Filing for bankruptcy may be a good option if you are overwhelmed by the amount of debt that you have and you have tried other options to try and reduce your debt without success. For example, you may be able to negotiate lower monthly payments toward your debt with your creditors. If you do decide that filing for bankruptcy is the right option for you, you may be eligible to file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy can usually be completed within four months and is a liquidation proceeding. During a Chapter 7 bankruptcy, some of your property is sold to repay your creditors. To be eligible to file for Chapter 7 bankruptcy, you must earn less than the median income for your state. Since you are receiving unemployment, you will likely be eligible for Chapter 7 bankruptcy. If you would like to keep your assets, Chapter 13 allows you to create a three to five year repayment to repay your debt. However, you must have regular and reliable income in order to qualify for Chapter 13 bankruptcy, and receiving unemployment may not be substantial enough to satisfy the court. For more information about filing for bankruptcy, see http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics.aspx. In addition, contact a Maryland bankruptcy attorney today to discuss your options.