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Bruce Lamb, Attorney at Law
B.S., MLA., PhD, J.D.

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Upon receipt of your call we can explain your options including Chapter 7 & 13.
410~484~4900   24/7

In chapter 7, the trustee sells your non exempt property and uses the money to pay creditors. Liquidation means the trustee takes your property and sells it. Frequently debtors will have NO non-exempt property. In this instant case, the debtor retains all your property.

Accordingly, potential debtors should realize that the filing of a petition through chapter 7 may result in the loss of property. You will not lose all your property, however. Maryland law allows you to keep over $22,000 in equity in your house, as wll as some $11,000 in other property, together with your pension, tools of your trade up to a certain amount, $1000 worth of clothing and household furnishings, and any judicial award for personal injuries. What's more, if you and your spouse acquired your house during the course of your marriage, it is termed "property by the entirety" as is exempt from seizure.

After you file, the court will notify all of your creditors and will schedule what is called a chapter 13 meeting of credtors. You must attend this meeting, however, an attorney from our office will be with you. The trustee will verify your ID and social security number and will ask if your read your schedules before you signed them and if the information on the schedules is true and correct. He will then remind you that if there are any major changes to your fnancial situation in the next six months, that you must notify the trustee.

garnishment - process by which property, such as bank accounts and wages, may be intercepted by a creditor. Bankruptcy proceedings can stop garnishments immediately.

preference - A payment to a creditor within a certain time period before the filing of a bankruptcy. Such a payment must be returned to the bankruptcy estate for distribution to unsecured creditors or, depending on the status of the exemptions, to the debtor.

Exemptions. In Maryland, any debtor can exempt up to $12,500 in personal property and household goods.

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© Bruce Lamb, 2015