Debts That Cannot Be Discharged Through Bankruptcy

Bankruptcy would help you resolve all your debt problems- this might be what you thought. Turns out, it is not as simple as that. Many of your debts can be discharged when you file for bankruptcy. Some debts, known as non dischargeable debts, cannot be resolved if you file for bankruptcy. You would need to know what types of debts you can discharge, and which ones you are to repay, before you file a claim.

Child support

Child support and support to ex spouses fall under this type of debt.  You will be expected to continuing paying for child support even if you claim bankruptcy.

Income tax back payments

If you have debts related to past payments on income, you would be expected to clear your dues. If there are other taxes you are responsible for, be aware that these debts would also need to be cleared.

Loans for education

If you took loans to further your education, you would have to repay them.
 
Fines

If you were fined for criminal or civil breach of law, or you accidentally injured somebody and are held responsible, you would be expected to pay fines and compensation.

You would also need to be aware that any repayments pending on property exempted by the court would have to be fully paid. You would need to go over your financial situation carefully to figure out if claiming bankruptcy would help you discharge your debts. You would also need to file the paperwork carefully. If you forget to, or neglect to, list a debt when claiming bankruptcy, you would be expected to repay the loan. A Largo MD bankruptcy lawyer will help you file the paperwork and offer guidance and support through the process. You may like to schedule your first consultation with a Largo MD bankruptcy lawyer through phone or through an online form offered by bankruptcy law firm in Maryland, to assess if filing bankruptcy will help you discharge your debts.

Benefits of Hiring Bankruptcy Law Firm Maryland

Trying to comprehend the intricacies of filing for bankruptcy can be a daunting task for average individuals. The rules, guidelines and legal regulations amount to a huge bulk of information that can be overwhelming and difficult to understand without the help of a legal expert. However, with the right guidance and knowledge from a reputed bankruptcy law firm Maryland, you will have a clear idea of the processes involved, the risks to your financial future, the entire cost of the proceedings and most importantly, if bankruptcy is the right solution for your situation. 

Bankruptcy options for individuals

Chapter 7 and Chapter 13 are the two types of bankruptcies available for individuals. Before filing for bankruptcy, it is important to consult a Prince George's County Bankruptcy attorney to understand how both these chapters vary and how the chapters can affect your financial future. Chapter 7 is also called liquidation in which all or some of your debts will be liquidated. And Chapter 13 is known as reorganization in which all your individual debts will be consolidated and a new payment plan created to repay your creditors in three to five years.

Exemptions in bankruptcy

Debtors usually wonder about the assets and property they are allowed to keep in the event of filing for bankruptcy. If you have lived in Maryland for over two years you will be eligible for exemption of certain assets and property. While individuals are allowed to maintain assets worth $12,000, the value set for married couples is $24,000. However, additional exemptions may be possible depending on your particular situation and financial status.

Online resources such as the websites of the District of Maryland United States Bankruptcy Court and the Maryland State Bar Association offer valuable information to help you with the bankruptcy process. However, the best way to ensure a favorable result that protects your interests is to team up with a bankruptcy law firm Maryland at http://www.rnnlawmd.com/.

Burdened with Mortgage Foreclosure?

 The current economic crisis has drowned many people in credit card debt or forced to go in for bankruptcy. A Maryland bankruptcy lawyer can help people deal with collection agents with confidence. Bankruptcy lawyers are experts who can easily deal with debt problems of the clients. They are well versed with Chapter 7 and Chapter 13 bankruptcy.

Services Offered

Bankruptcy lawyers are experienced professionals who know whether a client qualifies for a Chapter 13. They deal with mortgage credit abuse with ease; know what to do if a client receives a notice of intent to foreclose, and how to make claims against credit card companies. A bankruptcy law firm in Maryland can customize solutions for tax problems of the clients like developing IRS agreements on installments. They even offer solutions for IRS penalties. Bankruptcy lawyers can ensure that a client’s mortgage service is not billing incorrectly and charging wrong fees. Bankruptcy lawyers entertain people from all walks of life and put them back on the right financial track.

Advantages

The benefits of consulting and/or hiring an experienced Maryland bankruptcy lawyer are that they are quick, easy, and safe to solve legal matters. Bankruptcy lawyers are easily accessible through email, telephone, and onsite. Some of them even go out of their way to help clients on weekends and in evenings. Appointments can easily be made over the internet. All the important documents of the client are safely secured and kept confidential. A free consultation is all a client needs to have when he is in a deep financial mess. In fact, fees are reasonably charged as compared to the services offered which include filling up of complicated forms, representing the clients at difficult hearings, and getting clients’ debts discharged. Bankruptcy lawyers who deal with distressed clients everyday understand what the clients are going through and therefore know what it feels to achieve financial freedom.

An experienced Maryland bankruptcy lawyer is knowledgeable about Chapter 13 and Chapter 7. He can help clients start their life afresh by removing the frustrating tag of debts.