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When faced with serious levels of debt, most Maryland consumers begin searching for methods of debt relief. Among the available options are credit counseling and bankruptcy protection. Both offer a path toward financial stability, but each has distinct differences. Understanding those differences can make it easier for an individual to choose the path that is best suited for their own unique needs. Credit counseling involves meeting with a trained credit professional to structure a debt repayment program. The process is lengthy, and can take as

When debt grows to a seemingly insurmountable level, many Maryland consumers begin to feel panicked. Faced with a pile of bills and no way to pay in full, stress levels rise and debt begins to dominate one’s thought process. There are several ways to address high levels of debt, including filing for consumer bankruptcy. Before taking that step, many people will attempt some form of repayment plan. One of the best ways to structure a repayment strategy is to tackle secured debts first. These are

Everyone who has encountered a period of financial distress understands the tension and anxiety that comes with the inability to meet one’s financial obligations. In some cases, those negative emotions can grow into substantial mental health problems, including depression. This is especially true for those in Maryland who have been living with debt for a considerable period of time. When debt leads to emotional turmoil, it may be time to consider bankruptcy protection. A recent study looks at the ways that debt can affect emotional

When many Maryland residents think about personal bankruptcy, they may envision the step as though it were the end of some financial road — a virtual dead end in terms of one’s financial success story. In reality, however, many individuals who achieve high levels of wealth and success turn to bankruptcy protection to move beyond a period of financial strife. Bankruptcy is not an indicator of financial failure, but it is a powerful tool used to regain financial stability. For example, many physicians elect to

Many Maryland readers may be surprised to learn that players within the National Football League experience high rates of bankruptcy. In fact, nearly 16 percent of those who were drafted between 1996 and 2003 have sought consumer bankruptcy protection within 12 years of retiring. The average earnings of an NFL player is estimated to be nearly $1.9 million, which would make many people believe that players are protected from financial strife. In reality, however, these athletes are not safe from the same sort of financial pressures that

Bankruptcy is a topic of which most Maryland residents are aware, but few fully understand bankruptcy until the issue is one of personal importance. Therefore, there are a number of misconceptions surrounding the matter, including the belief that an individual who is seeking consumer bankruptcy protection is doing so because he or she is financially irresponsible. In reality, there are a number of factors that can lead to the need to seek bankruptcy protection, many of which are outside of one’s control. An example lies

Bankruptcy protection is a powerful financial tool, and one that can be a lifesaver for individuals and families who are drowning in debt. However, in order to achieve the benefits of a consumer bankruptcy, there are a multitude of rules that must be closely followed. For those in Maryland and beyond who fail to adhere to these rules, the result can be even worse than the financial strain that led them to file in the first place. Such is the case for one man who

When considering options for debt relief, many in Maryland consider bankruptcy to be their least advisable choice. This is largely based in a range of beliefs about consumer bankruptcy that are not based in actual fact. A recent report took a look at the effects of the most recent bankruptcy reform of 2005, and the results suggest that taking steps to avoid filing for bankruptcy might be more financially harmful than moving forward with the process. For example, consider a young person who at age

Many Maryland readers are aware that high levels of medical debt can lead to serious financial difficulties. However, few understand how researchers compile the data needed to make such a claim. The following information is offered in the hopes of clarifying the methods used to determine which financial stressors can contribute to the decision to file for consumer bankruptcy, and the role that medical debt plays in that process. One reliable source of data is bankruptcy schedules. These are standardized forms that debtors use to

Most Maryland consumers are aware that student loans are not currently eligible for discharge through consumer bankruptcy. This may change, however, if newly proposed legislation is passed through the House and placed into effect. The Discharge Student Loans in Bankruptcy Act proposes allowing educational loans to be included within the scope of debts that are included within bankruptcy protection. In support of the bill, Rep. John Delaney asserts that the current bankruptcy law places student loan debt in a category by itself, as virtually all