Maryland Exemptions

Maryland homestead amount is keyed to the inflation adjusted amount of the federal exemptions. Those inflation adjusted amounts can be found here. http://bit.ly/federal-exemptions-2010 Can you double exemptions for joint filers? (General principles) If you are married and filing together, you and your spouse must use the same law; one cannot use federal law while the other uses state law. However, the exemption law chosen applies separately to each spouse. Thus,…

Should I Reaffirm my mortgage?

What is debt reaffirmation? In almost all cases where the debtor has a car loan or a mortgage, the creditor asks that the debt be reaffirmed. Except in rare instances, we strongly recommend against reaffirming any debt. Reaffirming a debt is promising all over again to pay the debt even though it is discharged in the bankruptcy case. Being discharged means that the person filing for bankruptcy never has to…

Taxes in Chapter 13

Filing timely tax returns is key if you wish to discharge tax debt in bankruptcy. It is possible to discharge income tax debt in bankruptcy, however, not all taxes are eligible and timing plays a very important role. If you’re anticipating tax troubles on the horizon, it is always best to go ahead and file a tax return. Failure to do so can result in the IRS preparing a “Substitute…