Consider credit counseling before filing for bankruptcy
Before a person can declare bankruptcy, they must participate in credit counseling. This financial advice helps people understand their budgets and pursue alternative solutions. Credit counseling helps people avoid bankruptcy, which should remain a last resort for those suffering financial setbacks. How can credit counseling help? Credit counselors examine spending and income Credit counseling services […]
3 tips for rebuilding your credit after filing for bankruptcy
People are often reluctant to file for bankruptcy because they are concerned about the impact it will have on their credit score. However, you are already taking a hit to your credit if you’ve fallen behind on your bills. Avoiding available debt relief options may only prolong the inevitable and result in further damage to […]
4 ways the automatic stay can help you
When you’re struggling with debt, creditor harassment can only make things worse. Fortunately, when you file for bankruptcy protection, a provision called the “automatic stay” kicks in. The automatic stay effectively ends any actions taken against you by creditors and bill collectors. Here are four ways the automatic stay can benefit you. 1. Keeping the […]
COVID-19 Information – Loan Modifications
COVID-19, also known as the coronavirus, has created an economic disruption unseen since the Great Depression. There are many people who are unemployed who, through no fault of their own, have fallen behind on their mortgage payments. There are several ways to catch up on missed mortgage payments. One way is to make the payments. […]
Ways to avoid foreclosure
Getting behind on mortgage payments is scary and stressful. It does not take too long before the process of foreclosure begins. The good news is there are resources for those who are struggling to keep up with payments. Taking the right steps can prevent someone from losing the home. Be proactive According to the U.S. […]
Are you being harassed by debt collectors?
When Maryland residents fall into debt, you may come across debt collectors. These people work to ensure you pay your debts to the people you owe. Debt collection is a tricky field to navigate, though. Sometimes, debt collectors are forceful. But the law prohibits them from harassing people they collect from. Is your debt collector […]
Can you still pay for things online after bankruptcy?
Bankruptcy would probably not stop you from shopping for necessities online or paying bills virtually. However, if you used a credit card in the past, that might be a costlier option during and immediately following the process. One of the main purposes of bankruptcy is to help you get relief from unmanageable debt. It is […]
How to balance your budget after bankruptcy
When you file for bankruptcy, you can get your finances back to square one. However, once you file, you cannot file again for a set number of years after your discharge. This means that you need to be very careful with your finances. You have to create a budget and stick to it. Creating a […]
Why should you beware of subprime credit cards?
If you have recently filed for bankruptcy in Maryland, you know first-hand the liberating feeling of being able to start fresh with a clean financial slate. It is no surprise, however, that while much of your debt has been wiped clean, your credit score may have taken a hit. Many people seek different opportunities to rebuild […]
What is reaffirmation in Chapter 7 bankruptcy?
A Chapter 7 bankruptcy may give Maryland residents a release, or discharge, from the obligation to pay most debts. There are circumstances, however, in which you may choose to enter into an agreement to reaffirm your debt in a Chapter 7 proceeding. A reaffirmation agreement may be available if you have a secured loan and […]