What happens after a denied home loan modification?
Getting turned down for a home loan modification feels frustrating, but it’s not the end of the road. You still have options to explore and decisions to make. Understanding what comes next can help you stay in control of your situation. Understand the reason for denial Start by reviewing the home loan modification denial letter […]
How credit card debt affects your bankruptcy means test
Filing for bankruptcy in Maryland requires passing a means test. This test helps the court decide if you qualify for Chapter 7 bankruptcy. It compares your income to the median income in Maryland and examines at your regular expenses. Credit card debt plays a key role in this calculation. Understanding how your credit card debt […]
Can you stop foreclosure with a deed in lieu?
Confronting foreclosure can be overwhelming, but there are strategies available to prevent it. One such strategy is a deed in lieu of foreclosure, where you voluntarily transfer ownership of your property to the lender in exchange for the cancellation of your mortgage. In this post, we’ll explain how this process works and whether it might […]
Staying on track with your Chapter 13 repayment plan
Filing for Chapter 13 bankruptcy offers a structured path to financial recovery, and successfully completing the repayment plan is crucial. Missing payments or failing to adhere to your plan can lead to serious consequences, including dismissal of the bankruptcy case, loss of asset protection and renewed creditor collection efforts. To avoid setbacks, it is essential […]
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What’s the difference between loan modification and refinancing?
When facing financial difficulties, homeowners often consider two main options: loan modification and refinancing. While they both aim to reduce monthly payments, they function differently and have distinct impacts on your mortgage. Understanding the difference can help you make an informed decision based on your circumstances. Loan modification explained A loan modification is a change […]
Can you keep your house in Chapter 7?
Filing for Chapter 7 bankruptcy can feel overwhelming, especially if you’re concerned about losing your home. In Maryland, whether you can keep your house depends on several factors. Maryland’s homestead exemption Maryland offers a homestead exemption, which protects the equity you can keep in your primary residence. As of now, Maryland allows an individual filer […]
How does wage garnishment work for credit card debt in Maryland?
Falling behind on credit card payments in Maryland can lead to serious financial consequences, including wage garnishment. Creditors have the legal ability to recover unpaid balances through court-ordered deductions from your paycheck. What wage garnishment means in Maryland Wage garnishment refers to a legal process where a creditor collects a portion of your wages to […]
How does Chapter 13 bankruptcy affect your ability to rent a home?
Filing for Chapter 13 bankruptcy helps you reorganize debt, but it can impact your ability to rent a home. Landlords often check credit reports and may hesitate to rent to someone with a bankruptcy filing. However, you can still find housing with the right approach. How landlords view bankruptcy filings Most landlords review credit history […]
What are the steps in a Chapter 11 filing?
Filing for Chapter 11 bankruptcy can help businesses reorganize their debts while continuing operations. This process involves several legal steps and requires careful planning to meet state and federal requirements. Businesses must follow both federal bankruptcy laws and any applicable state regulations. Preparing for the filing Before filing, a business must assess its financial situation. […]
