Sandhya Tulshyan is an experienced Maryland, DC, and New York Bankruptcy Attorney who can help you overcome your debts, regain control of your finances, and start fresh in your life.
Being in debt and unable to pay can be a very stressful time in life. Overwhelming and threatening calls from creditors, estranged relations with family members, and deserting friends can make life miserable and depressing. Unfortunately, many opt to talk to less experienced professionals for debt settlements instead of an experienced bankruptcy professional and either remain misguided or act with incomplete understanding of the process and options available to them. Since “Bankruptcy” has a negative connotation to it and can be embarrassing to confess to the near and dear ones, it is not chosen as their first choice by many. However, in the right circumstances, filing for Bankruptcy can provide an opportunity to help discharge most of the debts (some debts are non- dischargeable) and start life afresh.
Bankruptcy is a complicated method with many different forms and exemptions and to make the best out of Bankruptcy one should always look to consult an experienced legal professional. We have over 15 years of experience in helping our clients with maximum exemptions possible, making them as debt free as permissible by law. We are professional, knowledgeable, and compassionate towards our clients’ needs and goals, and take pride in our professional yet personalized representation of their interests. Our clients are our priority and we have helped many debt laden clients obtain Bankruptcy relief. We always provide a detailed step-by-step process to follow and updated case information so that clients can make an informed decision regarding their finances throughout their Bankruptcy proceedings.
Every individual in debt has a unique situation. After assessing the situation, we can recommend the best course of action while keeping our clients’ interests and goals in mind. If we feel that we cannot provide the needed help, we provide our clients with other possible options available to them. Where we can help, we assess the situation and determine qualification under appropriate Bankruptcy chapter. The most commonly filed Bankruptcy chapters for individuals are Chapter 7 and Chapter 13. Find more information below.
Whether To File Or Not For Bankruptcy?
The most common question that comes to your mind is:
- Do I need to file Bankruptcy?
- What will people (friends, family, relatives, employer, colleagues) think/say?
- Is there another way to get rid of the debts?
Evaluate your situation:
Here are some common signs (not an exhaustive list) that indicate you may need to file for Bankruptcy. If you answer yes to one or more of the following questions, you should speak with a Bankruptcy expert.
- Are you struggling to pay credit cards?
- Are you paying minimum payments on cards?
- Are you behind in many card payments, HOA, condo fees, etc.?
- Are you being called frequently by creditors?
- Are you threatened or being sued by creditors?
- Are you facing house foreclosure or car repossession?
- Are you behind in mortgage payments but would like to keep the house?
- Are you current with mortgage and car payments but not unsecured payments?
- Are you already in foreclosure but still have deficiency?
- Do you owe taxes, medical bills, parking tickets, traffic violations?
- Are you facing or about to be garnished?
- Are you looking to start life afresh?
People contemplating bankruptcy often worry about losing everything they possess. However, an experienced Bankruptcy attorney can help navigate through the process and assist people come out on the other side, while still possessing some of their valued items, while getting rid of the debt. During a free initial consultation with our attorney, we encourage prospective clients to bring a list of their debts and assets information to confirm their qualification and eligibility.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a liquidation Bankruptcy and can be filed every 8 years for a discharge of debts. A typical Chapter 7 process takes about 3 to 4 months from start to finish.
When you file a Chapter 7 case, you are granted an automatic stay and an immediate relief from your creditors’ harassing calls. This also stops any lawsuits and judgments against you, and garnishments from bank or employers.
Debts that can be typically discharged are credit cards, phone bills, rent, personal loans, car repossessions, foreclosure debts, medical bills, qualified taxes, as well as many other types of debt. However, debts like student loans, child support, parking tickets, civil and criminal fines are not dischargeable.
If you qualify and wish to keep a debt even if a debt is dischargeable, you must continue paying the debt. For example, if you have a mortgage or a car loan, you must keep the mortgage or car loan current if you wish to keep those items.
