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Chapter 7 Bankruptcy Attorneys Work for You in Montgomery and Frederick County

Helping you get your finances back on track

In 2005, the Bankruptcy Code was significantly revised. Many consumers, and even some attorneys, are of the belief that Chapter 7 bankruptcy was restricted. Chapter 7 filings still occur every day and are still a viable option for many American families. We are trained as a debt relief agency to apply a means test to determine your eligibility under Chapter 7. For those clients who are in need of our advice, a Chapter 7 or Chapter 13 solution is there to help you with your financial struggles. At Wolff & Orenstein, LLC, we can help you with a fresh start.

What is Chapter 7?

Chapter 7 is sometimes called liquidation, although that nickname is very deceiving. In nearly all cases, the only assets that are seized and liquidated are nonexempt assets. Assets that are usually exempt under Chapter 7 are:

    • Personal property
    • House
    • Cars
    • Retirement account funds
    • Checking account funds
    • Marital property

The majority of our clients usually retain all of their personal property, the marital home and retirement funds, etc. As debt relief agents, we work hard to help our clients eliminate debts, retain property and obtain a fresh start.

The end result of a Chapter 7 is that all of your unsecured debts are discharged. Unsecured debts include items such as:

    • Credit cards
    • Medical bills
    • Some income taxes
    • Signature loans
    • Payday loans
    • Credit union and bank loans

Who should file Chapter 7?

You should file for a Chapter 7 bankruptcy if you:

  • Have more unsecured debt than you can pay
  • Do not plan to stay in your house or have unprofitable investment property
  • Are trying to arrange a short sale or some similar foreclosure alternative and you need time?

If you need to start over, Chapter 7 may be for you.

What are the qualifications for Chapter 7?

The 2005 reform law introduced the means test, which is used to determine eligibility for Chapter 7. Your income must be below a certain level to be eligible for Chapter 7; otherwise, it is advisable to file Chapter 13. Consumers rarely fail the means test. In an initial free consultation, we will help you calculate where you stand under the means test to determine your eligibility.

What are some other Chapter 7 issues?

  • Some other information that you should know about Chapter 7 bankruptcy includes the following: Your credit report reflects your bankruptcy filing for 10 years.
  • You may qualify for a Federal Housing Administration (FHA) mortgage after two years or perhaps even earlier in some cases. Your qualification for a conventional mortgage is very much the same, although different lenders have different rules.
  • If you no longer want to stay in business, your business may also be eligible for Chapter 7.

Our attorneys at Wolff & Orenstein, LLC can provide you with everything you need to know about Chapter 7 bankruptcy.

Reach out to our Chapter 7 attorneys to discuss your Rockville County bankruptcy during your free consultation

We believe that filing for bankruptcy is a difficult choice to make; taking control of your financial situation is a smart choice. Do not let the creditors control you. Serving Montgomery, Frederick and Prince George’s Counties and throughout Maryland, our attorneys at Wolff & Orenstein, LLC are well known for their quality work. For a free initial consultation, contact us at 240-670-4991 or online to discuss your case.


“Mr. Wolff is well known for his expertise in the area of Bankruptcy Law. He is also generous with his time and knowledge in helping other less experienced practitioners in answering questions and aiding them with practical advice.”
5.0 Rating ★★★★★ Review From Lawyers.com

“Excellent lawyer. Very professional.”
5.0 Rating ★★★★★ Review From Lawyers.com

“Excellent, ethical, knowledgeable, supportive, very smart.”
5.0 Rating ★★★★★ Review From Lawyers.com