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Should I refinance my loan or file for bankruptcy?

Carrying around debt of any kind is not easy, but it is fairly normal. Consumers in Maryland may have all types of outstanding debts, including mortgages and credit cards. When dealing with these debts becomes too much, it may be time to consider options like refinancing, debt consolidation or bankruptcy. The average homeowner has an outstanding mortgage of $203,296. When a homeowner can no longer keep up with his or her monthly mortgage payments, it could be time to consider refinancing the terms. Securing a refinanced mortgage with a lower interest rate could make the monthly payments more reasonable and…

Should I be concerned about repossession?

Struggling to pay off one’s debt is difficult enough without the added concern of having something repossessed. Unfortunately, this is a major concern with which many people in Maryland are currently dealing. It may be helpful to address some of these worries by differentiating between which debts actually put people at risk for repossession, and which do not. In general, repossession is a concern when falling behind on payments for secured debts. A secured debt is tied to a tangible or physical asset, like a vehicle, piece of furniture or property. If someone falls seriously behind on his or her…

Can I discharge my student loans during bankruptcy?

Student loans have burdened almost an entire generation of Maryland students with decades worth of debt. Many borrowers do not even try to file for bankruptcy, while others buy into the myth that their student loans do not qualify for any type of relief. Although it might be the case that discharging student loan debt is difficult, it is certainly not impossible. Approximately two million people carrying student loan debt have filed for bankruptcy in the past 10 years. Of those, less than 1% filed for an adversary proceeding to have their student loans discharged. Looking at 2017 specifically, this…

Are you ready to restructure with Chapter 11 bankruptcy?

No matter how tirelessly you may have worked, you might be at a point where you can no longer keep up with your business debts. This does not mean that it is the end of the road, though. You have the option to restructure your debt with Chapter 11 bankruptcy. Like many other people in Georgia, you may only associate Chapter 11 with large corporations. However, this form of bankruptcy is also for smaller businesses and even individuals who have acquired debts in excess of $1.1 million. For example, high net worth executives and other professionals who unexpectedly lose their…

Do foreclosures start where forbearance ends?

Many Maryland homeowners with federally backed mortgages have been able to take advantage of special forbearance programs through the 2020 CARES Act during the past year. While some are ready to resume payments once the forbearance period is over, others may be in the same — or worse — financial position as before. This has some experts concerned that the number of foreclosures could soon be on the rise. In June 2020, there were around 4.3 million homeowners who were using forbearance programs, many of which are ending their first 180-day periods. The CARES Act prevents lenders from reporting delinquent…

There is no need to fear personal bankruptcy

Getting into debt is surprisingly easy, while getting out of it can sometimes feel like an insurmountable task. Bankruptcy offers a smart, proven method for addressing impossible amounts of debt, but Maryland consumers are often hesitant to take this step. There is a lot of fear and misunderstanding that makes some people feel as though personal bankruptcy could not possibly address their needs. Around 17 million U.S. households owe more in debt than what they earn or own. This comes out to about 14% of all households, but only about 1% of households file for bankruptcy annually. This means that…

Advocates call for end to wage garnishment for medical debt

It is no secret that going to the doctor is outside of many people’s budget. However, when faced with a serious medical problem, patients have virtually no other options. Medical costs can add up quickly as people receive necessary or even lifesaving care — medical costs that they cannot afford to pay. Rather than find a way to help patients in this situation, some hospitals in Maryland have turned to wage garnishment to collect on debts. The John Hopkins Hospital is one of the more well-known facilities that has sued patients for unpaid medical bills. Over a period of 10…

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