The Basics of Chapter 7 Bankruptcy in Maryland When you file for bankruptcy, you do so in federal bankruptcy court; bankruptcy is a federal action governed by Title 11 of the U.S. Code. As an individual, you may file a Chapter 7 bankruptcy for liquidation or a Chapter 13 bankruptcy for reorganization. Many more individuals file under Chapter 7 than file under Chapter 13. When you file bankruptcy, federal law provides a list of property that is exempted from sale by the bankruptcy trustee. The rest of your property the trustee can sell to help pay your debt. States may also provide an exemption list that is different from the federal list. Some states allow you to choose whether you want to use the federal list or the state list of bankruptcy exemptions, but not pick and choose items from both. Other states, such as Maryland, insist that you use the state list of exemptions. You may, however, also use federal non-bankruptcy exemptions such as those that affect veterans’ benefits. Cost to file chapter 7 in Maryland The chapter 7 filing fees in Maryland are $338, but that doesn’t tell the whole story of the real cost to file bankruptcy. Bankruptcy lawyers usually charge between $1,000 and $2,000 to file a chapter 7 case, in addition to the filing fee. The Basics of Chapter 7 Bankruptcy in Maryland When you file for bankruptcy, you do so in federal bankruptcy court; bankruptcy is a federal action governed by Title 11 of the U.S. Code. As an individual, you may file a Chapter 7 bankruptcy for liquidation or a Chapter 13 bankruptcy for reorganization. Many more individuals file under Chapter 7 than file under Chapter 13. When you file bankruptcy, federal law provides a list of property that is exempted from sale by the bankruptcy trustee. The rest of your property the trustee can sell to help pay your debt. States may also provide an exemption list that is different from the federal list. Some states allow you to choose whether you want to use the federal list or the state list of bankruptcy exemptions, but not pick and choose items from both. Other states, such as Maryland, insist that you use the state list of exemptions. You may, however, also use federal non-bankruptcy exemptions such as those that affect veterans’ benefits. FacebookPinTweetEmail National Bankruptcy Forum Help us match you with a local attorney Free Bankruptcy Evaluation "*" indicates required fields First Name* Last Name* Phone* Email* Δ Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Save my name, email, and website in this browser for the next time I comment. Δ
The Basics of Chapter 7 Bankruptcy in Maryland When you file for bankruptcy, you do so in federal bankruptcy court; bankruptcy is a federal action governed by Title 11 of the U.S. Code. As an individual, you may file a Chapter 7 bankruptcy for liquidation or a Chapter 13 bankruptcy for reorganization. Many more individuals file under Chapter 7 than file under Chapter 13. When you file bankruptcy, federal law provides a list of property that is exempted from sale by the bankruptcy trustee. The rest of your property the trustee can sell to help pay your debt. States may also provide an exemption list that is different from the federal list. Some states allow you to choose whether you want to use the federal list or the state list of bankruptcy exemptions, but not pick and choose items from both. Other states, such as Maryland, insist that you use the state list of exemptions. You may, however, also use federal non-bankruptcy exemptions such as those that affect veterans’ benefits. Cost to file chapter 7 in Maryland The chapter 7 filing fees in Maryland are $338, but that doesn’t tell the whole story of the real cost to file bankruptcy. Bankruptcy lawyers usually charge between $1,000 and $2,000 to file a chapter 7 case, in addition to the filing fee. The Basics of Chapter 7 Bankruptcy in Maryland When you file for bankruptcy, you do so in federal bankruptcy court; bankruptcy is a federal action governed by Title 11 of the U.S. Code. As an individual, you may file a Chapter 7 bankruptcy for liquidation or a Chapter 13 bankruptcy for reorganization. Many more individuals file under Chapter 7 than file under Chapter 13. When you file bankruptcy, federal law provides a list of property that is exempted from sale by the bankruptcy trustee. The rest of your property the trustee can sell to help pay your debt. States may also provide an exemption list that is different from the federal list. Some states allow you to choose whether you want to use the federal list or the state list of bankruptcy exemptions, but not pick and choose items from both. Other states, such as Maryland, insist that you use the state list of exemptions. You may, however, also use federal non-bankruptcy exemptions such as those that affect veterans’ benefits.