Many individuals find themselves in financial binds at some point in their lives. These people may consider filing for bankruptcy to relieve their financial burdens and get a fresh start. However, navigating Chapter 7 bankruptcy can be a challenging process and can...
chapter 7 bankruptcy
Why are U.S. consumer bankruptcy filings rising?
As economic landscapes evolve, the United States is seeing a surge in consumer bankruptcy filings. Several factors contribute to this upward trend, impacting individuals and families across the nation. Understanding the elements behind the increase in consumer...
4 common truths about chapter 7 bankruptcy
One misconception surrounding chapter 7 liquidation bankruptcy is that it equals complete financial downfall. On the contrary, the primary purpose of chapter 7 is to provide a fresh start for individuals or businesses struggling with debt. It allows for the discharge...
The link between unaffordable mortgages and bankruptcy
Among the many financial challenges that individuals and families face, the inability to afford mortgage payments stands out as one of the leading causes of bankruptcy in the United States. Homeownership is a significant milestone for many. However, when mortgage...
Medical debt a leading cause of bankruptcy filings in America
Medical debt plagues countless Americans and often leads to financial distress and, in some cases, bankruptcy. The financial burden of health care expenses can be overwhelming. Many individuals and families find themselves in dire straits due to their inability to...
How bankruptcy impacts your credit
Overwhelming financial difficulties can be incredibly challenging to overcome. In certain cases, they can be near impossible to surpass without outside aid. Bankruptcy can provide relief from unmanageable debt. A common misconception that keeps many from using it is...
Does bankruptcy stop the foreclosure process?
The prospect of losing a home due to financial difficulties is a distressing reality for many homeowners. In January 2023, nearly 32,000 U.S. properties had foreclosure filings, according to real estate data company ATTOM. Individuals facing foreclosure often wonder...
Reclaiming your life through bankruptcy filing
Financial problems can occur to anyone, at any point in life. It can be overwhelming, lead to sleepless nights and take away your peace of mind. If you find yourself struggling with insurmountable debt, you might be considering filing for bankruptcy. Bankruptcy can be...
Understanding the Chapter 7 bankruptcy process
The Chapter 7 bankruptcy process offers individuals a fresh financial start by discharging eligible debts. To navigate this process successfully, you need a clear understanding of the key steps involved. Prepare and file the bankruptcy petition The first step in the...
Does filing for bankruptcy lead to the loss of your home?
When your finances begin to spiral beyond your control in Maryland, you may start looking for ways to reestablish financial stability. Depending on how much debt you find yourself in and how much income you have, filing for bankruptcy may help you accomplish this...