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How does Chapter 7 bankruptcy work in Maryland?

If you are struggling financially, filing bankruptcy under Chapter 7 in Maryland may be a solution. According to the United States Bankruptcy Court District of Maryland, Chapter 7 allows you to liquidate your assets in order to pay your debts. But it can be frustrating and confusing to understand how the process works and get the information you need. This may deter you from making a choice that can get rid of overwhelming debt. Sometimes, all you need to gain confidence and begin the process

June 26, 2019 No Comments

Is home loan modification right for you?

Are you behind on your mortgage and struggling to keep up with payments? Home loan modification could provide a solution by extending your loan term, lowering the interest rate and/or forgiving late fees and penalties. If you cannot afford a mortgage and are unable to refinance your home loan, consider the benefits and drawbacks of modification programs. Types of loan modifications The federal home loan modification program, Making Home Affordable, expired at the end of 2016. However, homeowners can directly request a modification from their

June 26, 2019 No Comments

What is the statute of limitations on debt?

When you fail to make a payment on a credit card, your account goes into default. This means that you are no longer current and now you have an overdue debt. Your creditor can take you to court to make you pay the debt. However, there is something called the statute of limitations in Maryland, which Money Management International explains is the time limit on how long the creditor has to take you to court for a debt. Once the statute of limitations runs out,

June 12, 2019 No Comments

Protection from foreclosure

Homeowners in Maryland who are experiencing financial difficulties may wonder how they are going to pay their mortgage in full and on time each month. When this occurs, owners should take immediate action to make sure they do not get in too much trouble and lose their home. Unfortunately, in the process of avoiding foreclosure, these people are more vulnerable to scams, so it is important to be able to identify them. According to the Department of Labor, Licensing and Regulation, there are numerous resources

May 29, 2019 No Comments

3 things to do to pay off debt when on a limited income

When living on a fixed or low income in the Rockville area, it might seem disheartening to read about people who managed to pay off a seemingly impossible amount of debt in a short length of time. Many of those individuals are able to accomplish that because they had more than enough discretionary financial resources to do so. You may not make a lot of money, and live paycheck-to-paycheck, but it is possible for you to pay down your debts without losing your home, car

May 22, 2019 No Comments

Will Chapter 7 discharge recent credit card debt?

If you have started thinking that you should file bankruptcy in Maryland, you should quit using your credit cards. Why? Because Bloomberg News reports that the Bankruptcy Code, specifically, Section 513(a)(2)(C)(1), sets forth a presumption against recent credit card debt discharge in a Chapter 7 bankruptcy. Specifically, this presumption applies to any credit card debt of $675 or more that you assume to buy consumer goods within three months of your bankruptcy filing date. Recent Bankruptcy Court discussion Two years ago, the Bankruptcy Court for

May 17, 2019 No Comments

How can I avoid mortgage relief scams?

If you’re struggling to pay your mortgage in Maryland, you may be considering a home loan modification. While this process can lower your payments and allow you to keep your home, you must also be aware of potential scams that will deprive you of your money. The Federal Trade Commission explains some common mortgage relief scam tactics and how to avoid them. Unsolicited calls and correspondence Because foreclosure notices are public, a scam artist can find names by searching through public records. From here, the

March 17, 2019 No Comments

Domestic Payless stores closing as part of bankruptcy

People in Rockville may often be shocked to hear the news that a certain person or company has filed for bankruptcy, believing that certain individuals and businesses either are so successful or have such a strong market presence that facing financial struggles might seem an impossibility. Yet such news should serve as a stark reminder that no person or organization is immune from experiencing monetary difficulties. Such difficulties may be due to struggles to adapt to new challenges, or unforeseen circumstances that place people or

March 4, 2019 No Comments

Be cautious when using credit cards following bankruptcy

People who have filed for bankruptcy are often aware of the impact it can have on their credit report. Once the bankruptcy is discharged, it can be challenging for debtors to find ways to rebuild their credit. Some credit card companies focus their efforts on enrolling people who have filed for bankruptcy, highlighting the benefits that having a credit card can have when rebuilding credit and increasing their credit score. It is important that debtors are aware of the dangers certain credit cards bring, as

February 18, 2019 No Comments

Rural hospital hopes Chapter 11 will lead to better future

When businesses in Rockville are forced into bankruptcy, it is rarely due to one single reason. Rather, a unique (and unanticipated) confluence of factors contributes to it experiencing financial struggles. Oftentimes alternative revenue streams may be available to offset major losses, but when a company specializes in a single service, finding other sources of funds can be difficult. Ultimately, bankruptcy might be the only option if a struggling company wants to stay in business. One might think that if any company would be immune from

February 3, 2019 No Comments