Legal Question in Bankruptcy in Maryland

Chapter 7

I have a home i owe 40k more than its worth on, a boat that i owe 30k more than its worth on, and a truck that i owe 15k more than its worth on, plus 100k in credit card debt. If i file can i get rid of my mortgages, equity lines and property and start over fresh? I did move to florida last year, rented and should prob file taxes there for 07. But i have moved back to MD to my home where i was prior to florida for 4 years. I dont want to keep the house and i want to let all the debt go, is it possible?

Asked on 10/11/07, 12:45 pm

1 Answer from Attorneys

Daniel Press Chung & Press, P.C.
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Re: Chapter 7

Assuming you pass the means test (you are below the median income or, if above, your income less a combination of actual and presumed expenses are below a certain amount), and therefore qualify for chapter 7, you should be able to do what you are inquiring about. You should consult an experienced bankruptcy lawyer to go over your situation in detail.

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Answered on 10/11/07, 12:53 pm

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