Bankruptcy Blog

February 14, 2018

Why Do I Need an Attorney to File for Bankruptcy?  Part 1

In 2017, there were over 3,500 bankruptcy cases filed by debtors without an attorney in Maryland.  Cases filed without an attorney are known as “pro so” cases.  While many of these cases will succeed a large number of them will fail.  The case will close without the debtor receiving a discharge.  This […]
January 3, 2018

Chapter 13 – How Much Debt Can I Have?

There are no debt limits and there is no minimum debt necessary to file a Chapter 7 bankruptcy.  However, to be eligible to file a Chapter 13 case, a debtor cannot have unsecured debt of over $394,725 or secured debt over $1,184,200.  Debtors who have debt in excess of these amounts may […]
December 21, 2017

Who Will Know if I File for Bankruptcy?

Many people are embarrassed about their need to file for bankruptcy.  They may be concerned that their friends or family members will find out.  In truth, bankruptcy cases are, indeed, a matter of public record and if someone is looking to see if you filed for bankruptcy, he or she may be […]
December 7, 2017

Will I Lose Everything if I File for Chapter 7? Part 3

Previously, I discussed the unlimited exemptions and the $12,000 exemptions.  In this post I will discuss some additional exemptions. One exemption that is frequently used is called the “tools of the trade” exemption.  In Maryland, a debtor can exempt up to $5,000 worth of goods necessary for the practice of a trade […]
November 22, 2017

Will I Lose Everything if I File for Chapter 7? Part 2

In the previous post I explained how some of the unlimited exemptions work in Chapter 7.  In summary, there are some items which a debtor who files for Chapter 7 can retain, regardless of the item’s value.  Some examples include qualified retirement accounts, certain life insurance policies and property owned by a […]
November 21, 2017

Will I Lose Everything if I File for Chapter 7? Part 1

Chapter 7 bankruptcy is also known as a “liquidation” because an appointed trustee has the ability to sell the debtor’s assets and use the proceeds of the sale to pay off creditors.  At this point you might be asking yourself how anyone could ever file for Chapter 7.  How is someone supposed […]
November 12, 2017

Is there a minimum amount debt needed to file for Chapter 7 bankruptcy?

The short answer to this question is no, there is no minimum amount of money you must owe to file for Chapter 7 bankruptcy.  However, filing for bankruptcy can have a negative impact on your credit score.  Therefore, you should weigh the benefits of filing for bankruptcy against a bankruptcy’s effect on […]
November 7, 2017

Welcome to my blog

In this space I plan to write about current news items related to bankruptcy.  I will also answer some frequently asked questions about bankruptcy.  If you have any questions you would like answered or topics you would like me to discuss you can call me or contact me through my website.