Blog: Bankruptcy
- 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 - Exploring Chapter 7 exemptions
Sep 8, 2022
Filing for Chapter 7 bankruptcy may allow you to reduce or eliminate credit card balances, medical bills and other types of unsecured debts. In some cases, you may be able to do so without losing a home, car or other property. Alternatively, the law may allow you to keep the equity that you accrued in a home, car or other asset. Overview of the homestead exemption A homestead exemption allows you to retain...Read More - Know if you qualify for Chapter 7 bankruptcy
May 18, 2022
Filing for Chapter 7 bankruptcy starts by seeing if you qualify first. Federal law requires Maryland applicants to prove a monthly or annual income by passing a means test. The qualification process is not all that difficult, so many applicants do qualify after meeting a few basic requirements. The means test To qualify for Chapter 7 bankruptcy, you need to pass Additional requirements You cannot show a history of filing...Read More - Debt discharges and Chapter 13 bankruptcy
Apr 13, 2022
Chapter 13 bankruptcy differs significantly from Chapter 7. With Chapter 7, filers enter into a liquidation bankruptcy, which mainly involves the trustee selling off non-exempt assets to pay creditors. Some remaining debt becomes subject to discharge. Chapter 13 focuses on a repayment plan, but some filers may wonder if any debt undergoes a discharge. For those with such concerns, it might be positive news to learn that some debt may end up discharged in a...Read More - Creating a Chapter 13 bankruptcy repayment plan
Apr 7, 2022
Maryland consumers who have trouble paying their debts might want to consider filing for Chapter 13 bankruptcy. This type of bankruptcy involves paying back debts over time, so it’s important to properly prepare for your repayment plan. What to know about Chapter 13 bankruptcy People who have debts that they are having difficulty paying off due to time constraints often turn to How does a Chapter 13 repayment plan work? ...Read More - Understanding bankruptcy subpoena in Maryland
Mar 11, 2022
If you’re considering bankruptcy in Maryland, you may have heard the term “bankruptcy subpoena.” But what is it and how will it impact your case? What is a bankruptcy subpoena? A bankruptcy subpoena is a legal document that orders a person or business to appear in court to provide testimony, documents or other evidence related to a bankruptcy case. The purpose of a bankruptcy subpoena is to gather information that will help the...Read More - Expect your bankruptcy trustee to ask for bank statements
Jan 18, 2022
Maryland residents who file for Chapter 7 bankruptcy should be open and honest about their finances. Disclosing everything to the bankruptcy trustee may help the process to go more smoothly than it would for someone who tries to hide things. The bankruptcy trustee can look at almost everything The Most bankruptcy trustees will not request a full two years of bank statements. In many cases, trustees only ask for statements from...Read More - Chapter 7 and 13 bankruptcy could help debtors
Jan 12, 2022
Debt collection notices may pile up in a Maryland mailbox, and collection agency phone calls might prove too much to bear. Laws establishing procedures for filing Chapter 7 and 13 exist to help financially troubled persons achieve a restart. Not everyone knows the difference between Chapter 7 and 13, but the distinctions are stark. Chapter 7 vs. Chapter 13 Bankruptcy can help individuals get out from underneath debt, but creditors have rights as...Read More - Deciding between Chapter 7 and Chapter 11 bankruptcy
Jan 5, 2022
A new year has dawned, but you’re still in the same old predicament: You don’t have enough money to pay your bills in Maryland. If the time has come to file for bankruptcy, do you choose Chapter 7 or Chapter 13? Bankruptcy is a last resort Individuals should not file bankruptcy unless they have exhausted all other means to get their debts under control. Chapter 7 and Chapter 13 refer to the sections...Read More - Chapter 13 and Chapter 7 bankruptcies are different
Dec 30, 2021
Debt might reach a point where paying off obligations appears impossible. A Maryland resident may look at bankruptcy laws for protection. Exploring bankruptcy reveals different categories, and filers may go through Chapter 7 or Chapter 13. Significant differences separate these two options, and the debtor might not have a choice about what category to file. However, both Chapter 7 and Chapter 13 could help someone suffering from financial misfortune. Chapter 7 vs. Chapter 13...Read More