{"id":2852,"date":"2020-09-09T11:51:00","date_gmt":"2020-09-09T14:51:00","guid":{"rendered":"https:\/\/abogadosmaryland.cyberglobalnet.icu\/?p=2852"},"modified":"2021-07-24T13:56:38","modified_gmt":"2021-07-24T16:56:38","slug":"three-facts-about-chapter-7-bankruptcy","status":"publish","type":"post","link":"https:\/\/abogados-maryland.com\/en\/three-facts-about-chapter-7-bankruptcy\/","title":{"rendered":"Three facts about Chapter 7 bankruptcy"},"content":{"rendered":"\n<p>Personal bankruptcy can be a stressful and complex legal process. When a Maryland resident determines that bankruptcy may be a good option for them to remedy their overwhelming debts, they can choose to contact a knowledgeable personal bankruptcy attorney to support and advise them. This post does not provide any legal advice and specific questions about the Chapter 7 bankruptcy process should be directed to local bankruptcy attorneys.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fact #1: Chapter 7 bankruptcy is not for everyone<\/h3>\n\n\n\n<p>Chapter 7 bankruptcy is one of two common forms of personal bankruptcy. It involves the evaluation of a debtor\u2019s wealth and the sale or liquidation of their assets to repay their creditors. As such, if a debtor has income that can be dedicated to the repayment of their loans and financial obligations, they may not be permitted to use Chapter 7 bankruptcy to overcome their financial challenges. Other restrictions may limit who may use Chapter 7 bankruptcy to seek financial stability and debtors should investigate if they qualify before the begin the filing process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fact #2: Liquidation does not mean everything is sold<\/h3>\n\n\n\n<p>The liquidation process of Chapter 7 bankruptcy can be overwhelming for many debtors, but it is not comprehensive. That is to say, debtors are allowed to keep some of their property despite the mandate to sell what they have to pay off their debts. Certain <a href=\"https:\/\/bankruptcy.findlaw.com\/chapter-7\/bankruptcy-exemptions-chapter-7.html\" target=\"_blank\" rel=\"noreferrer noopener\">exemptions<\/a> exist that allow them to keep clothing, home goods, and even vehicles so that they can continue to live their lives despite their involvement in the bankruptcy process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fact #3: Bankruptcy can have long-term financial impacts<\/h3>\n\n\n\n<p>Although bankruptcy is a useful legal tool for many, it is not without drawbacks. A bankruptcy discharge can affect a person\u2019s ability to get credit and to apply for loans. It lower their credit score and can prevent them from buying homes, cars, and other items of property. Before a person files for Chapter 7 bankruptcy, they may wish to investigate other options for lowering their debt with their trusted bankruptcy and debt relief attorneys.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Personal bankruptcy can be a stressful and complex legal process. When a Maryland resident determines that bankruptcy may be a good option for them to remedy their overwhelming debts, they can choose to contact a knowledgeable personal bankruptcy attorney to support and advise them. This post does not provide any legal advice and specific questions [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[58,61],"class_list":["post-2852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bankruptcy","tag-chapter-7"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Three facts about Chapter 7 bankruptcy - Abogados Maryland<\/title>\n<meta name=\"description\" content=\"Three facts about Chapter 7 bankruptcy. Personal bankruptcy can be a stressful and complex legal process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/abogados-maryland.com\/en\/three-facts-about-chapter-7-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three facts about Chapter 7 bankruptcy - Abogados Maryland\" \/>\n<meta property=\"og:description\" content=\"Three facts about Chapter 7 bankruptcy. Personal bankruptcy can be a stressful and complex legal process.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/abogados-maryland.com\/en\/three-facts-about-chapter-7-bankruptcy\/\" \/>\n<meta property=\"og:site_name\" content=\"Abogados Maryland\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-09T14:51:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-24T16:56:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/abogados-maryland.com\/wp-content\/uploads\/2020\/09\/blog-9.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"jorge\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"jorge\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/\",\"url\":\"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/\",\"name\":\"Three facts about Chapter 7 bankruptcy - Abogados Maryland\",\"isPartOf\":{\"@id\":\"https:\/\/abogados-maryland.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/abogados-maryland.com\/wp-content\/uploads\/2020\/09\/blog-9.jpg\",\"datePublished\":\"2020-09-09T14:51:00+00:00\",\"dateModified\":\"2021-07-24T16:56:38+00:00\",\"author\":{\"@id\":\"https:\/\/abogados-maryland.com\/en\/#\/schema\/person\/7a0449ed319ad734410c01410e3cb5aa\"},\"description\":\"Three facts about Chapter 7 bankruptcy. Personal bankruptcy can be a stressful and complex legal process.