BankruptcyDave Gormley

Andrews Bongar Gormley & Clagett

SouthernMarylandLaw.com

The Chapters• The Other Chapters

• Chapter 9 - Municipalities

• Chapter 11 Reorganization

• Chapter 12 - Family Farmers & Fisherman

• Chapter 15 - Cross Border Cases• Chapter 7 - Liquidation• Chapter 13 - Adjustment of Debts

• The Trustee & The Estate

• The Automatic Stay

• The 341 Meeting

• Priority of Creditors

• Exemptions

• The Discharge

Terms

Non Dischargeable Debts• Chapter 7• Restitution• Alimony & Child Support• Taxes and Debts Incurred to Pay Taxes• Student Loans• Debts for Willful or Malicious Injury of Person or Property• Debts for Injury or Death as Result of Driving Under the Influence• Obligations in Divorce Proceedings• Debts Incurred by Fraud

• The Chapter 13 Discharge or Super Discharge Allows for Discharge of:• Obligations in Divorce Proceeding• Debts for Malicious Destruction of Property• Debts Incurred to Pay Taxes

Type of Exemption Dollar Amount

Pension Unlimited

Household Goods & Furnishings $1,000

Real or Personal Property $5,000

Property of Any Kind $6,000

Tools of the Trade $5,000

Homestead Exemption $21,625

Common Maryland Exemptions

Chapter 7

• Eligibility

• Individual, Partnership, Corporation

• Filing Fee $335

• No Prior Discharge in 8 years

Income Limits

Median Family Income

Family of 1- $59,055 2- $77,105 3- $87,924 4-$107,233 5-$115,33

The Process• PreFiling Class -Credit Counseling

• The Petition

• Trustee Documents

• Post Filing Class - Financial Management

• The 341 Meeting

• The Discharge

Chapter 13• Eligibility

• Individual or Unincorporated Business

• Filing fee $310

• Secured Debt Under $1,149,525

• Unsecured Debt Under $383,175

The Process• The Petition & Plan

• The Classes & Documents

• The 341 Meeting

• Confirmation

• Payments

• Discharge