Are you struggling with debts you cannot pay? If so, our Randolph bankruptcy lawyers at Logan A. Weinkauf, P.C., can help. We will review your financial situation and discuss debt relief options that really work, including filing for bankruptcy relief. You can have a fresh start to get back on your feet. A financial crisis does not need to bury you in debt forever. There is hope.

Our experienced team of bankruptcy lawyers and legal professionals have extensive experience with debt relief options. We can help you find the best solution to your debt problems. The solution may be filing a Chapter 7 bankruptcy or Chapter 13 bankruptcy. You may benefit from debt settlement and other forms of debt relief.

We can help you develop a plan to deal with wage garnishment, tax matters, foreclosure, personal judgments, and other debt problems. We’ll work together to help you take control of your finances so you can recover and then rebuild for a secure financial future.

If you are having trouble making ends meet even working multiple jobs, there may be a better way. Financial problems occur for many reasons. Anyone can find themselves in your situation.

Call Logan A. Weinkauf, P.C., to schedule a consultation with a Randolph bankruptcy attorney. Let’s explore how bankruptcy can help you get out of debt and move forward on a better financial foundation.

Overview of Chapter 7 Bankruptcy in Randolph, MD

Chapter 7 bankruptcy is usually referred to as a liquidation bankruptcy. A Chapter 7 trustee can seize and sell assets to repay your debts. However, bankruptcy exemptions protect specific amounts of equity in certain types of property. The Chapter 7 trustee must pay you the exemption amount before using any proceeds to pay your creditors.

Bankruptcy exemptions protect a wide range of property. Most of the Chapter 7 cases in Randolph are no-asset Chapter 7 cases. In a no-asset Chapter 7 case, the debtor gets rid of their debts without losing any of their property. Businesses can file under Chapter 7 but cannot claim bankruptcy exemptions. Instead, the business closes, and its assets are liquidated to pay its creditors.

Chapter 7 bankruptcy allows you to discharge most, if not all, of your unsecured debts. Unsecured debts include, but are not limited to:

  • Credit card debt
  • Some old income tax debts
  • Medical bills
  • Old rent or lease payments
  • Most personal loans without collateral

You cannot discharge child support, alimony, newer tax debts, student loans, and most debts owed to the government. You also cannot discharge secured debts. Secured creditors have liens on collateral to secure their loans. You have the option of surrendering the asset to get rid of the debt. The creditor cannot try to collect a deficiency if you surrender the property. A deficiency is the amount left over after the property is sold and the money is applied to the loan balance. You can also continue to pay the creditor and keep the property.

No-asset Chapter 7 cases typically are discharged and closed within four to six months after you file the bankruptcy petition. It is important to realize that you must meet income requirements to qualify for a bankruptcy discharge under Chapter 7.

The Means Test measures your income to determine if you have sufficient income to repay some of your debts. If so, you may not qualify for Chapter 7. Chapter 7 is intended for individuals with little to no disposable income after paying for living expenses and secured debts.

Our Randolph bankruptcy attorneys analyze your income to determine if you qualify for Chapter 7 bankruptcy. They also carefully review your assets to determine if any property may be non-exempt. If so, the Chapter 7 trustee could seize the assets. If Chapter 7 is not your best option, then we can explore Chapter 13.

Overview of Chapter 13 Bankruptcy in Randolph, MD

Chapter 13 bankruptcy is a wage-earner bankruptcy. You must have sufficient income to fund a Chapter 13 plan. The Chapter 13 plan reorganizes your debts into an affordable monthly payment plan. You pay a Chapter 13 trustee each month, and they pay your creditors according to the Chapter 13 plan confirmed by the bankruptcy court.

The benefits of filing Chapter 13 in Randolph include:

  • Stop foreclosure and keep your home by including your mortgage arrearage (i.e., past due mortgage payments) in your Chapter 13 plan.
  • Stop repossession by including your car payment in the bankruptcy plan. Depending on your situation, you may be able to lower your car payments and interest rates.
  • Pay past due alimony and child support through the Chapter 13 plan to avoid court actions.
  • Protect assets that would be non-exempt in a Chapter 7 bankruptcy.
  • Discharge unsecured debts for less than you owe on the accounts.
  • Value a second mortgage at zero and turn the secured debt into unsecured debt if your home is worth less than you owe to the first mortgage company.
  • Include non-dischargeable taxes and other debts in the Chapter 13 plan to pay them over time.

Most Chapter 13 plans are for 60 months, although some debtors may qualify for a 36-month plan. Your Chapter 13 plan payments are based on several factors, including your income, expenses, debts, and equity in assets.

Our Randolph bankruptcy lawyer calculates a Chapter 13 plan with the lowest payment allowed by the courts. We fight to keep the payments low. When you complete your Chapter 13 plan, your car should be free and clear, and you should not have any unsecured debts unless you have student loans to repay.

Overview of Chapter 11 Bankruptcy in Randolph, MD

Chapter 11 bankruptcy allows businesses to reorganize and remain open. Chapter 11 is also available to individuals with debts exceeding the maximum amounts to file under Chapter 13.

A Chapter 11 plan is more flexible than a Chapter 13 plan. It allows a company to make changes to contracts that allow it to manage the debt and remain in business. The company can surrender some property and keep other property. A key difference between Chapter 11 and Chapter 13 is that the creditors must approve the plan. They vote for or against confirmation of the proposed Chapter 11 plan.

Creditors are encouraged to negotiate with Chapter 11 debtors for plan approval. In most cases, the creditors receive more money through the Chapter 11 case than they would if the business closed and filed under Chapter 7.

Chapter 11 bankruptcies are more costly and complicated than Chapter 7 or Chapter 13. A business or individual should only consider filing Chapter 11 with the assistance of an experienced Randolph bankruptcy lawyer.

Can an Immigrant File for Bankruptcy Relief?

Randolph has a sizeable immigrant population. Hard-working immigrants often hold multiple jobs trying to make ends meet. They face the same economic challenges as citizens. Fortunately, bankruptcy may be an option if you are an immigrant struggling to repay debts.

U.S. bankruptcy laws do not require individuals to be U.S. citizens or legal residents to file for bankruptcy relief. Therefore, if you live in Randolph, own property in the United States, or have a business, you are eligible to file bankruptcy.

There could be challenges if you are in the country illegally. Call our Randolph bankruptcy attorney today to discuss your bankruptcy options. We are here to help you find a way out of debt so you can have the same fresh start as other debtors.

Our Randolph Bankruptcy Attorneys Can Help You With Other Debt Relief Matters

At Logan A. Weinkauf, P.C., our Randolph bankruptcy lawyers have considerable experience with debt relief matters. We assist clients with bankruptcy cases and other matters related to debt relief, including:

At Logan A. Weinkauf, P.C., we can help you with any debt problem you encounter. The first step is to talk with our Randolph bankruptcy attorney about your situation.

Contact Our Randolph Bankruptcy Lawyers for a Consultation

Call Logan A. Weinkauf, P.C., to schedule a meeting with our Randolph bankruptcy attorney. You do not have to continue to struggle with debt problems. We can help you get the fresh start you need to overcome a financial crisis.