\",\"breadcrumb\":{\"@id\":\"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/#primaryimage\",\"url\":\"https:\/\/abogados-maryland.com\/wp-content\/uploads\/2020\/09\/blog-9.jpg\",\"contentUrl\":\"https:\/\/abogados-maryland.com\/wp-content\/uploads\/2020\/09\/blog-9.jpg\",\"width\":900,\"height\":533,\"caption\":\"Bankruptcy\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/abogados-maryland.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Three facts about Chapter 7 bankruptcy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/abogados-maryland.com\/en\/#website\",\"url\":\"https:\/\/abogados-maryland.com\/en\/\",\"name\":\"Abogados Maryland\",\"description\":\"Debt Relief Agency\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/abogados-maryland.com\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/abogados-maryland.com\/en\/#\/schema\/person\/7a0449ed319ad734410c01410e3cb5aa\",\"name\":\"jorge\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/abogados-maryland.com\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8ceda99b01039f1b6b47fba87d49cc0ec60c18c818061cc5e7e41d03b6a8bc4f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8ceda99b01039f1b6b47fba87d49cc0ec60c18c818061cc5e7e41d03b6a8bc4f?s=96&d=mm&r=g\",\"caption\":\"jorge\"},\"url\":\"https:\/\/abogados-maryland.com\/en\/author\/jorge\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Three facts about Chapter 7 bankruptcy - Abogados Maryland","description":"Three facts about Chapter 7 bankruptcy. Personal bankruptcy can be a stressful and complex legal process.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/abogados-maryland.com\/en\/three-facts-about-chapter-7-bankruptcy\/","og_locale":"en_US","og_type":"article","og_title":"Three facts about Chapter 7 bankruptcy - Abogados Maryland","og_description":"Three facts about Chapter 7 bankruptcy. Personal bankruptcy can be a stressful and complex legal process.","og_url":"https:\/\/abogados-maryland.com\/en\/three-facts-about-chapter-7-bankruptcy\/","og_site_name":"Abogados Maryland","article_published_time":"2020-09-09T14:51:00+00:00","article_modified_time":"2021-07-24T16:56:38+00:00","og_image":[{"width":900,"height":533,"url":"https:\/\/abogados-maryland.com\/wp-content\/uploads\/2020\/09\/blog-9.jpg","type":"image\/jpeg"}],"author":"jorge","twitter_card":"summary_large_image","twitter_misc":{"Written by":"jorge","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/","url":"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/","name":"Three facts about Chapter 7 bankruptcy - Abogados Maryland","isPartOf":{"@id":"https:\/\/abogados-maryland.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/#primaryimage"},"image":{"@id":"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/#primaryimage"},"thumbnailUrl":"https:\/\/abogados-maryland.com\/wp-content\/uploads\/2020\/09\/blog-9.jpg","datePublished":"2020-09-09T14:51:00+00:00","dateModified":"2021-07-24T16:56:38+00:00","author":{"@id":"https:\/\/abogados-maryland.com\/en\/#\/schema\/person\/7a0449ed319ad734410c01410e3cb5aa"},"description":"Three facts about Chapter 7 bankruptcy. Personal bankruptcy can be a stressful and complex legal process.","breadcrumb":{"@id":"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/#primaryimage","url":"https:\/\/abogados-maryland.com\/wp-content\/uploads\/2020\/09\/blog-9.jpg","contentUrl":"https:\/\/abogados-maryland.com\/wp-content\/uploads\/2020\/09\/blog-9.jpg","width":900,"height":533,"caption":"Bankruptcy"},{"@type":"BreadcrumbList","@id":"https:\/\/abogados-maryland.com\/es\/three-facts-about-chapter-7-bankruptcy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/abogados-maryland.com\/en\/"},{"@type":"ListItem","position":2,"name":"Three facts about Chapter 7 bankruptcy"}]},{"@type":"WebSite","@id":"https:\/\/abogados-maryland.com\/en\/#website","url":"https:\/\/abogados-maryland.com\/en\/","name":"Abogados Maryland","description":"Debt Relief Agency","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/abogados-maryland.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/abogados-maryland.com\/en\/#\/schema\/person\/7a0449ed319ad734410c01410e3cb5aa","name":"jorge","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/abogados-maryland.com\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8ceda99b01039f1b6b47fba87d49cc0ec60c18c818061cc5e7e41d03b6a8bc4f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8ceda99b01039f1b6b47fba87d49cc0ec60c18c818061cc5e7e41d03b6a8bc4f?s=96&d=mm&r=g","caption":"jorge"},"url":"https:\/\/abogados-maryland.com\/en\/author\/jorge\/"}]}},"_links":{"self":[{"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/posts\/2852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/comments?post=2852"}],"version-history":[{"count":1,"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/posts\/2852\/revisions"}],"predecessor-version":[{"id":2855,"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/posts\/2852\/revisions\/2855"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/media\/2861"}],"wp:attachment":[{"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/media?parent=2852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/categories?post=2852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abogados-maryland.com\/en\/wp-json\/wp\/v2\/tags?post=2852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}