Understanding Debts in Bankruptcy
For a Baltimore and Maryland individuals and couples looking into bankruptcy, the way to understand your debts is to ask yourself the following two questions:
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Can I wipe the debt off(discharge)?
Do I want to save the property tied to a debt?
An example of a debt you can write off is your mortgage, but you may want to save your home. To save your home, you need to have a plan to become current your payments and perhaps even work out a more manageable mortgage payment.
As your Baltimore bankruptcy lawyer, this is how I may discuss the debts and explain how they will be handled in your bankruptcy. I will start with the category that most people worry about the most. Many of the Baltimore area individuals I have helped worry a lot about whether they can keep their homes or car.
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A. I can Walk Away, but I want to Keep It Category
In this category, you have to keep on paying on the items you keep, otherwise you have to give them up by returning them.
Mortgage on your home
That new Sofa set
Car loan
B. Debt You Cannot Wipe Out
Alimony
Child support
Personal income taxes that are less than three (3) years old
Student loans, unless you can show that paying them back would cause you an undue hardship
Taxes associated with the operation of a business
Trust fund taxes
Government fines and penalties
Debts as a result of a driving while intoxicated accident
Debts obtained though fraudulent means such as lying on a loan application.
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C. Debts You Can Wipe Out
Bills from any individual or business (with certain conditions).
Money owed to friends or family (with certain conditions).
It is common for individuals to struggle with the decision on whether to keep or let go of their property. As your Baltimore bankruptcy lawyer, I understand that some things are sentimental for having been in the family for years and I understand that. My goal is to give you all the information you need to make the decision that is best for you and your situation.
Call now for a free consultation in the Baltimore area and find out how I can help you. 410-849-9529
Debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.