When someone files for Chapter 13 Bankruptcy in Maryland they are entering into a 3 to 5 year repayment plan to all of their creditors who have a claim against them. There are many reasons why people file for Chapter 13 Bankruptcy in Maryland such as:
- It helps to prevent foreclosure on a home
- It provides extra time to catch up on missed car payments
- It provides extra time to make up on late mortgage payments
- Allows you to pay back your taxes
- Stops interest from building on your tax debt
Another advantage to Chapter 13 Bankruptcy is that it allows you to keep your valuable, exempt property too. This means that you will not be forced to liquidate all your assets like you would in a Chapter 7 Bankruptcy Case.
What property is property is considered exempt in Chapter 13 Bankruptcy?
In the state of Maryland, when filing for Chapter 13 bankruptcy law allows people to keep some of their property. This includes things such as:
- Your home
- Benefits such as health benefits, fraternal benefits, or life insurance
- Property from a business partnership
- Personal Property valued up to $1,000.00
- Public Benefits
- Tools of your Trade, up to a value of $5,000.00
About the Law Offices of Nicholas J Del Pizzo
The burden of overwhelming debt can be too much for anyone to handle. That is where the Law Offices of Nicholas J Del Pizzo can help. At our Baltimore Law Office, our knowledge and experience in bankruptcy law can help you get the fresh start you need by wiping out your debts, reorganizing your finances, and saving your home. To learn more about filing for bankruptcy in Baltimore please contact The Law Offices of Nicholas J Del Pizzo.