While bankruptcy is federally legislated, filing bankruptcy in Maryland and in other states is different in terms of specific local regulations, codes and requirements. Not only that, but all Maryland bankruptcy lawyers will tell you that codes are frequently updated and revised, making it challenging for the average individual to try to handle on their own. Here's a quick guide to some of the regulations and rules for filing bankruptcy in Maryland.
So, just how much different can filing bankruptcy in Maryland be compared to other states and districts? The handy PDF guide from the District of Maryland United States Bankruptcy Court website, MDB.USCourts.Gov, is 186 pages in length. That's a nearly impossible collection of specifications, rules and guidelines for anybody to sort through on their own, and that's why the experience, expertise and intimate knowledge of the code of seasoned Maryland bankruptcy lawyers is so crucial.
There are certain key points in terms of eligibility though that are easier to understand. One key difference in different locales is the amount of property or assets eligible to be protected. When filing bankruptcy in Maryland, an individual is generally allowed to protect up to $12,000 of property. Married couples can double that to $24,000.
Depending on personal circumstances, there may be different allotments, but that's the standard. However, if you have not lived in Maryland for at least two years prior to filing, you may not be eligible for these exemptions at all.
It's also important to know the straight fees involved when filing bankruptcy in Maryland. To file Chapter 7 bankruptcy in Maryland, for example, there's a petition fee of $306, and Chapter 13 carries a petition fee of $281. All motions, appeals, documentation requests and other filings carry their own additional fees however. Many Maryland bankruptcy lawyers include these fees in what you pay to them, while others may tack it onto their charges for handling your case.
Another useful guideline is the time frame that you can expect your case to be handled in. Generally, a discharge when filing Chapter 7 bankruptcy in Maryland will be entered within 90 days of filing the petition, while the case will remain open for six months, according to the Maryland State Bar Association.
Ultimately, working with Maryland bankruptcy lawyers will be the best way to make the proceedings go as smoothly as possible, while ensuring that your best interests are protected. Filing bankruptcy in Maryland can be handled on your own, but Maryland bankruptcy lawyers are well versed in all of the latest regulations, the specific codes and requirements, and the exact processes involved to make sure that a favorable outcome is achieved.
When you're ready to find a high quality, affordable bankruptcy attorney in Maryland, visit the Law Offices of Brandon Bernstein, LLC, at BrandonBernsteinLaw.com. You'll be able to rest easy with a bright, secure financial future when you choose Mr. Bernstein's firm to help you as your new Maryland bankruptcy lawyers.
This article does not represent legal advice or an attorney-client relationship. Always consult with an attorney before making any legal or financial decisions.
