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Should I file for Chapter 7 or Chapter 13 bankruptcy?

When considering bankruptcy, it is important to know that there are typically two types of consumer bankruptcy that Maryland residents can pursue. These are Chapter 7 and Chapter 13 bankruptcy. While many people might have heard these terms before, they may be unfamiliar with the details or which type they even qualify for. Only those who pass the means test — meaning they fall below a certain income level — qualify for Chapter 7 bankruptcy. This type of bankruptcy is usually quicker and somewhat more straightforward than Chapter 13. However, Chapter 7 is also referred to as a liquidation proceeding,…

Avoiding foreclosure with a mortgage loan modification

Buying a home is an important financial accomplishment. Unfortunately, financial circumstances often change throughout life, and homeowners in Maryland might find that it is difficult — or even impossible — to keep up with their mortgage payments. Some worry that they are destined to end up in foreclosure. A mortgage loan modification offers an alternative. Mortgage loan modifications change the terms of a homeowner’s existing loan. These changes are generally intended to lower monthly payments to a more affordable amount. While a modification does allow homeowners to keep their property, the lender may label it as a debt settlement and…

Is Chapter 11 bankruptcy right for your situation?

There are few things more disheartening than realizing that your business can no longer shoulder its debt load. Like many business owners in Maryland you might think that this is the end of the road for your business, but you might be overlooking an important option — Chapter 11 bankruptcy. This form of bankruptcy is most frequently associated with big corporations, but can also help professionals and executives who are worried about their personal business assets. Depending on your situation, you could be facing more than just the loss of your business assets — you could also lose your home.…

Is bankruptcy on the rise?

No matter how secure someone might feel in his or her finances, the reality is that everything can disappear in the blink of an eye. This is especially true when the unemployment rate is in double digits and people in Maryland are struggling to find work. Experts now predict that there will be a new wave of bankruptcy filings soon, which can feel scary. However, understanding the reasons why people file for bankruptcy can ease some of those fears. Costly economic events are the largest drivers of bankruptcy filings. These are things like job loss, illness, injury or divorce. As…

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Department of Education failed to stop wage garnishment

Student loans pose a unique threat to the financial stability of borrowers. Attending college in Maryland is not cheap, so these loans are usually for tens of thousands of dollars and are difficult to repay. This is especially true during times when it is difficult to find and maintain a well-paying job. It is also extremely difficult to discharge student loans during bankruptcy, so if someone falls behind on payments, the Department of Education may garnish his or her wages. But what happens when wage garnishment is still going on despite a temporary pause? In March 2020, the government passed…

You won’t lose everything in Chapter 7 bankruptcy

When someone has more debt than he or she can handle there may be only a couple of options — continue struggling and falling behind, or file for bankruptcy. But a lot of people in Alabama put off filing for bankruptcy because they are scared of how it might affect their future. One of the most common fears about Chapter 7 bankruptcy is that someone will lose everything that he or she owns. While it is true that filing for Chapter 7 bankruptcy may mean losing certain property, it is not nearly as much as some people think. It is…

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