Blog

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 your credit. Make no mistake. A bankruptcy filing will hurt your credit score. However, once you’ve addressed your current debt situation, you can begin taking steps to rebuild your credit.

June 18, 2020 No Comments

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 lights on You shouldn’t have to worry about your utility company shutting off your electricity, water, or gas. However, if you fall behind on your payments, power companies can take

June 18, 2020 No Comments

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. Another way is to seek a forbearance agreement from the bank which will permit a short period of time to catch up on the missed payments. However, depending on your

April 20, 2020 No Comments

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. Department of Housing and Urban Development, seeking help right away is important to avoid foreclosure. As soon as a homeowner is unable to make a mortgage payment, contact with the lender should

March 31, 2020 No Comments

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 harassing you? What are examples of harassment? The Consumer Financial Protection Bureau describes harassment by debt collectors. The Fair Debt Collection Practices Act (FDCPA) ensures that debt collectors cannot harass you.

March 19, 2020 No Comments

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 a positive step for many people in managing finances. Without any account In some cases, your bank might freeze your account during bankruptcy. That means that, even if you do

March 17, 2020 No Comments

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 budget means balancing your expenses and income so that you make equal to or more than your expenses. U.S. News and World Report explains that you should begin by looking

March 4, 2020 No Comments

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 their credit, all while trying not to accumulate more debt. Some financial planners suggest credit cards as an option to rebuild your credit and help you get back on your

March 3, 2020 No Comments

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 wish to keep the underlying collateral. When you reaffirm an obligation, you continue to make payments, and you remain liable for the entire unpaid loan balance. By continuing to pay

February 14, 2020 No Comments

How can you avoid falling back into debt?

For Maryland residents with credit card debt, it is important to figure out how to avoid future debt. After all, getting out of debt does not help if you fall back into it again soon after. Today we will look at some of the ways you can keep from falling into old pitfalls. The Balance discusses various ways to avoid credit card debt. The first tip is some of the most common advice given, and it involves only charging what you can afford. Do not use

February 7, 2020 No Comments