Will I lose my home to Chapter 7?
It is well known that there are two kinds of personal bankruptcy in the United States: Chapter 7 and Chapter 13. However, it is not necessarily a choice which one that you will file. It is your income that determines whether you file a Chapter 7 or a Chapter 13. In the event that you […]
What is a debt management plan?
If credit card debt is overwhelming you, there are a plethora of avenues for you to get out of your predicament. One such way is with a debt management plan. While the term “debt management plan” may sound very non-specific, it is a specific debt payoff tool that helps pay off credit card debt. According […]
What is a secured credit card?
Rebuilding your credit is a key goal in the aftermath of any kind of bankruptcy. Particularly if you struggled with credit card debt prior to bankruptcy, it might surprise you to learn that credit cards can help you rebuild your credit. Secured credit cards are a cornerstone of any solid credit rebuilding plan. According to […]
5 signs it might be time to consider bankruptcy
While living with a certain amount of debt has become something of an expectation for many Americans, if that debt grows out of control an unstable financial future might be right around the corner. With credit cards, medical debt, mortgages, vehicle loans and personal loans, it is not uncommon for individuals to see their debt […]
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 your family a fresh start financially. But they work […]
How is a mortgage modification different from forbearance?
Your current mortgage servicer may offer forbearance, which allows you to delay or temporarily halt monthly payments. Some plans, however, may increase your interest rate or require a balloon payment when the term expires. As reported by USA Today, approximately 2.2 million American homeowners entered into forbearance by April of 2021. Nearly 60% of homeowners […]
Does forbearance work the same for everyone?
Circumstances that make life hard can impact your finances. You may suffer a prolonged illness, a severe injury, damage to your property due to a storm, or the loss of a job. These situations may hamper you from making your mortgage payments. To prevent your bank foreclosing on you, you might approach your bank to […]
Are you eligible for a Chapter 13 bankruptcy?
You might disregard bankruptcy for what it is — a useful, and sometimes necessary, tool for debt consolidation. Maybe it represents a failure of money management to you. The reality is that life throws everyone curveballs and sometimes bankruptcy is to the tool to get back on your feet. Each form of bankruptcy has its […]
Understanding the Chapter 7 means test
Choosing to file for personal bankruptcy in Maryland is never an easy decision. Yet almost as difficult of a choice is what chapter of bankruptcy you should file under. You can opt for a Chapter 7 (which allows for the discharge of certain debts) or a Chapter 13 bankruptcy (which provides you the chance to […]
How may a balance transfer affect my credit card debt?
You may have received an offer for a new credit card that provides an incentive for a balance transfer, such as a low or zero-percent interest rate. While it may not immediately reduce your outstanding credit card balances, it may help you manage your monthly payments and assist in paying off debt. A balance transfer […]