Typically, chapter 7 bankruptcy cases last between three and four months from the date the case is filed. The preparation for a chapter 7 bankruptcy case can be anywhere between one day and many months depending on a number of factors, including attorneys fees, document readiness etc. This post will deal with the chapter 7 bankruptcy timeline after filing a case. For questions about what it takes to prepare a chapter 7 bankruptcy case, consult a bankruptcy attorney. Rough Chapter 7 Bankruptcy Case Timeline: Day 1: Case Filed Chapter 7 bankruptcy cases are filed electronically by a bankruptcy attorney, however, before this occurs, you will need to visit with your attorney to sign your petition and schedules after a thorough review. Soon after filing, your case will be assigned to a trustee and you will learn the date of your meeting of creditors (also called the “341 meeting”). Day 30-40: Meeting of Creditors Approximately thirty to forty days after the case has been filed, … [Read more...]
Credit Card Bankruptcy
Credit Card Bankruptcy It’s no secret that the United States economy has been driven by consumer credit card spending. Credit card companies have spent billions of dollars each year aimed at convincing us to buy on credit. More than a billion credit card offers are mailed out each year in the United States each year. Solicitations often begin at the age of 18, when credit card company representatives swarmed colleges campuses and convinced financial inexperienced college students to overextend themselves and get into credit card debt. Credit card companies then continue to extend credit so that when students graduate and begin earning money all of their excess disposable income goes toward credit card minimum payments. In late 2009, many of the credit card companies increased many credit card interest rates to 29% or more, causing minimum payments to double or even triple. For people who had low balances, this was not a big issue. They had the option of not using their cards so … [Read more...]
If I file for bankruptcy, will I lose my property?
Simple answer. No. If you file for Chapter 7 bankruptcy in Maryland, you will not lose all of your proprety, in fact, you will not lose any of your property. This is possibly one of the biggest misconceptions about bankruptcy in Maryland. When you file, you can protect a certain amount of property and still eliminate all of your debt. In Maryland, you can keep $21,650.00 of equity in your home (which is alot, because most houses are under water right now), and an addtional $12,000 of various other property. Property is valued at yard sale value, so most people do not have more than $12,000 worth of property that they could sell at a yard sale. If you are married, the amount doubles. Most pension and 401(k) plans are completely exempt, which means you can keep them all. If you have any questions about Chapter 7 or Chapter 13 bankruptcy in any part of Maryland (Baltimore, Glen Burnie, Columbia, Towson, Silver Spring, Rockville, Catonsville, Dundalk, Essex, Annapolis, … [Read more...]
When an Ex-Spouse Files for Bankruptcy
Once of the darkest moments in anyone's financial life is when a debt you are not responsible for shows up on your doorstep because you have co-signed a loan. this is particularly distasteful when the person you co-signed with was once your spouse and is now your ex-spouse. The only thing that can make this situation worse is if your spouse is not just defaulting on payments, but goes ahead and files bankruptcy. When your ex-spouse files bankruptcy, if you hold any credit cards or joint debt with your ex-spouse, the creditors will come straight to you. If this happens, you will likely end up having to file for bankruptcy as well. At the Maryland Bankruptcy Center we file Chapter 7 and Chapter 13's bankruptcy's for consumers in Maryland. We have offices in Baltimore, Glen Burnie, Columbia, Hanover, and we have the ability to use office space and meet with client's in Annapolis, Baltimore City, Dundalk, Essex, Towson, Timonium, Pikesville, Catonsville, Silver Spring, Ellicott … [Read more...]
Record Year for Bankruptcy’s So Far
Bankruptcy filings in June declined for both individuals and businesses. Still, bankruptcies so far this year are 9 percent ahead of last year's monthly average, according to data compiled from court records by Automated Access to Court Electronic Records. If the pace continues for the next six months, 2010 will have the most bankruptcies since 2005 when Congress made bankruptcy less available for individuals. Through June, there were about 795,000 bankruptcies of all types in the U.S. The 133,800 filings in June were the second fewest this year at a daily rate. There were over 7,100 commercial filings in June, an 11 percent decline on a daily basis from the average in 2009. Chapter 11 filings were 7 percent fewer than the 2009 monthly average, according to the report from AACER, a service of Oklahoma City-based Jupiter ESources LLC. Nevada, Georgia and Tennessee continue leading the nation in per capital bankruptcies. The states where filings are growing fastest are Hawaii, … [Read more...]
