Blog: Bankruptcy

Dec 29, 2021

Maryland residents are faced with a choice of what kind of bankruptcy to file when they run into financial difficulties. The two primary types of bankruptcy each offer their own advantages. Chapter 7 gives you a near-complete debt discharge Chapter 7 bankruptcy Chapter 13 buys you time Chapter 13 bankruptcy is a restructuring, This gives you time and breathing room to Which one works best depends on your situation...

Debts that can be discharged in Chapter 7 bankruptcy

Nov 15, 2021

Chapter 7 bankruptcy can provide relief for some Maryland residents who have overwhelming consumer debt and no means to pay it off. While Chapter 7 bankruptcy can have a negative impact on your credit score, it is sometimes a better option than letting debts go into collections. What debts can be included in Chapter 7? Most unsecured consumer debts can be discharged in Student loans Child support Court fees...

How often can you file for bankruptcy?

Oct 22, 2021

Dealing with fiscal emergencies and immense debts can happen more than once in someone’s lifetime. Like most states, Maryland, allows residents to file bankruptcy more than once. While there isn’t a limit on how many bankruptcies a person can have, there are waiting periods. When do bankruptcy filings end? There’s a limit to filing for There are a few different concerns to keep in mind when filing another bankruptcy. Answering these...

How the means test can affect your bankruptcy proceedings

Jul 9, 2021

When you need to declare bankruptcy in Maryland, there are two main options available to consumers. You can file for a Chapter 7 or a Chapter 13 bankruptcy. If you meet the requirements for the means test, you can file for Chapter 7. Otherwise, you can consider Chapter 13 and other options. Factors considered in the means test Bankruptcy The means test compares an individual’s average monthly income for the last several...

What are exempt and nonexempt assets in Chapter 7 bankruptcy?

Jun 25, 2021

Filing for bankruptcy can be a way to find relief from financial woes and stress. Determining whether filing Chapter 7 is right for you can help you to navigate the process of resetting or selling off additional assets that you currently own to help alleviate financial strain. If you are living in Maryland, understanding the exempt and nonexempt assets in Chapter 7 bankruptcy can help you to determine if this type is right for you...

Will I lose everything if I file for bankruptcy?

May 11, 2021

Many people in Ocean City are buckling under the weight of overwhelming debt. Fortunately, there is help available, but unfortunately many people are afraid to take advantage of the most powerful debt reduction tool available to them. This tool is personal bankruptcy. Many people are afraid that if they file for bankruptcy, they will lose everything they own. The good news is that this is not true. In fact, Maryland law provides many...

NRA bankruptcy may get dismissed

May 4, 2021

For anyone that has consumed news during the past 12 months or so, they likely have noticed the deluge of bankruptcy filings by famous brands. Perhaps, one of the most shocking, for various reasons, is the National Rifle Association. However, a bankruptcy judge is currently mulling whether to dismiss the NRA’s case. The bankruptcy case The The case against the NRA At issue is whether the NRA’s bankruptcy is legitimate...

Who can file for Chapter 7 bankruptcy?

Apr 7, 2021

Bankruptcy is a complex legal process. It involves the balancing of financial matters with the application of laws to protect and support the needs of people with overwhelming and insurmountable debts. In Maryland, individual debtors can choose from Chapter 7 bankruptcy and Chapter 13 bankruptcy to achieve their debt relief needs. Chapter 7 bankruptcy Financial requirements of Chapter 7 bankruptcy One of the biggest considerations that is often made when deciding what...

Can filing for bankruptcy stop wage garnishment?

Feb 26, 2021

Yes. A Glen Burnie or Ocean City bankruptcy filing can stop most wage garnishments. A wage garnishment happens when a court issues an order requiring your employer to withhold a portion of your paycheck and to send it directly to a creditor. The creditor gets the right to have your paycheck garnished after it has taken you to court and obtained a judgement. A portion of the debtor’s paycheck is sent to the...

Can filing bankruptcy stop a foreclosure?

Feb 24, 2021

Yes. As long as the foreclosure hasn’t been completed, you can declare Chapter 13 in order to save your home even if you have received a foreclosure notice from your lender. However, if you are facing foreclosure it’s best to consult a Baltimore bankruptcy or an Ocean City bankruptcy attorney as soon as possible. In a Chapter 13 bankruptcy, the foreclosure is “stayed” or placed on hold and all creditors must immediately stop contacting...