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Do men or women file for bankruptcy more often?

To be certain, bankruptcy can happen to anyone. They can be any age, any gender and from any economic background. After all, bankruptcy normally comes from medical debt in the United States, and anyone can experience an unexpected injury that puts them in the hospital.  However, it is important to consider who files for bankruptcy more often. This may shed some light on why it happens and what options these individuals have.  Women file slightly more often than men The statistics show that women use bankruptcy more than men, but it’s very close. Abbott 48% of filers are men and…

Help! I’m too broke to file for bankruptcy

In what can be considered the ultimate irony, many financially desperate individuals believe that they are too poor and debt-ridden to file for bankruptcy. Can that really be true? While it is indeed ironic, in some situations it may be true. The good news is that, as with most things in life, there are often workarounds that can allow distressed debtors a path to financial freedom via bankruptcy. Below are some possibilities to investigate and things to consider. It is not advisable to file for bankruptcy without an attorney With the possible exception of the United States Tax Code and…

Three essential benefits of chapter 7 bankruptcy

For anyone facing serious debt problems, there are many complex considerations. Should you file bankruptcy at all? If you do file for bankruptcy, should you file a chapter 7, a chapter 13 or other type of bankruptcy? What will happen after you file? These are just a few of the common questions people have. What you need to know about chapter 7 bankruptcy While not everyone qualifies for chapter 7 bankruptcy, and it might not be the right choice for your unique situation, but there are a few distinct benefits to filing chapter 7, including: Debt liquidation: More than any…

Behind on mortgage payments? Consider bankruptcy

Being able to defer payments during times of financial hardship can provide much needed relief to those in need. However, money problems do not always get better with time. Maryland homeowners who were behind on their mortgage payments might still be struggling by the time their deferrals end. For these individuals, bankruptcy might be a smart solution.  Foreclosure moratorium  The foreclosure moratorium is a program that lets homeowners essentially press pause on mortgage payments if they are experiencing financial difficulties. Although originally set to end earlier, it was recently extended to the end of June 2021. A program that allows student loan…

The burden of medical debt

Whether for routine care or emergency treatment, going to the doctor is an essential part of staying healthy for patients in Maryland. The related medical bills are rarely good for patients’ financial health, though. Medical debt places an enormous burden on people’s daily lives and sometimes even prevents them from fulfilling other life goals.  Is medical debt a big problem?  A survey from LendingTree sought to find out just how much impact medical debt has on people in America. Of those who responded saying they had medical debt, 72% said it interfered with achieving other milestones. Some of the more common…

Facing wage garnishment? Here’s what you need to know

Facing the possibility of having your wages garnished can be a frightening experience. Creditors generally do not use wage garnishment as a first attempt to recover owed debts, though. Instead, this approach usually only comes when someone in Maryland is significantly behind on payments. What kind of debts can lead to wage garnishment? Creditors can use wage garnishment to recover any number of different debts. For example, it can be used for past-due student loans as well as personal loans. Other common types of debt that may eventually be subject to garnishment include: Back taxes Past child support Court case…

Can I discharge my student loans in bankruptcy?

For a lot of people in Maryland, finding a secure, stable job usually means getting a college degree first. Attending college is not cheap, though, and student loan repayments often outpace people’s initial earnings. This often results in stressful financial situations. For some people, bankruptcy could be the solution. Bankruptcy and student loans A common myth surrounding bankruptcy is that it is impossible to discharge student loans. While it might be a challenge, many people have successfully had their student loans discharged. According to one researcher, student loan discharge might even be more common than in the past. In 2007,…

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