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How can you recognize a foreclosure scam?

Foreclosure on your Maryland home can be a frightening prospect. In your desperation, you may agree to a plan that is not in your interest. Scam artists count on your heightened state of panic to prevent you from carefully examining the provisions of their phony foreclosure prevention programs. However, if you are not careful and fall prey to a scam, not only will it not improve your financial situation, it may leave you much worse off than you are now. Unfortunately, according to the Consumer

October 14, 2019 No Comments

Avoid going into debt this holiday season

The holiday shopping season seems to descend on Maryland faster every year. While heaping love and affection on friends and family members through gift-giving, consumers should make sure they do not drive themselves into debt in the process. To help, USA Today offers tips on staying out of credit card debt during the holiday season. There is no need to start the new year with financial regrets. Use apps Plenty of free apps help shoppers find the best prices and save money. Researching such apps

October 10, 2019 No Comments

Should you file for bankruptcy when facing foreclosure?

If you have fallen behind on your mortgage, chances are that you are also struggling to pay other debts. When your lender begins to pursue foreclosure, you may be able to save your home by filing for bankruptcy. Read on to learn more about how a bankruptcy filing impacts an impending foreclosure. Delaying foreclosure proceedings After you file for Chapter 7 or Chapter 13 bankruptcy, the court issues an automatic stay. This court order prevents creditors from contacting you and from pursuing further collection actions.

October 3, 2019 No Comments

What are some of the reasons Americans file for bankruptcy?

Overwhelming medical or health-care expenses are the causes behind two-thirds of the individuals filing for bankruptcy protection in Maryland and across the nation. If you are contemplating bankruptcy because of medical reasons, you are joined by approximately 530,000 other families, as reported by CNBC. It is not too surprising that 66.5% of personal bankruptcies are the result of taking time off from work for medical issues or the high costs of seeking uncovered health-care treatment. Researchers found that some employers provide inadequate health insurance that

September 9, 2019 No Comments

Chapter 7 bankruptcy: the pros and cons

Those who find themselves unable to pay off their debts in Maryland may find themselves faced with the difficult decision of whether or not to declare bankruptcy. There are two types of bankruptcy that individuals typically file under: Chapter 13 and Chapter 7. The type of bankruptcy that is best for an individual depends on his or her unique situation. This article will focus on some of the advantages and disadvantages of Chapter 7. Chapter 7 pros The Consumer Recovery Network points out that Chapter

August 24, 2019 No Comments

What are your options when a collection agency purchases your credit card debt?

At times, credit card debt can get out of hand. If you are behind on your credit payments and a collection agency purchases your debt, you will likely receive calls to settle your debt. The federal government and Maryland do protect citizens against harassment from debt collectors. However, many still choose to consumers would still consider debt collection agencies to be near predatory in their tactics. When debt collectors begin to call, there are options that a consumer can take. Nerd Wallet warns that you

August 9, 2019 No Comments

Is chapter 13 a good choice for low income households?

If you are having trouble paying your debts, filing bankruptcy in Maryland may be your best option. While you have options for the type of bankruptcy you can file, Chapter 13 gives you the option of working out a plan to keep the assets you have securing debts, such as your home or vehicle, according to NerdWallet. Since this type of bankruptcy does require making payments on a regular basis to pay debts, you do need to have a regular income. In a Chapter 13

July 22, 2019 No Comments

Getting an early handle on credit card debt

As a recent graduate or young professional, you have much to look forward to in life. However, when you accumulate significant credit card debt in your 20s, you may contemplate your options for seeking financial relief from such a substantial burden. Whether due to a lack of funds while transitioning from being a student or misinformed financial habits, credit card debt can sneak up on you quickly. Credit cards offer many perks, including financial rewards, security, the opportunity to build up your credit score and

July 19, 2019 No Comments

What are you options when you face foreclosure?

Owning a home is a source of pride for many Maryland residents, but the reality is that life and your financial situation are not always within your control. If you lose your job, find yourself facing excessive living expenses or have had a serious change to your income, you may have a hard time making your house payments. If this is the case, FindLaw gives you some options to help you avoid foreclosure. One alternative to foreclosure is a mortgage modification. In this situation, the

July 18, 2019 No Comments

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 make their payments. Recently, a United States senator introduced a bill that would help wipe away student loan debt when a consumer filed for bankruptcy. Although the senator stated that

July 1, 2019 No Comments