Blog: Bankruptcy
- What are the debts that can be discharged in a Chapter 7 bankruptcy?
Feb 19, 2021
Many types of debts can be discharged by a Dischargeable Debts Debts that can be discharged Credit Card Debt Medical Bills Lawsuit Judgments Against You Most Debts Arising From Car Accidents Obligations Under Leases and Contracts Personal Loans (this includes check-cashing and payday loans) Non-dischargeable Debts First of all, debts that aren’t listed in the paperwork you file with the bankruptcy court will not...Read More - What is the process for declaring bankruptcy?
Feb 5, 2021
After a consultation with your attorney and after making the decision which type of bankruptcy to declare, the bankruptcy process is fairly simple in most instances. However, it does require lots of paperwork and even completing a couple of educational requirements. The paperwork The most time-consuming part of your bankruptcy will be filling out the paperwork. You will have to provide detailed descriptions of your assets and debts, income and monthly living expenses...Read More - How can I keep my car or computer if I declare Chapter 7 bankruptcy?
Jan 29, 2021
Chapter 7 bankruptcy requires that debtors give up property of value – if they have any – to be sold by the trustee to pay off creditors. In real life, there rarely is a “seizure” of the debtor’s assets because most debtors don’t have any property of value. However, there is a way to hold onto property that has some value – but not too much — or to keep property, such as a...Read More - If I declare Chapter 7 bankruptcy in Maryland, can I keep my property?
Jan 22, 2021
In a Chapter 7 bankruptcy, which is a liquidation of assets, the debtor’s property – if there is anything of value – is generally taken by the trustee and sold to pay off debts. In most instances, there is no taking of property because the debtor’s belongings have no value. However, in instances where a debtor has some property that might be worth something, there are ways to keep the property in spite of...Read More - Can I obtain credit – credit cards or a mortgage – after bankruptcy?
Jan 13, 2021
A lot of people wonder about their credit rating and whether they can obtain credit, including a mortgage, if they declare bankruptcy. You can obtain credit after a bankruptcy, including a mortgage, but it might not happen right away. Credit rating By the time most people make the decision to declare bankruptcy, their credit rating is already low because of missed payments. Credit scores generally begin to recover after the court provides a...Read More - What is a Chapter 13 bankruptcy?
Jan 8, 2021
When considering bankruptcy, a consumer has two choices – a Chapter 7 liquidation or a Chapter 13 reorganization. This blog discusses the Chapter 13 bankruptcy process. Chapter 13 is a reorganization bankruptcy, which means that the debtor is not liquidating debts as in a Chapter 7 bankruptcy but making reduced payments over three to five years on the financial amounts that are overdue. The bankruptcy court has noted on its website that a Chapter...Read More - What is a Chapter 7 bankruptcy?
Jan 4, 2021
When considering bankruptcy, a consumer has two choices – a Chapter 7 liquidation or a Chapter 13 reorganization. This blog discusses the Chapter 7 bankruptcy process. A Chapter 7 bankruptcy is a liquidation of debts which means that the debtor is allowed to liquidate or cancel out most of their unsecured debts. In general, the assets of the debtor that are judged to have value are “seized” and sold off to pay off the...Read More - New bankruptcy law makes it easier for small businesses to declare bankruptcy
Dec 18, 2020
The attempts to reduce incidences of the coronavirus, including Maryland’s “stay-at-home” orders, have been hard on many of the Maryland’s small businesses. As a result, many Baltimore and Ocean City small businesses owners are considering bankruptcy. While bankruptcy is probably not a businessperson’s first desire; Maryland business owners, especially those considering declaring bankruptcy in Annapolis, Baltimore, Essex, Ocean City, Towson, White Marsh should be aware that earlier this year, Congress approved a law that...Read More - Experts predicting wave of consumer and business debt in 2021, bankruptcy can help
Dec 14, 2020
More than 7,200 businesses and consumers in Maryland filed bankruptcy from January through July of this year, according to figures available from the American Bankruptcy Institute. The numbers show a decrease in recent filings, but experts are predicting that 2021 will bring a wave of bankruptcy filings as most of the financial relief, including business loans and extended unemployment benefits, offered to consumers and business owners is expected to expire shortly before the end of...Read More - List of assistance for those in Maryland facing unemployment, utility and health insurance cutoffs because of the pandemic
Aug 5, 2020
Maryland officials have put into place a number of programs aimed at helping those who have lost their jobs or have seen their work hours and income reduced during the COVID-19 pandemic. Maryland extends unemployment assistance for 13 weeks The The state is providing the additional weeks of benefits through the Federal-State Extended Benefits Program, which is available to claimants who have exhausted both their 26 weeks of regular benefits and...Read More