Maryland & DC Bankruptcy Attorneys - We'll Make It Easy!
Our personal bankruptcy lawyers are dedicated to eliminating your financial hardships as quickly as possible. Like you, many people find themselves unable to escape from mounting debt. If you are unable to pay off your debt, or cannot get ahead in life because you are working month to month just to pay your debt, FILING FOR BANKRUPTCY IS A SMART OPTION..
Although the process of being approved for bankruptcy has become somewhat more stringent over the years, these measures were put in place to prevent fraud, and have had no effect on our ability to secure bankruptcy discharges for our clients. Our experienced attorneys will assure that all procedures are performed correctly, accurately, and timely in order to prevent a denial.
We have successfully helped countless individuals break free from overburdening debt for over 25 years. Although the process can be quite complex, this burden falls on our shoulders, and we make the process as EASY AS POSSIBLE FOR OUR CLIENTS. We will guide you each step of the way, protect every asset possible, and secure a discharge that will eliminate financial agony and allow you to start fresh!
Bankruptcy Options: Chapter 7 or Chapter 13?
The first step in any bankruptcy case is to determine whether Chapter 7 or Chapter 13 is most suitable for you. Generally speaking, Chapter 7 bankruptcy is most suitable for those who have very few assets and little disposable income, and wish to eliminate all eligible debt. There are no repayment options, and once a discharge is granted you are no longer legally required to repay creditors.
Chapter 13 is most suitable for those who have assets and disposable income, but wish to restructure or reduce their debts and make affordable monthly payments over a period of 3-5 years. This bankruptcy option is often chosen by those who wish to prevent foreclosure on their home. Our bankruptcy attorneys will determine which chapter would best serve you, but more importantly which chapter you are eligible to file for based upon the value of your existing assets, as well as your disposable income.
Bankruptcy Eligibility
Eligibility for Chapter 7 bankruptcy is determined using the "means test", which considers your financial status and household size. There are two parts to the test: 1) the median income test, and 2) the disposable income test. In order to pass the median income test, your income must be below the maximum value set by the IRS - the maximum value is based upon your household size. If you pass this part of the "means test", you are automatically qualified for Chapter 7 bankruptcy. If you do not pass this part of the test, you may still qualify for a Chapter 7 discharge based upon your disposable income, which is the amount of your income that remains after IRS-allowed deductions are subtracted. Such deductions include mortgage or rent, transportation, and food. Even if you do not pass either part of the test, our attorneys may be able to convince the bankruptcy trustee to grant eligibility based upon special circumstances.
In order to qualify for Chapter 13 bankruptcy, you must have a steady income that can be used to repay your creditors. Additionally, your secured and unsecured debts cannot exceed the regulated thresholds established by law, which are $336,900 for unsecured debts and $1,010,650 for secured debts. The amount you will be required to re-pay depends upon your current income. Based upon your goals and financial means, we will help you determine which type of bankruptcy is best for you, and which you are eligible for.
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