Legal Question in Bankruptcy in Maryland

We have a mortgage and a home equity loan we are current on. Our credit cards are behind and we cannot make the minimum payments. There are two car loans outstanding which we are current on. We have consulted a debt counseling service and they advised we were $500.00 short a month to make minimum payments. Can we file bankruptcy for large credit card debt?? Help !! We just continue to get behind.


Asked on 10/18/09, 7:45 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Absolutely. A bankruptcy will get rid of your credit card debts and give you breathing room on your other debts. Whether you will be able to file Chapter 7 (to completely eliminate the debt) or will need to do Chapter 13 (which will require some payment to your credit cards) will depend on whether you have equity in your house or other assets that you can't exempt, or whether your income is over a certain level.

We practice bankruptcy law throughout MD and would be pleased to help you with this.

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Answered on 10/23/09, 8:21 pm


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