Blog: Bankruptcy
- The frightening rise in credit card debt
Mar 13, 2024
Consumers all across Maryland are increasingly turning to credit cards to pay for all manner of items, from everyday necessities like groceries and fuel to season-specific items like holiday presents. And while the rise in credit cards has coincided with great economic expansion, credit card debt is a constant burden on many people. While it’s possible to use credit cards for their rewards programs and pay off the full balance each month, many card...Read More - Can bankruptcy help with smaller amounts of debt?
Jan 4, 2024
People regularly file for bankruptcy in the state of Maryland. Many people may see bankruptcy as a way to escape their debts. They may even want to file for a relatively small amount of debt. This is likely not to work out as they envisioned. The different kinds of bankruptcy First, to understand what will happen during bankruptcy, you must understand that not all bankruptcies are identical. There are several kinds of bankruptcy...Read More - When can you apply for a credit card again after bankruptcy?
Dec 28, 2023
After a bankruptcy in Maryland, you could keep your credit card upon the creditor’s approval. If you can’t do this, you can apply again upon fully discharging your bankruptcy. Another option is to get a secured credit card instead of an unsecured one. Secured credit card With a secured credit card, you pay a deposit of $200–$500 to get the card. It’s a more limited type of credit card than an unsecured credit...Read More - Listing assets in Chapter 7 proceedings
Dec 28, 2023
Chapter 7 bankruptcy may be a good way for someone in Maryland to escape insurmountable debt. Under Chapter 7 rules, the debtor will liquidate non-exempt assets to pay creditors. This category is different from Chapter 11, which involves a payment plan. When filing for Chapter 7, the debtor must list their assets. Some may have questions about what assets should appear on the list. Listing assets under Chapter 7 rules There are three...Read More - Common myths about bankruptcy
Nov 28, 2023
Bankruptcy represents a last resort when it comes to financial issues, but there’s nothing wrong with making that choice if your circumstances warrant it. Hundreds of thousands of Americans file for bankruptcy every year, many of them located in Maryland. Despite how common Myths about the impact of bankruptcy One of the most prevalent myths about bankruptcy is that it destroys your credit permanently. First of all, bankruptcy remains on your...Read More - The Chapter 7 bankruptcy means test
Nov 6, 2023
Filing a Chapter 7 bankruptcy to escape unmanageable debt became more difficult in Maryland and around the country when President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act into law in 2005. Congress passed this law to prevent abuse of the nation’s bankruptcy code, which is why one of its provisions introduced the Chapter 7 means test. This test is designed to determine whether individuals who file Chapter 7 bankruptcies have...Read More - Chapter 13 for Maryland residents
Dec 16, 2022
People who find themselves struggling with their debt situation might consider filing for bankruptcy. Those unable to file for Chapter 7 may consider filing for Chapter 13 bankruptcy in Maryland. Understanding basic points about Chapter 13 might help debtors prepare for a possible filing. Chapter 13 vs. Chapter 7 Bankruptcy – Chapter 7 & 13 A payment plan allows a debtor to propose a fair repayment plan to creditors. The debtor repays...Read More - Is Chapter 7 worth pursuing?
Nov 28, 2022
Chapter 7 bankruptcy provides a way for Maryland debtors to address their financial obligations. Debtors may wish to think about whether Chapter 7 is right for them. Liquidation and other issues Chapter 7 involves liquidating cash and property to pay creditors. One concern about liquidation is whether the court may force them to sell needed assets. Be mindful that all assets receive a review by the bankruptcy court. While some property receives exemptions,...Read More - How an involuntary bankruptcy works
Nov 11, 2022
The U.S. bankruptcy code authorizes involuntary bankruptcy as a solution for Maryland creditors in certain situations. This type of bankruptcy can apply to a personal or business debtor, although it is mainly used for businesses. Minimum claim amounts and other limitations exist. Involuntary bankruptcy defined In an involuntary bankruptcy, creditors force an unreliable borrower, typically a business, to file for bankruptcy. This type of bankruptcy is relatively rare and used by creditors who...Read More - Debt settlement and consolidation vs. bankruptcy
Oct 12, 2022
Accumulating debt could make life challenging for Maryland consumers. Some means exist to address these issues, although circumstances could dictate which one is feasible. Debtors may benefit from learning as much as possible about the different strategies to make a more appropriate choice. Debt consolidation and debt settlement Debt consolidation refers to using one loan to pay off other loans. Transferring balances from two credit cards or more to a single card is...Read More