Considering Filing Chapter 7 in Maryland (“Straight Bankruptcy”)

Considering Filing Chapter 7 in Maryland (“Straight Bankruptcy”)

Filing Chapter 7 in Maryland.

Chapter 7 is also known as “straight bankruptcy” and is so named because it is a liquidation chapter. Filing Chapter 7 in Maryland is markedly an orderly, court-supervised process by which a trustee assumes control over the assets of the debtor, reducing them to cash, and making distributions to creditors. After filing a chapter 7 in Maryland the debtor maintains rights to retain certain exempt property but secured creditors maintain certain rights as well. In the majority of Chapter 7 cases there is little to no nonexempt property and therefore may not result in an actual liquidations of the debtor’s assets, despite the chapter’s moniker.

Learn more about filing Chapter 7 in Maryland at Chapter7Maryland.com.