Chestertown Bankruptcy Attorney
Located along the banks of the Chester River, Chestertown offers a small-town ambiance. However, even in this tranquil setting, residents may encounter substantial financial challenges. At Sanchez Garrison & Associates, we recognize the stress that can come with facing this type of situation. Therefore, we offer bankruptcy services designed to meet the unique needs of our clients in Chestertown.
Our Chestertown bankruptcy lawyers have dedicated ourselves to assisting individuals and families for decades. We are more than just a legal firm; we are compassionate supporters of our community members, guiding them through these times with sensitivity and understanding.
Let us help you overcome your financial challenges and take the first step towards regaining your financial stability and peace of mind.
Contact us at (410) 406-7372 or get in touch with us online to learn more about our bankruptcy lawyer in Chestertown, MD.
What Is Bankruptcy?
Bankruptcy is a process designed to help individuals and businesses address their debts through elimination or a repayment plan. Managed within the federal bankruptcy courts, this process aims to provide a path toward financial stability for those overwhelmed by debt.
Types of bankruptcy include:
- Chapter 7: Commonly referred to as “liquidation” bankruptcy, this option allows for the discharge of debts for both individuals and businesses. It may involve selling certain assets to satisfy creditor claims. However, there are exemptions that exist to safeguard essential property.
- Chapter 11: This form of bankruptcy is mainly for businesses seeking to remain operational while reorganizing their debts, though individuals may also qualify. It establishes a structured plan for repaying creditors over a specific timeframe.
- Chapter 12: Exclusively available to family farmers and fishers, Chapter 12 facilitates debt reorganization, allowing these specific groups to repay their creditors over time according to a plan.
- Chapter 13: This type of bankruptcy is similar to Chapter 11 but is exclusively for individual debtors. Chapter 13 bankruptcy offers a means to restructure debts and develop a repayment plan, typically extending over several years.
Each bankruptcy type provides a legal framework for debt relief and financial recovery. Learn more about which form is best for you and your loved ones by contacting our team today.
Our Bankruptcy Services
We understand that each client's situation is unique, which is precisely why we provide personalized bankruptcy services tailored to meet individual needs.
Our services include:
- Chapter 7
- Chapter 13
- Debt reorganization and repayment
- Creditor harassment
- Repossession
As a top-rated law firm in Maryland, our highly skilled team of bankruptcy lawyers in Chestertown is dedicated to offering unparalleled support. We can stand by your side every step of the way, guiding you through the complexities of bankruptcy and on the path to financial recovery.
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What Is the Difference Between Chapter 7 & Chapter 13?
Chapter 7
Chapter 7 involves selling non-exempt assets to pay creditors. Many individuals who file for Chapter 7 keep all their property since they lack non-exempt assets. After discharge, most debts, like credit card and medical bills, are eliminated, but debts like student loans and child support are not.
In order to qualify for Chapter 7, you must pass the bankruptcy means test by comparing your average monthly income with the median for a household of your size in the state. If your income is below the median, you qualify for Chapter 7. If it's higher, you'll need to complete the test to check eligibility.
Overall, Chapter 7 bankruptcy suits those with minimal income and assets. It usually takes four to six months.
Chapter 13
In Chapter 13, debts are reorganized into a manageable plan. You pay a monthly sum to a bankruptcy trustee, who then pays creditors. Payments are based on your income and expenses, and the plan’s length is also income-dependent. After completing the plan, the remaining unsecured debts are discharged. Chapter 13 allows you to keep all your property, avoiding loss. For example, it can stop foreclosure and repossession.
Chapter 13 bankruptcy works best for those with a steady income who wish to keep their property. The timeframe takes around three to five years.
A Five-Star Experience Read Our Reviews
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"Very professional, friendly, reassuring, and honest."
From the first day we contacted Sanchez Garrison & Associates with our problem, they made us feel at home and relaxed and ...
- James J. -
"We get to have a fresh start."
I totally recommend Sanchez Garrison & Associates. They were really helpful and understanding of our situation. We are going ...
- Nicky D. -
"Our lawyer has been truly a blessing to our family."
Sanchez Garrison & Associates has truly been a blessing to our family. After the pandemic hit, we lost our jobs and with that ...
- Lilli R. -
"These people will take care of you."
I worked specifically with Mr. Chambers. This was a process that was met with professionalism and empathy. If you have the ...
- Ashley F. -
"I now have a financial fresh-start in life. Thank you!"
Thank you Sanchez Garrison & Associates, but more specifically Timothy Chambers, Esq., a fellow veteran who virtually held my ...
- J. C. -
"The whole law firm was outstanding. I would call on these lawyers anytime."
First time going through bankruptcy I was totally lost and didn't know what to do. So I took a wild pick and called Joshua he ...
- Gerald A. -
"Mr. Sanchez did exactly what we discussed, and returned my calls if I needed to speak to him."
Mr. Sanchez did exactly what we discussed, and returned my calls if I needed to speak to him. The case was finished in the ...
- Glenn A. -
"Awesome service!!!"
Awesome service!!! Rita,Timothy and Alex are wonderful through the whole process. Highly Recommend. Thank you guys so much!
- Jen S.