Bankruptcy

Chapter 7, Chapter 11, Chapter 13 Bankruptcies

Southern Maryland | Northern Virginia | Washington, D.C.

The Law Office of DeCaro & Howell in Upper Marlboro, Maryland represents individuals and businesses in filing for bankruptcy to eliminate or restructure debts. Our experienced lawyers offer astute counsel to protect personal assets, avoid foreclosure, or help struggling companies buy time to regain solvency.

Clients meet one-on-one with partners Thomas F. DeCaro or Marla Howell, who offer more than 40 years of combined legal experience. Arrange a consultation today at 301-464-1400.

Chapter 7 Bankruptcy

Recent federal legislation established a means test for individuals to wipe out debts through Chapter 7. Those whose household income exceeds the state median may be pushed into Chapter 13, regardless of the amount of debt. Most (but not all) personal assets are protected in Chapter 7, but certain debts (secured loans, recent taxes) cannot be discharged.

Chapter 13 Bankruptcy

Clients with considerable arrears on a mortgage, or who fail the means test for Chapter 7, can pursue Chapter 13 reorganization. Creditors are held at bay and foreclosure or repossession is halted. Based on ability to pay after expenses, the debtor-in-possession repays a portion of the debt over 36 to 60 months. At the end of the Chapter 13, remaining debts are discharged.

Chapter 11 Bankruptcy

Businesses with more liabilities than assets can find haven in Chapter 11. Chapter 11 provides protection from creditors while debts are partially repaid over time, similar to Chapter 13. High net worth individuals may also have to file under Chapter 11, as secured debt is capped at $1 million and unsecured debt at $300,000.

At DeCaro & Howell, we do the "homework" to make sure a majority of creditors will accept a plan before we actually file. Our attorneys work hard to make sure there are no surprises once clients file, and we have a very high rate of Bankruptcy Court approval. We sit down with clients to look at:

• Assets and whether any equity is at risk
• Type of debt and whether it can be discharged
• Income vs. allowable expenses

To explore your debt relief options, contact DeCaro & Howell online or call 301-464-1400 to arrange a consultation at your convenience.

We are a debt relief agency. We help individuals and businesses in Maryland, Virginia and Washington, D.C. file for relief under the Bankruptcy Code.