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Bankruptcy

Bankruptcy is a court-supervised legal process that helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.

In Maryland, as in all states, bankruptcy is governed primarily by federal law, specifically Title 11 of the United States Code, also known as the Bankruptcy Code. Individuals typically file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 involves the liquidation of non-exempt assets to pay creditors and can lead to a discharge of most debts. Chapter 13 allows individuals with a regular income to develop a plan to repay all or part of their debts over time. Businesses may file for Chapter 11 bankruptcy, which permits the reorganization of the business affairs, debts, and assets, or Chapter 7 if they are seeking to liquidate. Maryland has its own set of exemptions that determine what property is protected from sale during the bankruptcy process. These exemptions are found in the Maryland Code and can be used in conjunction with federal non-bankruptcy exemptions. An attorney can help navigate the complexities of the bankruptcy process, including the application of Maryland-specific exemptions and the filing of required local forms in addition to federal forms.

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adversary proceeding assumption of contracts, leases automatic stays

Chapter 11 bankruptcy Chapter 12 bankruptcy Chapter 13 bankruptcy Chapter 13 bankruptcy — confirmation hearing Chapter 13 bankruptcy — disposable income Chapter 13 bankruptcy — eligibility Chapter 13 bankruptcy — repayment plan Chapter 7 bankruptcy Chapter 7 bankruptcy — changing trustee Chapter 7 bankruptcy — conversion to chapter 11, 12, or 13 Chapter 7 bankruptcy — discharge Chapter 7 bankruptcy — eligibility Chapter 7 bankruptcy — means test Chapter 7 bankruptcy — no assets cosignors courts creditor claims — secured, unsecured, priority

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estate exemptions

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involuntary bankruptcy

liquidation

nondischargeable debt nondischargeable debt — alimony nondischargeable debt — child support nondischargeable debt — fraud nondischargeable debt — student loans

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reaffirmation of debt reorganization plan

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Bankruptcy

Individual & Family Legal Plan

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Maryland State Code

Maryland State Code

Bankruptcy

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