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Differences Between Chapter 7 and Chapter 13 Bankruptcy

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Bankruptcy Attorneys in Glen Burnie, MD Providing Guidance and Comprehensive Bankruptcy Services in Anne Arundel County, Baltimore County, Montgomery County, and Throughout Maryland

Benefits Of Both Chapter 7 & Chapter 13 Bankruptcy

  • Stop harassment from creditors
  • Stop wage garnishment
  • Permanently discharge eligible debts

What Is Chapter 7 Bankruptcy?

  • How does it work? Non-exempt assets are liquidated to repay creditors
  • Who is eligible? Means-tested based on household size and monthly/annual income
  • How long does it take? 3-6 months
  • How long will it stay on my credit report? 10 years
  • Who is it best for? People who do not own much property, have lower income, and primarily have credit card, medical and personal debt

What Is Chapter 13 Bankruptcy?

  • How does it work? A repayment plan is established to pay back debts; debts may not be discharged, although the total debt may be reduced
  • Who is eligible? Any individual with less than $394,725 in unsecured debts and less than $1,184,200 in secured debts
  • How long does it take? 3-5 years
  • How long will it stay on my credit report? Seven years
  • Who is it best for? People with regular income or those who want to keep their home, car or other property

The legal team at Maronick Law LLC brings more than 80 years of combined experience. If you need an attorney for a consumer bankruptcy attorney, we offer comprehensive legal guidance and aggressive advocacy throughout Maryland. Contact our law firm online or call us directly, today!

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.