The Maryland Voluntary Petition — Form 1 is a legal document that individuals or businesses in the state of Maryland can use to initiate a voluntary petition for bankruptcy. The form follows the guidelines set by the Maryland Bankruptcy Court and must be completed accurately and in its entirety. The Maryland Voluntary Petition — Form 1 is primarily used in Chapter 7 bankruptcy cases, which involve the liquidation of a debtor's non-exempt assets in order to repay creditors. However, there are other types of bankruptcy cases in which different forms may be required. These types include Chapter 13 bankruptcy, Chapter 11 bankruptcy, and Chapter 12 bankruptcy. Chapter 13 bankruptcy allows individuals with regular income to create a repayment plan to gradually pay off their debts over a period of 3 to 5 years. In this case, the Maryland Voluntary Petition — Form 1 may be different from the one used in Chapter 7 cases. Likewise, Chapter 11 bankruptcy is designed for businesses and individuals with substantial debts, allowing them to reorganize their finances and operations while repaying creditors over time. Chapter 12 bankruptcy is specifically tailored for family farmers and fishermen, providing them with specialized tools for restructuring their debts. It is crucial to use the correct form for the specific type of bankruptcy being filed, as each form contains different sections and information requirements. The Maryland Voluntary Petition — Form 1 typically includes the debtor's personal information, such as name, address, and contact details. Additionally, it requires detailed information regarding the debtor's income, assets, liabilities, expenses, and any ongoing legal proceedings. By accurately completing the Maryland Voluntary Petition — Form 1, debtors can ensure that their bankruptcy case is properly initiated and processed by the Maryland Bankruptcy Court. Seeking professional advice from a bankruptcy attorney is highly recommended ensuring the correct form is used and to navigate the complex bankruptcy process successfully.
Maryland Voluntary Petition - Form 1
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How to fill out Maryland Voluntary Petition - Form 1?
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FAQ
The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.
If a filer qualifies for an exception to the means test, they will file Form 122A-1Supp. You can earn a high income and still pass the means test if you have substantial expenses like a hefty mortgage, multiple car payments, taxes, childcare, health care, or care of an elderly or disabled person.
You'll add all income earned from all sources during the full six months immediately before filing and multiply the amount by two. Here are examples of the types of income you'll include: gross wages, salary, tips, bonuses, overtime, and commissions. alimony and maintenance payments.
Form 122A-2. This form, titled the ?Chapter 7 Means Test Calculation,? is the one you fill out if your income is higher than the state median. You will use this form to deduct allowable expenses and see how much income you have left over. This will help determine whether you might qualify for Chapter 7 or Chapter 13.
Maryland Chapter 13 Bankruptcy Information Under a chapter 13 bankruptcy, a debtor proposes a 3-5 year repayment plan to the creditors offering to pay off all or part of the debts from the debtor's future income.
While no specific cash exemption is listed in the federal bankruptcy exemptions, a wildcard exemption allows you to protect up to $1,325 in any property and use up to $12,575 of any unused portion of a homestead exemption to protect money.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain requirements.