When personal debts become too much to handle, one of the most common solutions for reprieve is to file for Chapter 7 bankruptcy. Doing so gives you time to liquidate assets and repay your creditors, but it can also have a negative impact on your interest rates going...
Chapter 7 vs Chapter 13 bankruptcy: which one might be best for you?
As we have discussed before in this blog, the main options for personal bankruptcy protection for people in Maryland are called Chapter 7 bankruptcy and Chapter 13 bankruptcy. Both forms of bankruptcy have the same goal of getting you out of debt and giving you and...
How are Chapter 7 and Chapter 13 bankruptcies different?
Many residents of Maryland have a hard time staying on top of their bills and finances. If you are among them, you may be thinking about filing for personal bankruptcy. Most who do so move forward with either a Chapter 7 or a Chapter 13 filing, but there are some key...
How long does bankruptcy affect your credit?
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...
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...
Should you file Chapter 7 or Chapter 11 bankruptcy?
If your business is having trouble paying bills and making a profit, you may be considering bankruptcy in Rockville, Maryland. You may have heard of Chapter 7 and Chapter 11 bankruptcy but do not understand how these options differ. The differences are important...
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...
Filing bankruptcy may literally save your life
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...
Consumer bankruptcy: Protecting one’s plans for retirement
It is no secret that dealing with substantial amounts of debt can be a harrowing experience. For individuals in Maryland who are closing in on retirement, financial struggles could pose a significant threat to future plans. Those who are facing similar issues might...
Consumer bankruptcy: Avoiding certain credit card purchases
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...
