What Is Chapter 7 Bankruptcy and What Are the Steps to File It in Maryland?
Unemployment, medical expenses, overextended credit, or marital problems, debt can get the best of us and when it does, many of us opt in to filing for bankruptcy. There are six types of bankruptcy chapters: 7, 9, 11, 12, 13, and 15. This article is all about Chapter 7 Bankruptcy in Maryland. What is Chapter 7 Bankruptcy? There’s a simple answer to this question. You will either pay for your debt or give up your non-exempt properties to settle. It is the most common chapter of bankruptcy. An appointed trustee will collect non-exempt properties and sell them in order to pay the creditor....
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