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Frequently Asked Bankruptcy Questions in Maryland

Answers from bankruptcy attorneys in Rockville serving Prince George’s, Montgomery and Frederick County

Many people discuss the most intimate details of their lives, even with near strangers. However, even though millions of people file for bankruptcy every year, personal finance is usually a taboo topic unless discussed in the most generic terms. Therefore, you probably have a lot of questions. At Wolff & Orenstein, LLC, we have the answers to these common questions:

For answers to your bankruptcy questions and a complimentary initial consultation on your case, contact our law firm

With more than 60 years of combined experience, our bankruptcy attorneys at Wolff & Orenstein, LLC have the knowledge you need to help you navigate through the bankruptcy process. Our lawyers are well known for their quality work throughout Montgomery, Frederick and Prince George’s County and all of Maryland. For a free initial consultation on your case, contact our Rockville bankruptcy lawyers at 301.250.7232 or online.

Will I lose everything I own if I file for bankruptcy?

You will almost certainly lose all of your nonexempt assets such as vacation homes and boats. Assuming that you can afford to keep them and want to keep them, whether you file Chapter 7 or Chapter 13, you can keep your house, your cars, your clothing and personal effects, your retirement savings and probably even your baseball card collection.

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What are the kinds of bankruptcy I can file?

There are basically four different types of bankruptcy according to the United States Bankruptcy Code. Which one you qualify to tile for depends on several factors including whether you are an individual or business.

  • Chapter 7 bankruptcy is a liquidation bankruptcy program
  • Chapter 11 is for business debt reorganization
  • Chapter 12 is a repayment plan for farmers
  • Chapter 13 includes a debt repayment plan for individuals

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How does filing for bankruptcy affect my credit?

Bankruptcy is the most negative record you can have on your credit report. You will have difficulty gaining approval for loans or new credit, renting an apartment or landing a job in the financial sector because it impacts your perceived ability to pay your debts. A bankruptcy will remain on your credit report for ten years. After a few years of paying your bills responsibly and building up your credit score, you will begin to start qualifying for credit once again.

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Do I need an attorney to file for bankruptcy?

You do not need an attorney to file bankruptcy, but you certainly do want the most experienced and reputable attorney that you can find. Some consumers are pro se, or represent themselves, while others use a bankruptcy petition preparer who is not a lawyer. Your finances are so important to you and your family. Do not entrust them to just anybody.

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What happens to my credit score when I file for bankruptcy?

If you are seriously behind on your obligations, your credit score is already low. Moreover, a rapid demise can be better than a slow fade. Your credit score drops another few points with every missed payment. A bankruptcy filing demonstrates to future lenders that you took control of your finances and made a very difficult decision.

After filing for bankruptcy — and provided that you pay all future obligations on time — your credit score will increase substantially within 12 months.

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Michael  G.  Wolff Attorney Photo
Michael G. Wolff
In Memoriam: Founding Member

In Memoriam It is with heavy hearts that we commemorate the life and legacy of our beloved Founding Member, Michael G. Wolff. Michael's distinguished career in the legal field was characterized by unwavering dedication and a commitment to excellence that left an indelible mark on all who had the privilege of knowing him. Over the…

Jeffrey  M.  Orenstein Attorney Photo
Jeffrey M. Orenstein

Commercial Litigation & Consumer Law Firm Attorney Biography:Jeffrey M. Orenstein is a skilled commercial litigator with a particular emphasis on bankruptcy litigation. He has been appointed to serve as Bankruptcy Trustee and Examiner in complex Chapter 11 cases. For more than 25 years, he has represented bankruptcy estates, bankruptcy trustees in multiple jurisdictions, creditors and…

Matthew Abbott Attorney Photo
Matthew Abbott

Biography Matthew E. Abbott is the latest attorney to join the Wolff & Orenstein, LLC team. Matthew graduated from American University Washington College of Law in 2019 after working for Wolff & Orenstein, LLC and the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) as a law clerk. Prior to…

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    When you face difficult decisions regarding your personal finances and in other areas of your life, do not delay in reaching out to an experienced bankruptcy attorney. Contact Wolff & Orenstein, LLC. Serving Rockville, Frederick and Prince George's County, our firm is well known for quality work.
Md. Bkr. Case No.: 12-21288 (Chapter 7)
*Resolved litigation to release federal and state liens on Debtor's principal residence in Silver Spring, Maryland and discharged over $90,000.00 of tax obligations.

*Each case is different and past record is no assurance that the lawyer will be successful in reaching a favorable result in any future case.
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