Rockville Bankruptcy Law Blog

Accruing thousands of dollars in debt due to credit card charges, medical expenses and mortgage payments may directly cause significant health risks. Owing unsecured debt, or debt detached from specific property, potentially results in feelings of hopelessness and uncertainty among its victims. As it worsens the health of aging adults, debt may ultimately shorten your lifespan.

Bankruptcy could provide potential monetary relief to consumers, and it may just save your life.

For small business owners in Maryland and across the nation, the success of their companies could have a significant impact on their lives. Periods of financial struggle can be challenging for owners, and if these issues persist, the future of an enterprise could be placed in jeopardy in the process. To protect a company, a small business owner may find it beneficial to know the steps to take to address monetary struggles, as well as the available options should debts become an issue, such as reorganization through Chapter 11 bankruptcy.

There are a variety of scenarios in which a small business could experience financial concerns, ranging anywhere from drops in revenue to overspending on operations. The first step in addressing these issues is to acknowledge their presence and identify the source. If operations are a concern, an owner could consider addressing any inefficient manufacturing processes and making the necessary adjustments.

For many consumers in Maryland and across the nation, the convenience and possible rewards involved with using a credit card for purchases may appear enticing. However, with high interest rates and substantial penalties on late payments, there may be some inherent disadvantages to using a similar form of credit. Credit card debt remains one of the leading causes for financial struggles, and similar concerns have led many to pursue relief through consumer bankruptcy.

While a person can use a credit card to purchase nearly anything, financial experts suggest that certain transactions should be avoided at all costs. For instance, those who owe money during tax season could consider using a credit card to cover the bill. However, with high interest rates on most credit accounts, a personal loan could be a much more viable option in times of financial need.

There are a multitude of scenarios in which a person in Maryland may begin to experience the trials of financial hardships. Regardless of how it occurs, those who constantly struggle to keep up with monthly payments may find themselves in search of relief, but with numerous available options, they may be uncertain how best to proceed. While many of those who experience severe financial struggles may wish to seek relief through consumer bankruptcy, they may be forced to wait on their tax refund to pay for the process.

Many may consider a tax refund as a means to pay down on certain amounts of debt, while others may wish to put their refund into savings. However, for those facing substantial amounts of debt, this influx of cash could open up additional options. Studies suggest that the number of bankruptcy filings generally sees an increase during this part of the year, with many choosing to seek the relief they might otherwise be unable to afford.