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Maryland Bankruptcy Laws

Since the introduction of the BAPCPA (Bankruptcy Abuse Prevention and Consumer Protection Act) in 2005, residents in the Maryland area have had to apply for the bankruptcy petition through stringent processes placed by the state and the federal government according to bankruptcy laws . Any Maryland resident must make use of the state data to apply for a bankruptcy petition as well as protect their assets from creditors who might be making attempts of claim their dues. Maryland has one bankruptcy district which all the bankruptcy cases must pass through, the district has three courts which can be used by the debtor to file a petition. They are located in Baltimore, Salisbury and greenbelt.


Maryland Bankruptcy Exemptions:

Exemptions in the Maryland area are categorized into 8, these include; public benefits, personal possessions, pension and insurance among others. Non-exempt properties in Maryland are regarded as properties or assets that are valued beyond the Maryland allowable exemptions, may be sold by the trustees. To qualify for a bankruptcy petition, the debtor has to pass through several tests and meet the standards placed by the state of Maryland.


Maryland Chapter 7 Bankruptcy Laws:

The median annual family income test is the first and nationally used test when one is applying for chapter 7 bankruptcy laws and is used to mostly compute the qualification of the chapter 7 cases. Sometimes, the annual income of a family in the Maryland area may b higher than the median income, but that doesn’t nullify the petition. The applicant has to then complete the full test where the disposable income has to be calculated by subtracting various expenses.


Maryland Chapter 13 Bankruptcy Laws:

Chapter13 bankruptcy laws are less favored since it is much expensive and complicated but unlike chapter 7, it allows the debtors to retain their assets. Exemptions that are imposed in the chapter 7 cases in Maryland may help protecting certain properties, but one may have to relinquish some assets to cover the creditor’s payments.


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