You get a sinking feeling when your bankruptcy lawyer tells you that the trustee will take a special interest in your case because your assets are worth more than your allowed exemptions. The good news is that you have more than one option if you now discover you are “over-exempt”. An “over-exempt” status occurs when your assets – not including your IRA and your home - are worth more than the exempted amount. Some examples of assets that may create this problem include cash, furniture, tax refunds and your car.
In Maryland, you're allowed to keep approximately $12,000.00 of assets, not including your IRA and your home. If the equity in your assets is worth more than $12,000.00, you would need to pay an agreed-upon amount to the trustee in bankruptcy. The payment required might be so high that you are forced to file a Chapter 13 case and to buy back that equity from your creditors. In some cases, however, it is worth staying in Chapter 7 even if you're many thousand dollars over your exemptions.
For more information, read Over Exemptions? Pay Cash to the Trustee and Sleep Better
Regardless of the state of the economy, owing or being owed money can cause stress and fear. Both individuals and businesses face financialchallenges on a daily basis throughout the country, and many feel helpless against their debts.
At Drescher & Associates, Maryland bankruptcy lawyer Ron Drescher is committed to helping debtors and creditors alike find meaningful and lasting solutions to financial trouble. While it can be difficult to see beyond the pressing issues at hand, Mr. Drescher is dedicated to focusing on clients’ true priorities in order to begin building a more stable financial future.
With offices in both Baltimore and Wilmington, Drescher & Associates serve a broad range of clients throughout Maryland, Delaware, Pennsylvania, and Virginia in matters of:
For an individual or business facing bankruptcy, it is easy to feel as though things are spinning out of control. Fear of losing a home, car, or personal business can be overwhelming, and the resulting panic takes a large toll on everyone involved. Although making an honest assessment of one’s financial state can be initially intimidating, it can be the foundation of a stronger beginning following bankruptcy.
'Drescher & Associates has years of experience helping individuals and businesses through Chapters 7, 11, and 13 bankruptcies. In these cases, time is of the essence: the earlier legal assistance is sought, the sooner the client can begin to take control of the situation and move forward.
On the other side of the debt equation, financial institutions are also negatively affected by delinquent loans. Creditors retain certain rights with respect to their claim against borrowers, and the same holds true when a borrower or debtor files for bankruptcy.
Ron Drescher’s creative and intelligent approach to motivating and incentivizing debtors has proven successful time and time again, and achieved timely results. The answers to complex debt problems do not usually lie in drawn-out litigation. In fact, by thinking outside the box and using a proven, hands-on approach with his clients, Mr. Drescher has achieved timely and efficient results for over twenty-five years.
Whether you are an individual considering bankruptcy or a business stuck in commercial litigation, the realization that money may be gone can be a very personal matter. If you represent a financial institution with a delinquent creditor or borrower in bankruptcy, your own business is at risk.
Regardless of which side of debt you fall on, the decision to hire a bankruptcy or creditors’ rights lawyer is time-sensitive. Do not wait until the problem has bloated to an unmanageable level. Signs have probably pointed to worsening situation for some time. The earlier you seek legal help, the more options may be available to reach a solution you can live with.
Ron Drescher’s twenty-five years of experience in consumer and business bankruptcy, creditors’ rights, and commercial litigation have earned him a solid reputation as an energetic and efficient attorney throughout the Baltimore area. For business clients juggling different representation in different states, Mr. Drescher’s license to practice throughout Maryland, Delaware, Virginia, and Pennsylvania can make the legal process easier and more cost-effective.
If you are facing bankruptcy or if you are a creditor with debtors in bankruptcy, do not wait to seek legal help. Call Drescher & Associates today at 410.484.9000, and take control of your financial future.
The Baltimore bankruptcy law firm Drescher & Associates has represented individuals and businesses throughout the Baltimore area, as well as in Virginia, Delaware, and Pennsylvania. Bankruptcy attorney Ron Drescher knows that each bankruptcy case is different, and addresses clients’ individual needs to ensure that a successful solution is achieved.
Maryland creditors’ rights lawyer Ron Drescher has over twenty-five years of experience fighting for the rights of creditors and financial institutions that face challenges collecting from debtors in bankruptcy or with delinquent payments. If you are a creditor who is owed money, contact the Maryland, Delaware, Pennsylvania, and Virginia creditors’ rights attorney Ron Drescher today.
Businesses are often engaged in thorny legal and financial conflicts, which require a lawyer with experience in commercial and business law. Attorney Ron Drescher, of Drescher & Associates, is a Maryland commercial litigation lawyer with experience representing businesses throughout Maryland, Pennsylvania, Delaware, and Virginia.