Why Should I Hire a Bankruptcy Attorney in Maryland?
At the moment you are searching the web to get information about filing Bankruptcy in Maryland. I am attorney David L. Ruben, Esquire, and although I have been practicing bankruptcy law in Maryland for nearly 20 years, I still learn new things each day. My goal is to provide the best bankruptcy legal services possible. I want to make the experience as easy and painless as possible for each and every client. I want my client's to refer their friends and family to me for years to come after their case is concluded. Nothing makes me happier than a referral from a former client, and fortunately for me, it happens quite often. In order to improve my craft, I read bankruptcy blogs written by other lawyers around the country. Recently I have been reading a bankruptcy blog in Texas written by an attorney named Bryan Fears. The guy is brilliant. He writes great ariticles and they are helpful to not only individuals looking to learn more about Chapter 7 and Chapter 13 bankruptcy, but … [Read more...]
Can I Keep A Credit Card After Bankruptcy?
I saw this blog article on a Texas bankruptcy website and thought it was excellent, so I am passing it on to you. If you have any questions and are thinking about contacting a Maryland Bankruptcy Lawyer or Maryland Bankruptcy Attorney, call or e-mail us today and we will get back to you immediately. CAN I KEEP A CREDIT CARD AFTER BANKRUPTCY? Many bankruptcy debtors need a credit card for work. Whether it is necessary for business purchases or travel, it is common for a debtor to ask, “Can I keep one of my credit cards?” The answer to this question depends on a few circumstances. First, is there a balance on the card? If your card balance is zero on the day that you file your bankruptcy, then the credit card company is not a “creditor” for bankruptcy purposes, and you do not have to list the card as a debt in your bankruptcy schedules. Consequently, the credit card company will not receive notice of your bankruptcy case. Before you pay down your credit card debt, be … [Read more...]
Maryland Bankruptcy Laws Empower Citizens In Debt
If you are struggling with debt in Maryland, chances are you are feeling powerless. Collection agents are skilled at making you feel stressed and hopeless through embarrassing phone calls at work and home; threatening letters; and sometimes legal action. The collection companies want you to feel that your only choice to stop the harassment is to “pay up.” Fortunately, there is another option. We are Maryland Bankruptcy Lawyers, and we can help. The federal bankruptcy law can stop creditor harassment and put you back in control over your finances. The first way the Bankruptcy Code helps is by imposing an “automatic stay” against collection action against you. The automatic stay is an injunction issued by the United States Bankruptcy Court immediately upon filing your bankruptcy case. No hearing is necessary. This stay applies to creditors whether or not they have actual knowledge of your bankruptcy filing. The purpose of the automatic stay is to give the “debtor a breathing … [Read more...]
Untrue Bankruptcy Rumors
Today I saw this information posted on a really good bankruptcy blog from a North Carolina attorney. She really seems to know her stuff. I would like to share her article with you, it addresses bad information that people have heard regarding personal bankruptcy and the changes in the law that occurred back in 2005. Many people were so scared by the change in the law that they won't even consider bankruptcy, or they think there is no way that they can do it now. Please read below, it's very interesting. Here are some of the rumors that have been heard: "You can't file bankruptcy anymore." NO. Bankruptcy is still available! Some people will be not able to file Chapter 7, but many people will still qualify. The requirements will be more burdensome for both Chapters 7 and 13, but you may still find protection in the bankruptcy laws. Do not assume that it won't help ... talk to an attorney and find out if it will help you. "You don't "QUALIFY" for bankruptcy if you make … [Read more...]
Filing Bankruptcy In Maryland in 2011
The last few years have brought about economic changes that Americans were not prepared for and had not experienced in their lifetime. For many people, financial security disappeared as home values plunged, jobs were lost, debts rose, and help was nowhere to be found. More Americans have faced with the decision to file for bankruptcy. As we moved through 2010, the economy did not rebound, and unemployment rates remains high. Hard working and proud people have been unable to find work, or have found work at a much lower pay than they had made before. Companies try to avoid layoffs by cutting back on overtime and cutting salaries, benefits and bonuses. Many people never thought they would consider filing for bankruptcy. Yet bankruptcy will allow them to survive these tough times, find a way to pick themselves up and start over. Bankruptcy can still provide a fresh start for many. Bankruptcy may help people who found jobs making less or whose … [Read more...]
