plans typically require installment payments over a three or five-year period. Debtors who repay their creditors can keep all their property, including nonexempt property.

Are There Any Bankruptcy Lawyers Near Me In Towson, MD?

Finding the right fit for your case may seem daunting, but many attorneys in your area are ready to help advocate for clients like you. The LawInfo directory can help you find verified bankruptcy lawyers in Towson. It can significantly benefit you to consult with an experienced bankruptcy attorney early in your case.

What Can a Maryland Bankruptcy Lawyer Do For Me?

Filing for bankruptcy is a complex process requiring a thorough knowledge of state and federal bankruptcy laws so you can decide what chapter to file under and which exemptions to claim, among other things. A bankruptcy lawyer will help guide you through this stressful and time-consuming process. Some of the ways a bankruptcy lawyer may be able to help you include:

Explaining and guiding you through the bankruptcy process,
Analyzing your financial situation,
Evaluating your assets and obligations,
Advising you regarding which exemptions to claim,
Preparing and reviewing your bankruptcy petition,
Attending meetings with your creditors (341 meetings),
Following up with your creditors to stop any post-filing collection efforts,
Representing you in any litigation that may arise out of the bankruptcy, and
Attending hearings on your behalf.

Because filing for bankruptcy can affect you for many years, it would be beneficial to speak to a qualified bankruptcy lawyer today.

How Much Does a Bankruptcy Attorney in Towson Cost?

Bankruptcy lawyers charge from $200/hr to $400/hr depending on the issue, the attorney’s skill, and location. In complex cases, rates can exceed $1,000/hr.

When Should I Hire a Lawyer?

It is in your best interest to get legal help early in addressing your situation. There are times when quickly hiring a lawyer is critical to your case, such as if you are charged with a crime. Having a lawyer review the fine print before signing legal documents may also be a good idea. A lawyer can also help you get the compensation you deserve if you’ve suffered a severe injury. For issues where money or property is at stake, having a lawyer guide you through the complexities of the legal system can save you time, hassle, and possibly a lot of grief in the long run.

What Are the Top Questions Should I Ask a Bankruptcy Lawyer?

What is the usual process to resolve my case?
How long will it take to resolve this?
What are the likely outcomes of a case like mine?
What should I expect during bankruptcy?

An experienced lawyer should be able to communicate a basic “road map” on how to proceed. The lawyer should be able to walk you through the legal process, key considerations, and potential pitfalls to avoid. Once you’ve laid out the facts of your situation to the lawyer, they should be able to frame expectations and likely scenarios to help you understand your legal issue.

How Will A Bankruptcy Charge Me?

A reputable attorney will be very upfront about how they will charge you. The three most common fee structures that attorneys use to charge for their services are:

Bill by the hour
Contingent fee agreement
Flat fee agreement

Depending on your specific legal situation, only one type of fee structure may be available. For instance, criminal defense attorneys almost always bill by the hour. A flat fee arrangement is when an attorney accepts a one-time payment to help you resolve your issue. With a contingent fee agreement, the client pays little to nothing upfront, and the attorney receives a percentage of the money recovered if you win your case.

What is bankruptcy?

Bankruptcy is a legal process that allows people to get out from under debts that are causing serious financial harm. Through the bankruptcy process, you may be able to get rid of debts like medical bills, credit card bills, and other unsecured debts. Factors such as your income and whether you have assets that you can sell to pay off some of the debts are taken into account when filing for bankruptcy and will determine what happens.

What happens when I file for bankruptcy?

When you file for bankruptcy, you will be under a federal bankruptcy court’s supervision and protection. During this time, you, your lawyer, the court, and your creditors will work on a plan for discharging your eligible debts. Collectors will also be unable to repossess property and garnish your wages or bank accounts during this time.

How much does it cost to file for bankruptcy?

There is no easy answer to this question. The ultimate cost will be a mix of court filing fees and what you owe your attorney for guiding you through the process. What you owe will depend on how complicated your case is and whether there are any prolonged disputes with creditors. Most likely, however, the debt relief that comes with bankruptcy will outweigh any fees.

How long does bankruptcy stay on your credit report?

A Chapter 7 bankruptcy filing will stay on your credit report for up to 10 years, while a Chapter 13 will remain for up to seven years. A bankruptcy filing will also harm your credit score. However, if you need to file for bankruptcy, it’s likely your score is not that high anyway, and your bankruptcy will give you a chance at a fresh start and time to rebuild your credit score.

How an Attorney Can Help

An attorney can often resolve your particular legal issue faster and better than trying to do it alone. A lawyer can help you navigate the legal system, while avoiding costly mistakes or procedural errors. You should seek out an attorney whose practice focuses on the area of law most relevant to your issue.

Does firm size matter?

For most consumer legal issues, the size of the practice is much less important than the experience, competence, and reputation of the attorney(s) handling your case. Among the most important factors when choosing an attorney are your comfort level with the attorney or practice and the attorney’s track record in bringing about quick, successful resolutions to cases similar to yours.

Common legal terms explained

Plaintiff – a person or party who brings a lawsuit against another person(s) or party/parties in a court of law. Private persons or parties can only file suit in civil court.

Judgment – A decision of the court. Also known as a decree or order. Judgments handed down by the court are usually binding on the parties before the court.

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