What kind of debt relief is available to married couples filing for bankruptcy?

Married couples filing for bankruptcy in Maryland can obtain two forms of debt relief: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy is a type of liquidation bankruptcy. It allows married couples to get rid of most of their debts, such as credit card debt and medical bills. However, they must pass a means test to qualify. The means test considers the couple’s income and expenses. If the couple’s income is too high, they will not be able to qualify for Chapter 7 bankruptcy. Chapter 13 bankruptcy is also known as reorganization bankruptcy. It allows married couples to reorganize their debts in a way that is manageable for them. This type of bankruptcy enables couples to pay back some of their debts over a three or five-year period. During this time, they will still need to make regular payments on their debts. After they have completed the repayment plan, any remaining debt will be discharged. Married couples filing for bankruptcy in Maryland can take advantage of both Chapter 7 and Chapter 13 bankruptcy. It is important to consult a knowledgeable bankruptcy attorney, who can advise the couple on the best course of action. An attorney can guide the couple through the process and help them determine which type of bankruptcy is the most appropriate for their situation.

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What kind of debt relief is available to married couples filing for bankruptcy?

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