If you are in huge financial trouble, it may be time to consider Maryland Chapter 13 or Chapter 7 bankruptcy. Of course, it’s not a first resort, but if you can barely pay your mortgage anymore, bankruptcy may be your best and only option. Don’t panic. Take a deep breath and call Holmquist & Dickerson at 410.692.5315.
Approximately twice the number of Maryland Chapter 13 filers choose a Chapter 7 bankruptcy. The differences between a Chapter 7 and a Maryland Chapter 13 are considerable. Usually, Chapter 13 is the preferred choice of debtors who own a valuable asset that is not totally protected by Chapter 7 exemptions. With a Maryland Chapter 13, the debtor promises to repay creditors over a certain period of time; usually three to five years. A Maryland Chapter 13 allows the debtor to make up late and overdue payments and bring their payment status up to date. A Maryland Chapter 13 may not wreck your credit quite as awfully as a Chapter 7 bankruptcy. Nobody grows up dreaming of the time when they will declare Maryland bankruptcy. In a perfect world, everyone who wanted to work would have a great job that easily paid their bills with enough left over to have fun. Shame things don’t work out that way.
When you do a Maryland Chapter 13, you will make your payments through a trustee. In a Chapter 7 bankruptcy, the debtor usually enjoys an immediate discharge of debts. This is not how it works with a Maryland Chapter 13 bankruptcy case. In either type of bankruptcy, dun letters and nagging phone calls from creditors will cease. If we help you file a Maryland Chapter 7 or a Maryland Chapter 13, you won’t be nervous about answering the phone or opening the mail any more. We have been in the Maryland Chapter 13 business for years, and we’ve helped thousands of Marylanders save their homes while eliminating their drowning debt. You don’t have to go through it alone. Call Holmquist & Dickerson at 410.692.5315.