Ellicott City, MD Chapter 7 Bankruptcy Attorney

Experienced Lawyers Protecting Clients During Liquidation Bankruptcy in Ellicott City, Maryland

When filing for bankruptcy, you have options. You can choose Chapter 13 bankruptcy, which requires you to keep making payments towards your debts for a few years. Or, you can choose Chapter 7 bankruptcy and have your debt cleared immediately after your qualifying assets are liquidated.

The liquidation process is generally not as painful as many people expect it to be. Most people quickly discover that a great deal of their personal belongings are exempt from liquidation in a Maryland bankruptcy. Some people are even able to get through a Chapter 7 bankruptcy without having any assets liquidated in what is called a "no-asset" bankruptcy.

A Chapter 7 bankruptcy can affect different people and families in different ways. If you have significant assets that would be liquidated, you will need to decide whether the loss of your property would be preferable to making monthly payments for the next three to five years. You should discuss this important decision with an experienced Ellicott City, MD bankruptcy lawyer who can advise you of your options. At the Law Offices of Marc A. Ominsky, LLC, our attorneys have more than 50 years of combined experience, and we have guided countless people through bankruptcy. We will be there to stand up for your rights and interests every step of the way, and our hands-on staff is ready to help you in real time.

Filing for bankruptcy does not mean that you have done anything wrong. Many of our bankruptcy clients are financially literate and responsible professionals who are struggling to keep up with previously manageable payments after layoffs or prolonged illnesses. Credit card and personal loan debt can accumulate rapidly during a time of financial strain, and medical bills are sometimes beyond the average person's ability to pay. We will work to help you get through this challenging time and rebuild your financial health.

The Benefits of Chapter 7 Bankruptcy

The major benefit of Chapter 7 bankruptcy is that it clears your debt quickly. While the Chapter 13 bankruptcy process can last more than five years, the Chapter 7 process can often be completed in a few months. As soon as the liquidation process is over, the rest of your unsecured debts will be erased. This is very appealing for people who want a fresh start fast. Not having to worry about a repayment plan can allow you to start saving money and building financial security right away.

Chapter 7 can also help you avoid the possibility of problems in the future should a Chapter 13 repayment plan prove impossible to keep up with. It is sometimes considered the safer option for this reason. Agreeing to a Chapter 13 repayment plan is not without risk if you are facing future financial uncertainty.

What Assets Are Exempt From Liquidation?

Some of Maryland's liquidation exemptions include:

• Equity in Your Home: Up to $31,575 of equity in your home is protected, as long as you occupy the property yourself.
• Household Goods: You can exempt up to $1,000 worth of household items.
• $5,000 in Personal Property: Using the wildcard exemption, you can protect up to $5,000 worth of whatever personal property you choose.
• Work Items: You will be able to keep the tools, electronics, uniforms, or other items you need to do your job, up to $5,000.
• Government Benefits: Benefits like Social Security Disability Insurance and food stamps are not subject to liquidation.
• Family Law Support Payments: If you receive child support or alimony payments, these amounts are generally protected.

Contact Our Ellicott City, Maryland Chapter 7 Bankruptcy Lawyers

The Law Offices of Marc A. Ominsky, LLC is committed to making the Chapter 7 bankruptcy process as easy and painless as possible. Our highly experienced Ellicott City, MD bankruptcy attorneys will analyze your unique situation to help you choose the right type of bankruptcy for your specific needs. Contact us at 443-539-8712 for a complimentary consultation.