New bill seeks to provide a way to discharge student loan debt
Maryland residents help make up the millions of Americans who struggle under crushing student loan debt. According to NBC Universal, more than $1.5 trillion dollars is owed by more than 44 million Americans. It is extremely difficult to discharge student loan debt through bankruptcy, but many graduates struggle to find work that allows them to […]
How does Chapter 7 bankruptcy work in Maryland?
If you are struggling financially, filing bankruptcy under Chapter 7 in Maryland may be a solution. According to the United States Bankruptcy Court District of Maryland, Chapter 7 allows you to liquidate your assets in order to pay your debts. But it can be frustrating and confusing to understand how the process works and get […]
Is home loan modification right for you?
Are you behind on your mortgage and struggling to keep up with payments? Home loan modification could provide a solution by extending your loan term, lowering the interest rate and/or forgiving late fees and penalties. If you cannot afford a mortgage and are unable to refinance your home loan, consider the benefits and drawbacks of […]
What is the statute of limitations on debt?
When you fail to make a payment on a credit card, your account goes into default. This means that you are no longer current and now you have an overdue debt. Your creditor can take you to court to make you pay the debt. However, there is something called the statute of limitations in Maryland, […]
Protection from foreclosure
Homeowners in Maryland who are experiencing financial difficulties may wonder how they are going to pay their mortgage in full and on time each month. When this occurs, owners should take immediate action to make sure they do not get in too much trouble and lose their home. Unfortunately, in the process of avoiding foreclosure, […]
3 things to do to pay off debt when on a limited income
When living on a fixed or low income in the Rockville area, it might seem disheartening to read about people who managed to pay off a seemingly impossible amount of debt in a short length of time. Many of those individuals are able to accomplish that because they had more than enough discretionary financial resources […]
Will Chapter 7 discharge recent credit card debt?
If you have started thinking that you should file bankruptcy in Maryland, you should quit using your credit cards. Why? Because Bloomberg News reports that the Bankruptcy Code, specifically, Section 513(a)(2)(C)(1), sets forth a presumption against recent credit card debt discharge in a Chapter 7 bankruptcy. Specifically, this presumption applies to any credit card debt […]
How can I avoid mortgage relief scams?
If you’re struggling to pay your mortgage in Maryland, you may be considering a home loan modification. While this process can lower your payments and allow you to keep your home, you must also be aware of potential scams that will deprive you of your money. The Federal Trade Commission explains some common mortgage relief […]
Domestic Payless stores closing as part of bankruptcy
People in Rockville may often be shocked to hear the news that a certain person or company has filed for bankruptcy, believing that certain individuals and businesses either are so successful or have such a strong market presence that facing financial struggles might seem an impossibility. Yet such news should serve as a stark reminder […]
Be cautious when using credit cards following bankruptcy
People who have filed for bankruptcy are often aware of the impact it can have on their credit report. Once the bankruptcy is discharged, it can be challenging for debtors to find ways to rebuild their credit. Some credit card companies focus their efforts on enrolling people who have filed for bankruptcy, highlighting the benefits […]