Personal Bankruptcy in Maryland

In the worst recession in a generation, the number of Americans filing for bankruptcy is skyrocketing.  Over one million Americans filed for bankruptcy in 2008, and the number jumped to roughly 1.4 million in 2009.

Personal bankruptcy in MD is also up by 20 percent compared to 2008.  Locally, Montgomery County personal bankruptcy has alos risen significantly. Factors pushing people into Maryland personal bankruptcy include:

• High unemployment and work hour reductions, such as furloughs
• The real estate and housing crisis
• High medical bills and insufficient health insurance
• Easy access to enticing credit offers
• Divorce

Most common types of bankruptcy

When all means of debt relief are exhausted, it may be time to consider bankruptcy.  The federal bankruptcy code provides for several types of bankruptcy, each with its own set of advantages and disadvantages and filing qualifications.  Here are the most common types of  personal bankruptcy proceedings:

• Chapter 7, or straight bankruptcy, liquidates the non-exempt assets of the debtor to pay creditors.  Personal belongings and qualified retirement funds are among the assets generally exempt. This form of bankruptcy usually wipes out unsecured debt.  The typical candidate earns less than the state median income with few assets and lots of unsecured debt.
• Chapter 11 allows corporations and partnerships to reorganize their debts and renegotiate more favorable agreements while they continue to operate.
• Chapter 13 is a repayment plan for individuals earning more than the state median income that allows them to pay all or part of their debts over 3 to 5 years, and possibly save their homes from foreclosure.

To explore your options for personal bankruptcy in Montgomery County, general questions on bakruptcy law in MD, and MD personal bakruptcy contact our firm today.

Business Bankruptcy in MD

As credit and wallets tighten, there is a surge of business bankruptcy in Montgomery County and nationwide.  Whether you want a Maryland business workout or a MD business bankruptcy, it pays to consult Goren, Wolff & Orenstein, LLC. Need local assistance? Our experienced attorneys can provide assitance with Rockville business work out or other local communities in Montgomery County.

The attorneys of Goren, Wolff & Orenstein understand business bankruptcy and personal bankruptcy law in Maryland. Filing business bankruptcy in Rockville, filing for an MD business workout or filing a business bankruptcy anywhere in Maryland is a complex undertaking that requires skilled legal guidance.  A business workout or business bankruptcy can put your enterprise on the road to profitability.

Ready to handle Rockville business bankruptcies and individual filings!

Our legal team has outstanding credentials in personal bankruptcy and business bankruptcy in Frederick, Rockville and Montgomery County, Maryland.  For example, Michael G. Wolff recently served as the Chairman of the Consumer Bankruptcy Section of the Maryland State Bar Association.  If you are interested in MD business bankruptcy or personal bankruptcy, have questions regarding Rockville business bankruptcy or Frederick business bankruptcy, we urge you to contact Goren, Wolff & Orenstein today to put the law on your side.