What Type of Bankruptcy is Right for Me?

Baltimore Bankruptcy Attorney

Deciding to file for bankruptcy may be difficult, and it is important to understand under which chapter of the U.S. Bankruptcy Code you should file. The two most common types of bankruptcy are Chapter 7 and Chapter 13, and depending on your income level and what assets you would like to protect, one of these will be suited to your particular situation. At The Aylward Law Firm, LLC we are committed to helping individuals and businesses throughout the D.C. and Maryland areas in filing for bankruptcy. The first step will be to talk to you about what you are experiencing and what financial goals you have both in the short term and for the future. In conducting a complete analysis of your particular financial situation, a Maryland bankruptcy lawyer at our offices can help determine whether Chapter 7 or Chapter 13 will be right for you.

There are specific benefits to both Chapter 7 bankruptcy and Chapter 13 bankruptcy. Generally speaking, Chapter 7 involves a liquidation of assets and is advisable for debtors with little to no income and who do not have extensive assets to protect. You actually will need to qualify to file for Chapter 7 by passing a means test, which evaluates your income based on the median range for the state. Chapter 13 involves a reorganization of debt and a repayment plan and is typically advisable for people with regular incomes who have assets they need to protect. Chapter 13 may be particularly helpful in the face of foreclosure.

Chapter 7 or Chapter 13? About Maryland Bankruptcy Cases

If you would like honest and knowledgeable advice regarding your financial situation, do not wait to consult an attorney at our offices. With more than 21 years of experience in this field, Attorney Jillian Aylward can help you determine what type of bankruptcy may be more beneficial to you.

Contact a Maryland bankruptcy attorney at our law firm today!