What Happens When You File for Bankruptcy in Maryland?

: Bankruptcy Questions?Filing for bankruptcy is often the best move you can make, but that doesn’t make the process any less intimidating. Knowing what the process is like may help to ease your nerves.  Since everyone’s circumstances are different, you’ll need to talk to your bankruptcy attorney in Howard County, MD, for detailed information. In general, however, here’s what you can expect.

 

You’ll Probably Keep Your House

The biggest concern for most bankruptcy filers is that they’ll lose their property. Fortunately, most people keep their homes even after filing. You should talk to your lawyer to find out for sure what will happen with your property.

 

Your Credit Score Will Go Down, But It Can Recover

How much filing will affect your credit score depends on what your score was like prior to bankruptcy – but no matter what, it will go down. The good news is that you can rebuild your credit score after being discharged; talk to your bankruptcy attorney to learn more.

 

The Filing Process Will Take Several Months

The average bankruptcy case takes around four months, from the date of filing to the date of discharge. Note that this time does not include preparing your documents for filing, which may be simple or complex, depending on your circumstances.