In Chapter 7, based on your income and expenses, a means test is performed which determines your eligibility for Chapter 7. The means test determines the category you fall into below median or above median incomes. If you pass the means test, you can file Chapter 7. If a debtor in not eligible under Chapter 7, then they may be able to file for Chapter 13 instead.
Since Chapter 7 is liquidation process, your assets also play a role in determining whether Chapter 7 is appropriate for you or not. It is extremely important to hire an attorney who is knowledgeable about bankruptcy rules in order to get the best results.
One major difference between Chapter 7 and Chapter 13 is that Chapter 7 enables an individual to eliminate most of the unsecured debts. Those who do not qualify for Chapter 7 bankruptcy can file a Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, based on a payment plan for 3-5 years an individual can pay all or part of his debt interest free to the creditors. You have no automatic right to voluntarily dismiss a Chapter 7 once assets are found above the exemptions.
Once you retain our services, we will guide you in every step of your Bankruptcy proceedings beginning from preparing the documents to filing and representing you in the hearing, from start to finish. The Bankruptcy process includes, collecting documents, preparing, and filing the petition. After filing, in about a month, you and our Bankruptcy attorney will appear for the bankruptcy hearing (341 meeting). The Bankruptcy trustee will ask you questions regarding your petition. If you wish to reaffirm a debt you will need to file, the reaffirmation agreement and appear for a hearing within a month. If judge approves your request, which is much more likely if you are represented by our experienced Bankruptcy attorney, approximately 3 months after the 341 hearing, you will receive the final decree from court discharging your debts.
Chapter 13 Bankruptcy
If you are not eligible for Chapter 7 due to failure to pass the means test and are over the median income, you can file a Chapter 13 Bankruptcy. Chapter 13 is a reorganization or consolidation Bankruptcy in which a monthly payment plan is approved by the trustee and paid over 3 to 5 years and then the final discharge is received. The payment is usually as little as 5% of unsecured, non-priority debts.
Chapter 13 is a Bankruptcy option if you own a house with high equity which cannot be exempted, or have non-exempt assets that could be sold or seized in Chapter 7, or you had a Chapter 7 within the last 8 years, or for many other reasons. Chapter 13 also allows people to pay what they can afford,discharge debts not paid in full, and save their home from being foreclosed. It also helps to catch up on mortgages, eliminate unsecured second mortgages, decrease vehicle loans, strip liens, and many other similar actions.
Once you retain our services, we will guide you in every step of your Bankruptcy proceedings beginning from preparing the documents to filing and representing you in the hearing, from start to finish. The Bankruptcy process includes, collecting documents, preparing, and filing the petition. After filing, in about a month, you and our Bankruptcy attorney will appear for the Bankruptcy hearing. The Bankruptcy trustee will ask you questions regarding your petition and will confirm your repayment plan. You will have to follow the confirmed repayment plan for the entire plan period following which your chapter 13 will be completed.
Chapter 13 has a lot of complicated rules that often change, and the results can be very different depending on the attorney you choose to represent you. Chapter 13 filings require expertise and experience, that our attorney can provide you, to get you the best possible results.
Bankruptcy Filing Fees
Generally, the cost of filing Bankruptcy are:
- Chapter 7 – $335 Court filing fees
- Chapter 13 – $310 Court filing fees
- Credit Counselling certificate course fee through independent companies
- Financial Management course fee through independent companies
- Credit Report
- Attorney Fees
If you are in debt and considering Bankruptcy, please contact The Maryland Bankruptcy Attorney at 410-995-9566. We offer free initial consultations to understand and assess your personal situation. We provide you the best service with very reasonable flat fee and no other hidden costs. We serve our clients in all counties of Maryland including Anne Arundel, Baltimore City, Baltimore County, Carroll, Cecil, Harford, Howard, Alleghany, Calvert, Charles, Frederick, Garrett, Montgomery, Prince Georges, St. Marys, and Washington.