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Rockville Bankruptcy Law Blog

Bankruptcy can provide a second chance for small businesses

If you are a Maryland small business owner struggling to stay afloat, you may be searching for options to keep your company open. Depending on your specific situation, bankruptcy may provide the breathing room you need. At The Law Offices of Richard B. Rosenblatt, PC, we frequently assist clients in finding the best resolution to their debt problems and help them get back on track.

According to Chron, Chapter 11, also known as “reorganization bankruptcy.” While it can be more complicated and expensive than Chapter 7, this option offers protection from creditors and allows your business to continue operating while you get the finances in order. The court requires detailed information regarding your financial situation, the obligation to creditors and assets before debt restructuring can take place.

What are some bad spending habits I should avoid?

If you’re experiencing financial issues, you may be thinking about altering your behavior. In some cases, a person’s spending habits have a direct impact on their financial stability, sometimes leading to insolvency. The Balance offers examples of poor spending habits, as well as tips on how to avoid them.

Relying on credit

What steps can I take to avoid foreclosure?

If you’re a homeowner in Maryland, being faced with a foreclosure is a very upsetting proposition. Having the right information is crucial in this case, both to avoid losing your home as well as to steer clear of any potential foreclosure scams, which could deprive you of even more money. In this case, USA.gov offers the following guidelines.

Look for government assistance

How can I manage holiday spending and avoid credit card debt?

Overspending during the holidays can feel like an inevitability. As much as you try to stick to a budget, you end up spending more than you anticipated. While it may feel good in the moment to be giving gifts to your loved ones, the long-term effect of debt can be crushing.

Here are five tips for managing your holiday expenses during and after the season.

Other benefits of eliminating credit card debt

Every day, people across the country spend more than they can afford to when using their credit cards. However, this spending is not always an example of irresponsible behavior. Some people find themselves in a position where they have no choice but to rack up credit card debt in order to buy groceries for their kids or pay bills. Unfortunately, this can lead to even greater financial hardships down the road and some people do not realize just how far they can fall behind due to interest payments. Ultimately, some people file for bankruptcy in order to clear this debt and doing so can offer a number of advantages.

Aside from financial considerations, there are other perks associated with the elimination of credit card debt. For starters, people may find peace of mind and relief from creditors who are constantly harassing them. This debt can weigh on a person's mind heavily and it can lead to stress, sleep loss, depression and other challenges. By getting rid of this debt, you may find a sense of freedom and you may also be able to enjoy life once again. Your loved ones may even feel as if the "old you" has returned.

An overview of home loan modifications

For several years now people in Maryland and around the country have heard that the nation's economy is strong, showing great growth and rebound after the recession. That does not mean, however, that everyone in the country is living without financial concerns. In fact, many consumers today are facing serious debt problems despite a generally healthy economy. 

If you are one of these people and you own a home, you may be seeking information about how to stay or get current on your mortgage. One of options that may be available to you is a modification of your home loan. As explained by NerdWallet, this is not the same thing as a refinance in which you actually end up with an all-new mortgage. Instead, you retain your original mortgage but with amended terms. This might include a change in your interest rate or an extension of the mortgage duration. The purpose of a modification is to reduce your monthly payments so that you can avoid default and foreclosure by once again being current with your loan payments.

How can I get a handle on credit card debt?

If you find that your credit card debt is spiraling out of control, you may be weighing your options. While you might ultimately need to file for bankruptcy or pursue credit counseling, working on your spending now is still recommended to ensure your correct any bad habits. RealSimple.com offers the following tips to help you eliminate debt and seek out a responsible financial future.

Try to get a lower interest rate

Is student loan debt holding you back?

For the vast majority of American’s, debt is the price of admission to the American Dream. From a young age, we are sold the idea that financial stability in the future is not possible without an astronomical investment in your education today. College is thought to be the prerequisite for success in life. For that ray of hope, many American’s sign over responsibility to a form of debt that has astoundingly high interest rates and is unshakable, even in cases of extreme financial hardship or bankruptcy.

Student loan debt in the U.S. stands at a collective $1.5 trillion split between 44 million people, according to Forbes. That amount has doubled over the past decade and isn’t going anywhere but up. This leaves many students shackled to their debt for the foreseeable future.

Filing a Chapter 11 petition for the first time

Filing a bankruptcy petition can be tough for anyone, but some people face an especially difficult time when it comes to the bankruptcy process. For example, those who have complex financial circumstances may be unsure of which route to take or how bankruptcy will affect their finances. This is often especially true for someone who has never filed for bankruptcy before. If you are planning on going through bankruptcy for the first time, it is pivotal to be fully prepared.

Assuming that you have thoroughly compared all of your options and determined that Chapter 11 is the most sensible course of action, you should have confidence in your decision to move forward with a bankruptcy petition. It is normal to feel uneasy about this process, but you may be able to get rid of your concerns by carefully considering all aspects of your case beforehand. If you have questions about certain aspects of the Chapter 11 process, do not hesitate to look for answers. We know that bankruptcy can be concerning from a financial and emotional point of view, but many people have been able to completely turn their lives around by eliminating debt through bankruptcy.

Fall can be a good time for a financial checkup

With summer coming to a close and fall starting up, there are certain things individuals may want to give some extra attention. This includes their financial affairs.

While summer can be a lot of fun, it can also be expensive. According to a recent survey, the vast majority of Americans (87 percent) indicate that the summer months are when they spend the most on socializing.

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Rockville, MD 20850

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