Maryland’s Chapter 7 means test: Are you eligible for bankruptcy?
The means test is a financial assessment used to determine if you’re eligible for Chapter 7 bankruptcy. The goal? To ensure that people who can afford to repay some of their debts don’t use Chapter 7 bankruptcy to wipe out all their debts unfairly. This step generally follows a two-step process. Step 1: Comparing your […]
How are retirees managing credit card debt amidst rising costs?
Retirees are facing growing challenges as living costs continue to rise, and many are struggling with escalating credit card debt. Retirees must find ways to manage this debt while navigating the pressures of fixed incomes and increasing expenses. Budgeting and cutting expenses One of the ways retirees are managing their credit card debt is by […]
Reasons banks reject home loan modification applications
Are you feeling frustrated after your bank denied your home modification loan application? Many people find themselves in this challenging situation, wondering why a lender turned down their request for financial relief. In this blog, we’ll explore the common reasons banks reject these applications and offer some guidance on what you can do next. Whether […]
How does Chapter 11 impact franchise agreements?
Franchise businesses facing financial struggles may consider Chapter 11 bankruptcy to restructure debt and continue operations. The impact of Chapter 11 on franchise agreements can vary, depending on the terms of the contract and court decisions. Understanding how Chapter 11 influences franchise relationships is crucial for both franchisees and franchisors. Treatment of franchise agreements during […]
What are some deed-in-lieu agreement benefits and challenges?
Homeowners facing financial hardship may struggle to keep up with mortgage payments, putting them at risk of foreclosure. A deed-in-lieu of foreclosure can be a useful tool to avoid the stressful and damaging process of foreclosure. This option allows homeowners to voluntarily transfer ownership of their property to the lender, helping to resolve the debt […]
Can Chapter 13 bankruptcy discharge tax debts in Maryland?
Tax debt can be one of the most challenging types of debt to manage. For those struggling financially, filing for Chapter 13 bankruptcy may provide some relief. Understanding whether Chapter 13 can discharge tax debts is necessary for making informed decisions under Maryland law. Types of tax debts eligible for discharge Not all tax debts […]
How does Chapter 7 bankruptcy impact small business owners?
Chapter 7 bankruptcy can be a viable option for small business owners who face overwhelming debt. However, it’s important to understand the long-term consequences before proceeding. Impact on personal credit Chapter 7 bankruptcy remains on personal credit reports for up to 10 years. This can make it difficult for small business owners to secure personal […]
What disqualifies you from a loan modification?
Loan modifications can be tricky, especially when figuring out what might stop you from qualifying. A loan modification can be crucial for homeowners who are facing tough financial times and can’t meet their mortgage payment obligations. What is a loan modification? A loan modification is a change made to the terms of an existing mortgage […]
How much credit card debt is normal?
When it comes to credit card debt, many wonder how much is considered normal. Understanding this can help you gauge whether your financial situation is on track or if you need to make adjustments. Average credit card debt In Maryland, the average credit card debt per household is approximately $6,933, which is higher than the […]
Will Chapter 11 bankruptcy affect my commercial lease?
Chapter 11 bankruptcy offers business owners the chance to reorganize their debts and continue operating. However, it can raise genuine questions about the future of commercial leases. For entrepreneurs in Maryland, understanding how Chapter 11 bankruptcy impacts commercial leases is important for making informed decisions during the restructuring process. What happens when you file for […]