Bankruptcy is a legal proceeding designed to help people eliminate or reorganize insurmountable debt. But while bankruptcy provides many with the clean slate they need to get back on track, it isn’t without consequences. Bankruptcy can impact your credit score more...
chapter 7 bankruptcy
What is the chapter 7 means test and how does it work?
For individuals and some businesses, chapter 7 bankruptcy may be their best option for a fresh start. Referred to as the “liquidation” bankruptcy type, chapter 7 involves the debtor giving up significant assets. These assets are then distributed and sold and the money...
How to balance your budget after bankruptcy
When you file for bankruptcy, you can get your finances back to square one. However, once you file, you cannot file again for a set number of years after your discharge. This means that you need to be very careful with your finances. You have to create a budget and...
What is reaffirmation in Chapter 7 bankruptcy?
A Chapter 7 bankruptcy may give Maryland residents a release, or discharge, from the obligation to pay most debts. There are circumstances, however, in which you may choose to enter into an agreement to reaffirm your debt in a Chapter 7 proceeding. A reaffirmation...
What should I not do when filing for bankruptcy?
When you consider filing for bankruptcy in Maryland, there are certain things that you may do with your finance that may end up hurting your case. Before filing for bankruptcy, you should consult an excellent attorney who may take you through the process. However,...
What are some of the reasons Americans file for bankruptcy?
Overwhelming medical or health-care expenses are the causes behind two-thirds of the individuals filing for bankruptcy protection in Maryland and across the nation. If you are contemplating bankruptcy because of medical reasons, you are joined by approximately 530,000...
Chapter 7 bankruptcy: the pros and cons
Those who find themselves unable to pay off their debts in Maryland may find themselves faced with the difficult decision of whether or not to declare bankruptcy. There are two types of bankruptcy that individuals typically file under: Chapter 13 and Chapter 7. The...
How does Chapter 7 bankruptcy work in Maryland?
If you are struggling financially, filing bankruptcy under Chapter 7 in Maryland may be a solution. According to the United States Bankruptcy Court District of Maryland, Chapter 7 allows you to liquidate your assets in order to pay your debts. But it can be...
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...