Maryland Notice of Debtors Motion To Value Collateral And To Avoid Interest is a legal document that is filed in Maryland Circuit Courts by a debtor to contest the value of collateral or to avoid interest on a debt. This motion is used when a creditor has a lien on a debtor’s property and the debtor wishes to dispute the value of the collateral or the interest rate that has been charged. There are two types of Maryland Notice of Debtors Motion To Value Collateral And To Avoid Interest: 1) Motion to Value Collateral; and 2) Motion to Avoid Interest. Motion to Value Collateral is used when the debtor wishes to contest the amount of the collateral that the creditor has claimed. Motion to Avoid Interest is used when the debtor wishes to dispute the interest rate that has been charged.
Maryland Notice of Debtors Motion To Value Collateral And To Avoid Interest
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FAQ
?You may consider Chapter 7 if creditors are harassing you, garnishing your wages and bank accounts and you have no way to pay off the debts. You may consider Chapter 7 as a last resort after your best efforts to pay your debts fail.?
Keeping Your Car In A Chapter 7 Generally speaking you have about $5,000 in exemptions in a Chapter 7 bankruptcy that you can use to protect your equity in your vehicles. This amount may go up or down depending on the other assets you have.
Maryland Bankruptcy Exemptions $25,150 for owner-occupied residential real property. $5,000 for personal property. $6,000 for property of any kind.
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.
Secured debt Debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged property upon default.
The court may deny a chapter 7 discharge for any of the reasons described in section 727(a) of the Bankruptcy Code, including failure to provide requested tax documents; failure to complete a course on personal financial management; transfer or concealment of property with intent to hinder, delay, or defraud creditors;