Bankruptcy - The Goldson Law Office

Let The Goldson Law Office help you put your debt behind you.

If your income cannot keep up with your debt and expenses, Bankruptcy may be the best option for you. Call 240-780-8829, or use the contact form to the right for a free consultation. During the free consultation, we will help you determine if Bankruptcy is the best option for you, or if there may be another debt reduction alternative that would better suit your financial needs. For example, as an alternative option, The Goldson Law Office can help you develop a budget, compromise debts with your creditors, and establish payment plans to help you get your head above the water without filing for Bankruptcy. It’s all about creating a plan and coming out of the situation in a better position than when you entered. The Goldson Law Office will help you or your business file for Bankruptcy, reduce your debt ratio, and lead you through the entire legal process.

Step 1

Free Consultation

Contact us for a free initial consultation so we can determine whether Bankruptcy is the right choice for you.

Call 240-780-8829 or use the contact form to the right.

Step 2

Develop a Plan

We will develop a plan to get you or your business through bankruptcy in the quickest, most efficient, and most effective manner.

Step 3

Fresh Start

After filing, we will help you make sure that your financial rebirth has a brilliant fresh start. Lets make a plan for after bankruptcy.

Let a trusted Maryland personal bankruptcy lawyer take the burden of debt off your shoulders.

Maryland Personal Bankruptcy Lawyer – Individuals generally have two options when filing for bankruptcy, Chapter 7 and Chapter 13. A Chapter 7 bankruptcy (liquidation) -Maryland personal bankruptcy – is often more effective because it can discharge more debt. A Chapter 13 bankruptcy (rehabilitation) requires compromising of debts, restructuring debt payments, and creating court-approved payment plans. In cases of significant debt (totaling over $1,000,000), an individual may consider filing a Chapter 11 bankruptcy.If you are drowning in bills and debt, but need to keep your home, car, and other essentials, let a Maryland Bankruptcy Attorney at The Goldson Law Office help you. Bankruptcy can be the ultimate foreclosure defense.

Chapter 7 Bankruptcy

During chapter 7 bankruptcy proceedings, the individual’s assets are sold, creditors are paid, and the remaining debt is discharged. A chapter 7 bankruptcy is a liquidation bankruptcy while a chapter 13 bankruptcy is a payment plan bankruptcy. In order for an individual to qualify for a chapter 7 bankruptcy, the individual must pass the Chapter 7 “means test.” Typically, a person will qualify for a chapter 7 bankruptcy with an annual income that is less than the state median income. With an annual income above the state median, the individual may still qualify for a chapter 7 by passing a more extensive means test.

You do not need assets to qualify for a Chapter 7 bankruptcy.

Filing a chapter 7 bankruptcy does not mean that the filer will lose everything. A good bankruptcy attorney will consult with the client and develop a firm list of priorities to determine what can be kept during and after the bankruptcy. Pursuant to Maryland’s bankruptcy exemption laws, a client may be able to file a chapter 7 bankruptcy and keep his or her home, car, wages, retirement benefits and accounts, and many other types of property, accounts, and benefits.

A person who does not qualify for a chapter 7 bankruptcy may qualify for a chapter 13 bankruptcy.

Chapter 13 Bankruptcy

The purpose of a chapter 13 bankruptcy is to adjust the debts of an individual with regular income through a plan to repay all of their debts. Typically the repayment plan lasts 3 to 5 years, and the plan must be approved by the bankruptcy court. The bankruptcy filer makes the monthly payments to the chapter 13 trustee, who then distributes the payments to creditors. In many cases, certain debts may be reduced or discharged in a chapter 13 bankruptcy.

Chapter 13 may be the best course of action for a person of family that earns too much to qualify for a chapter 7. Chapter 13 bankruptcies also allow the stripping of second mortgage liens, which can be very effective and helpful to bankruptcy filers.

The Goldson Law Office may attempt to structure a similar payment plan for our clients without filing for Bankruptcy. We will determine with our client which option is the best course of action during a consultation.