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Deciding when financial strain has reached an unmanageable level can be a difficult task. It is hard to know when the situation has reached a point at which looking at bankruptcy protection is the best course of action. In the weeks following the beginning of a new year, addressing financial concerns is on the top of many to-do lists. For many in Maryland, however, a close examination of personal finances will uncover several factors that can combine to make bankruptcy the clear choice. One sign

The decision to file for bankruptcy is never a simple or easy choice to make. However, many Maryland residents find that the benefits of bankruptcy offer the best available path out of unmanageable debt. Once the decision has been made to file for consumer bankruptcy, many wonder how long that choice will impact their financial standing, especially in regard to credit scoring. For consumers who file for Chapter 7 bankruptcy, their credit reports will include that fact for 10 years. Filing for Chapter 7 requires

For many in Maryland, one of the top post-bankruptcy priorities is rebuilding a positive credit history. This is best achieved by making responsible use of new lines of credit, as well as making timely payments on any debts that were not discharged through the consumer bankruptcy process. Knowing which forms of credit to pursue after a bankruptcy is important, as not all debt is created equal. Creditors know that debts acquired soon after a bankruptcy are likely to be repaid, as consumers are not eligible

Going through a bankruptcy can be a tumultuous time in the life of a Maryland resident. There are a great many decisions that must be made in a limited range of time, and having to trudge through the paperwork involved can be a chore in and of itself. However, the end result is worth the short-term strain, and those who have come through a consumer bankruptcy are able to begin anew in their financial lives. That sense of a new beginning is placed at risk,

The decision to file for bankruptcy is never an easy one to make. There are a number of considerations that individuals and families in Maryland must work through before making the decision that seeking bankruptcy protection is the right choice. Often, the impact that such a move might have on existing retirement savings is a serious concern, and a great deal of misinformation exists surrounding the topic. Generally, funds set aside for retirement within an IRA are exempt from inclusion within one’s bankruptcy estate. That

Maryland readers already know the benefits that can accompany the decision to file for bankruptcy. Not only can consumer bankruptcy lead to the elimination of many forms of consumer debt, the process also gives individuals and families a fresh financial start. Savvy consumers will take this opportunity to make adjustments in the way that they handle their finances, which will help avoid future financial trouble. The first thing to do in the months that follow a successful bankruptcy is to make a full assessment of

[nap_names id=”FIRM-NAME-1″], has successfully obtained loan modifications for hundreds of clients since the programs started in 2009. Even before the loan modification programs, we used to get modifications that were more like forbearance agreements, which would give time for the homeowner to pay a little extra with each monthly loan payment to catch up on the back amount. However, this only worked if the homeowner was not too far behind. Now under the HAMP and In-House Loan Modifications sponsored by lenders and loan servicers, there

Many Maryland consumers are faced with high levels of debt. Some of this debt comes from credit card or other forms of borrowing, but many also struggle with high levels of student loan debt. Loan forgiveness is one debt relief option for a select few, but bankruptcy protection can sometimes offer a better fit. In addition, it is possible to fall victim to a range of loan forgiveness scams. Loan forgiveness involves an exchange of services for the elimination of student loan debt. These are

One of the most difficult aspects of filing for personal bankruptcy is the fear of losing one’s hard-earned and highly personal assets. Many people in Maryland put off filing for consumer bankruptcy for fear that they will be required to sell their belongings. In reality, however, most people are able to retain the majority of their belongings, and can also look forward to a fresh financial start once the bankruptcy process has concluded. Each state has its own list of bankruptcy exemptions. These are the

The world is constantly changing and is now moving at a significantly faster rate than in the past. This is why many people in Maryland and other states become upset when a historic business decides to close its doors. One town in the Northeastern United States is now feeling this way after learning that the local paper mill company which had been operating since 1907 has now filed for Chapter 7 bankruptcy, which will result in asset liquidation. Creditors have been attempting to force Great Northern