Annapolis, MD, Bankruptcy Lawyers

Annapolis, Maryland’s capital, thrives on sailing, tourism, and government activities. Despite the prosperity, occasional economic downturns can trigger financial issues. Our bankruptcy lawyers at Sanchez Garrison & Associates, LLC, have aided numerous Annapolis residents who are grappling with debt. With extensive experience across Maryland, we offer tailored solutions to fit your financial goals.

Your long-term well-being is our priority. Our no-pressure consultations aim to understand your circumstances and create personalized strategies for financial relief.

Let us discuss your legal options. Call (410) 406-7372 or contact us online for a free initial consultation with our Annapolis bankruptcy attorney.

Comprehensive Financial Relief Services in Annapolis

Our Annapolis attorneys provide customized legal strategies, exploring bankruptcy, consolidation, settlement, and more to find the ideal solution for your situation. 

Our legal services include:

• Chapter 7 Bankruptcy – Discharge eligible unsecured debts through liquidation of assets. We verify qualifications and explain the bankruptcy process.
• Chapter 13 Bankruptcy – Create affordable 3-to-5-year repayment plans to settle debts through wages if Chapter 7 is not optimal. We tailor customized plans.
• Debt Restructuring and Repayment – Consolidate multiple debts into a personalized payment program based on your budget. We can help negotiate reduced payoff amounts and favorable terms with creditors on your behalf.
• Ongoing Legal Support – We explain all options clearly, handle court documents, and support you through each phase of your filing.

A free initial consultation allows us to evaluate your financial circumstances and advise you on effectively exercising your rights under the bankruptcy law. 

What Is the Difference Between Chapter 7 & Chapter 13 Bankruptcy?

Chapter 7 and Chapter 13 bankruptcy are two distinct legal processes designed to help individuals manage their debt, but they differ significantly in how they address financial obligations and the long-term impact on the debtor.

Chapter 7 bankruptcy, often referred to as "liquidation bankruptcy," is aimed at discharging most unsecured debts, such as credit card balances and medical bills, by liquidating non-exempt assets. In this process, a court-appointed trustee reviews the debtor's financial situation and sells off non-essential assets to pay creditors. The remaining qualifying debts are then wiped out, providing a fresh financial start. Notably, Chapter 7 is typically only available to individuals with limited income and assets, and it may not discharge all types of debt, such as student loans or certain tax obligations.

On the other hand, Chapter 13 bankruptcy, known as "reorganization bankruptcy," involves the creation of a structured repayment plan to address debts over a period of three to five years. Instead of liquidating assets, debtors propose a plan to repay all or a portion of their debts based on their income and expenses. This type of bankruptcy is often suitable for individuals who have a regular income but are struggling with substantial debt. Chapter 13 allows debtors to keep their property while repaying their debts, and it can be particularly beneficial for catching up on missed mortgage payments or protecting assets from foreclosure.

In essence, Chapter 7 offers a quicker resolution by discharging most unsecured debts through asset liquidation, while Chapter 13 provides a longer-term solution through debt repayment plans, enabling individuals to retain their assets and manage their debt more gradually.