Maryland residents that have been through tough financial times probably realize the difficulties that can result even years after. Rebuilding your credit can be tough for individuals that have had to file bankruptcy because of overwhelming debt. A recent article that discussed a bill that is being considered that could certainly help Maryland residents that are already in a stressful financial situation.

Homeowners that have lost their homes can currently be pursued to repay their debt for years after the home has been foreclosed on. The current law states debt collectors can pursue the homeowner for up to 12 years in order to regain the lost money. A new bill would change that time to 180 days. Many states already have this plan in place. Maryland is currently one of the only states to allow such a long time period to regain debt.

This could be helpful for individuals looking to regain control of their financial future. Once a person has filed bankruptcy and are looking to get back on a positive financial track, having a setback of any kind can be detrimental to their credit score as well as their current financial situation. When individuals have budgeted for current bills, it can be difficult to add another bill to the mix.

Anyone in Maryland interested in rebuilding your credit could benefit from following this new bill and see if it will help their particular situation. With proper knowledge of the laws and one’s rights, people are more likely to regain control of their financial future. Having an understanding of current laws as well as the new law and when it will possibly pass could help a person determine the proper time to take action.

Source: The Washington Post, New Maryland bill could shorten debt collection after foreclosure, Kimbriell Kelly and Steven Rich, Dec. 30, 2013