In Maryland, bankruptcy claims provide certain protections for consumers who are facing foreclosure or repossession. Through an automatic stay, the consumer is protected from legal actions started by their creditors. This can provide the consumer with a chance to pay off their debts without serious risks. A Bankruptcy Attorney in Greenbelt can provide answers for common questions asked by consumers.
What Happens if Couples File Together?
Initially, the married couple can double their exempted values when filing together, and this can generate better protection for their assets. However, if the couple chooses to divorce later on and/or before the case has concluded, they are both responsible for submitting the payments each month. For this reason, they should add some clauses to their claim for these exact circumstances to ensure that each party manages their part of the bankruptcy.
How Does Equity Affect the Claim?
The exempted value applies to assets that the balance of the debt is more than the equity accumulated from paying off the debt. The exemption value is higher if the equity is lower, and this could provide better protection for the assets, especially if the claimant files for chapter 7 bankruptcy. Th equity for assets such as real property and automobiles is assessed at the beginning of the case.
Why Can’t the Consumer Manage Their Own Liquidation?
Consumers must provide access to titles and deeds to their property for the court-appointed trustee, and the trustee managed the sale of their properties. The law won’t allow consumers to manage their own liquidation because the court must ensure that all sales follow the guidelines for bankruptcy, and they must make sure all funds are submitted to the creditors. A Bankruptcy Attorney in Greenbelt can explain the entire liquidation process to these consumers.
In Maryland, bankruptcy is an option that allows the consumer to choose to create a repayment plan or liquidate their assets. The claims allow the consumer to eliminate debts according to applicable laws and prevent legal action that could lead to the seizure of assets. Consumers who want to acquire assistance with their claim contact a Bankruptcy Attorney in Greenbelt or visit Law-margulies.com for more information now.