A bankruptcy court typically hears on the filings for bankruptcy, be they under chapter 7, 11, 12 or 13 in the United States. Individuals or companies, even large ones may make such filings. Hearing and accepting a plea for bankruptcy are the main functions of such courts. Additionally, they also maintain information on all the cases that are filed under their jurisdiction. Subsequently, such records may be made public so that the general population can use it for background checks and other functions. The Maryland Bankruptcy Court performs these functions for the state of Maryland in the United States of America. In view of the recent economic downturn, it has seen increased activity in the form of more bankruptcy filings in the state.
Maryland bankruptcy court records would give you an idea about the number of cases that were filed in the state under Chapter 7 and Chapter 13 of the bankruptcy laws of the country. It is also known as liquidation bankruptcy or straight bankruptcy whereby the assets of the debtor are taken over by the trustee, liquidated and the cash that is acquired is handed over to the creditors.
Debtors, who do not wish to lose much of their assets, file for Chapter 13 bankruptcy. Filing for Chapter 13 bankruptcy may help the debtor to retain some his assets. Under Chapter 13 bankruptcy the debt amount can be repaid within a certain span of time. People who have a steady income can file for this form of bankruptcy.
Maryland Bankruptcy Court records provide detailed information about bankruptcy laws and that includes information on different types of exemptions. Some the exemptions are listed below:
- Under the state bankruptcy laws of Maryland no exemptions are provided for homestead except in the case of property occupied by tenants may be exempted under section 41 B.R. 747
- Any kind of health or disability benefits that include awards, settlements and negotiations from the court by court judgments or proceedings are exempted under section 11-504(b)(2)
- Fraternity or community benefits are exempted under Ins. section 8-431 and Estates & Trusts section 8-115
- Life insurance proceeds is exempted under Ins. section 16-111(a) and Estates & Trusts section 8-115
Find Maryland Bankruptcy Records Online
The courts that supervise these cases preserve the bankruptcy records of the state of Maryland. You can avail these records from Maryland Bankruptcy Court if you wish to cross check any individual's or business's financial background. The courts locations are at Baltimore, LaPlata, Greenbelt, and Salisbury. All information regarding the bankruptcy cases filed are accessible to the public. It is advisable that you opt for easier ways to search for Maryland bankruptcy records. The online sources have updated databases that give you all relevant information. This is the most convenient way and most websites offer this service for free, thus saving both your time and money.