General Bankruptcy Articles

  • Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan.
  • Chapter 13 Bankruptcy is a federal court process designed to reorganize and repay your debts.
  • Chapter 7 Bankruptcy is a federal court process designed to eliminate most of your debts. The court will appoint a trustee, who will arrange to liquidate all of your assets, with the exception of certain "exempt" assets.
  • Special debts like child support, alimony and student loans, will not be eliminated when filing for bankruptcy.
  • Can a Judge ever turn down a bankruptcy petition? Who notifies the creditors and bill collectors? Can I use bankruptcy to stop foreclosure on my home or to stop other actions by creditors?
  • In Maryland, you can keep certain property, even if you file for bankruptcy. This property is called "exempt".
  • Depending on where you live (or have assets), you may file in Greenbelt or Baltimore. You must show that you live in Maryland or you had a business or most of your assets in Maryland.
  • For personal debts, most people file for Chapter 7 bankruptcy. A Chapter 7 bankruptcy is quicker and simpler than a Chapter 13 bankruptcy.
Is this legal advice?

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