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Maryland Bankruptcy

Maryland  bankruptcy provides troubled debtors with a fresh start because bankruptcy protects consumers against lawsuit from creditors. Most people in Maryland file under chapter 7 or chapter 13. Chap 11 BK is normally only used by businesses and a few individual debtors with very large debts. It's too complicated and expensive for it to be worthwhile to the typical debtor. Find a Bankruptcy Lawyer in Maryland with our debt relief directory and get a free BK evalution for a loan modification, chapter 7, 11, 13 or debt settlement that could lead to a fresh start. Find out from a local attorney if bankruptcy is the best for your situation.

Beware of a Chapter 13 Scam
Susanne Robicsek, a North Carolina Bankruptcy Attorney, reports that there is a Chapter 13 scam going on. Chapter 13 debtors have been receiving letters from the "Chapter 13 Trustee" telling them to sign over their home to the Trustee and to call a 1-800 number. If you have received this letter, it is a scam being pulled on unsuspecting Chapter 13 debtors. She advises that you NEVER GIVE OUT PERSONAL INFORMATION to any unverified source, and don't sign over your house without getting absolute confirmation that you have to do so. If you have had any contact like this, you should contact your bankruptcy attorney immediately, and if you don't have a lawyer, call your bankruptcy Trustee at a number that you get from the Court website, the Yellow Pages or some source that you are sure is a reliable phone number.

Avoiding Bankruptcy
Maryland chapter 7 bankruptcy laws and Maryland chapter 13 bankruptcy laws have changed significantly, so if at all possible you should do everything you can to avoid filing for bankruptcy. According to an article entitled "Maryland Foreclosure 'Moratorium' to Expire Soon", By Brett Weiss, Esq., when Governor O'Malley signed into law changes to Maryland's foreclosure laws effective on April 4, 2008, new foreclosure filings stopped. This is primarily because of required new forms that have to be adopted by the State, and without which, the foreclosure cannot comply with the technical requirements of the new law. The forms should be issued in early July, and the floodgates will open. Three months worth of foreclosures will be filed at once, with auctions likely scheduled in early September.

Attorney Weiss further states that thousands of new cases are likely to be filed, so if you've fallen behind on your mortgage. He advises anyone facing foreclosure to examine his or her options BEFORE the rush hits. One option you have is loan modification. If you are facing foreclosure, negotiating a loan modification with your mortgage lender could potentially save you a lot of money and allow you to stay in the mortgage loan. It's best to obtain a real estate lawyer that specializes in loan modifications before trying to negotiate. You can do it yourself, but you could miss out on details that only an attorney will spot, like RESPA violations or other predatory lending issues, which could work out well in your favor in your loan modification negotiations.

Another aggressive, but effective way to avoid bankruptcy is debt settlement. This is the process of negotiating with your creditors to accept less than what you owe as full payment for your debt. It causes less damage to your credit than bankruptcy does, and it doesn't generate a public record against you. Baltimore bankruptcy lawyers and other Maryland bankruptcy lawyers can explain your options to you.

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