Bankruptcy in Maryland

An important benefit of a business filing for Chapter 11 bankruptcy is that the Bankruptcy Code pursuant to 11 U.S.C. §507 prioritizes debt into categories and at the bottom are general unsecured claims, which can be paid a small percentage of their claims.

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Chapter 11 Bankruptcy

Chapter 11 can provide a lifeline to a debtor that cannot currently afford its secured claim payments as structured under the terms of the loan documents that govern the claim.

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If you are self-represented in a bankruptcy, you are putting yourself at risk of many pitfalls such as a trustee seizing your assets, creditors getting more than they should otherwise, or having your case dismissed. You also may be losing out on receipt of funds from creditors that you otherwise would be entitled to.

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Bankruptcy Lawyers Pikesville Maryland

The Means Test essentially looks at the median income for your household size in the state that you reside to determine if you qualify for a chapter 7 and is also used to determine the length of your chapter 13 plan.

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