ANSWER THESE MARYLAND BANKRUPTCY
FAQS BEFORE FILING
Michael P. Coyle, Esquire
Maryland Bankruptcy Attorney
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There is a lot going through your mind when facing the possibility of filing for
bankruptcy. While the choice is yours, you realize this will have a big impact on
your financial future.
There will always be some level of uncertainty regarding your final decision. Even
so, when you take the right approach to the research phase, you should be able
to make a choice that suits you now and in the future.
Before you make such a big financial decision, it is imperative to answer as many
questions as possible. This will clear your mind and ensure that you are doing
what is best for you, your family, and your finances.
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FREQUENTLY ASKED QUESTIONS
You aren’t the only person
considering bankruptcy. There
are many others in the same
position. Furthermore, there are
millions who have decided for
or against this in the past.
There is a good chance you are
struggling with some of the
same questions as many others.
Here is a group of frequently
asked questions pertaining to
bankruptcy:
1. Do I qualify for Chapter 7
bankruptcy? Most individuals
are interested in this type of
filing, as it allows them to
discharge most or all their debt.
That being said, some people don’t qualify.
2. What are the differences between Chapter 7 and Chapter 13 bankruptcy?
These are not one in the same, so you need to know what you are getting with
each.
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3. Will a bankruptcy guarantee that you lose some property? Not necessarily.
This depends on your situation, the state in which you live, and the type of
bankruptcy you file.
4. What is the difference
between non-exempt and
exempt property? Some
property is protected in
bankruptcy. This is known as
“exempt.” Non-exempt
property, on the other hand, is
not as safe.
5. Will bankruptcy have an
affect on my credit score? The
short answer is yes, however,
you want to learn more about
the impact it will have,
including how long it remains
on your credit report.
Bankruptcy may improve your
financial situation by allowing you to discharge or organize your debt, but it will
still have an impact on your finances.
6. Can I use bankruptcy to get rid of student loan debt? Generally speaking, the
answer is no. The only exception is if you can prove to the court that paying this
debt will bring forth an undue hardship.
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7. Is bankruptcy an option for stopping foreclosure? This depends on the
approach you take. If nothing else, filing for bankruptcy will stop the lender from
taking action for the time being. This is due to the automatic stay requiring
creditors to stop collection activity while you are going through the bankruptcy
process.
8. Do I need to hire an attorney to file for bankruptcy? It is a common
misconception that this is required. You have the right to file for bankruptcy on
your own, taking on each and every step without professional assistance. The
problem is the complexities of bankruptcy law and the challenges that arise
along the way. It can be difficult to handle some situations when you don’t have
knowledge of bankruptcy law and how the process will unfold.
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KNOWLEDGE IS POWER
Just like anything, the more knowledge you have of bankruptcy the more
comfortable you will feel. Once you answer the questions above, as well as any
others that are on your mind, you are in better position to decide for or against
bankruptcy.
At some point, you will collect as much information as possible on your own. It is
then that you want to consult with a bankruptcy attorney who can answer
additional questions and explain anything you don’t understand.
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About the Author
Michael P. Coyle, Esquire
Mr. Coyle is one of the founding partners of Chaifetz and Coyle. Prior to Chaifetz and Coyle, Mr.
Coyle was a law clerk to The Honorable Robert J. Yock. Mr. Coyle then was an attorney with
several of the largest and most prominent law firms in the country, before starting his own
practice.
Mr. Coyle graduated summa cum laude from The Washington College of Law (American
University) in 1994, and was a member of The Law Review. Prior to Law School, Mr. Coyle
graduated with a BA in Government from Franklin & Marshall College, Lancaster, PA.
Mr. Coyle’s practice specializes in bankruptcy, foreclosure defense, general litigation, civil rights,
and employment discrimination. Mr. Coyle manages the Bankruptcy Department of Chaifetz &
Coyle.
6700 Alexander Bell Drive, Suite 200 Columbia MD 21046
Phone: (410) 884-3180 Fax: 410-884-3104