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When the economy improves, consumer confidence increases, and people begin to charge more on credit cards. In 2007, people were also overconfident with their money, causing to them to take risks with their long-term financial stability by carrying huge credit card balances. Analysts warn that this is happening again, which could potentially increase the need for many Americans to consider consumer bankruptcy.  Maryland readers may be interested to know that Americans accumulated an estimated $34.4 billion in credit card debt in the second quarter of 2016

When a person is overwhelmed by credit card debt, it can have a negative impact on every area of life. From unexpected medical expenses to a prolonged unemployment period, people may find themselves dealing with the impact of circumstances beyond their control. When this occurs, Maryland readers may find that bankruptcy protection is a viable and beneficial option. The Federal Reserve estimates that Americans carry approximately $950 billion in credit card debt, and about 65 percent of credit card holders do not pay off their

Credit cards are relatively easy to get, and Maryland readers may know that many banks are currently lending to consumers at an alarmingly high rate. In a three month period, banking establishments lent $18 billion to consumers, much of it in the form of revolving credit such as retail store credit cards. While some may view this as a positive sign of the economy’s health, credit card debt can quickly add up and become a burden for consumers, increasing the number of people filing for

There are few things in life that can be as overwhelming and confusing as receiving a notice of foreclosure. When a person is unable to meet his or her financial obligations, it is easy to fall behind with mortgage payments, leading to calls from creditors and the threat of losing the home. Fortunately, there are options available, and one of them includes the bankruptcy option of the wage-earner plan. The wage-earner plan is commonly known as Chapter 13 bankruptcy. This option is only available to people

It is not uncommon for consumers in Maryland to find themselves facing mountains of credit card debt. Many people find relief by filing for consumer bankruptcy protection made available by the U.S. Bankruptcy Code. Due to the prevalence of such filings, some consumers are hesitant to get credit cards. It can be beneficial to have a credit card for more than just the convenience of easy payment. If used responsibly, it can increase the holder’s credit score. As long as a person does not spend

There are a number of reasons why people in Maryland fall into financial troubles. Some are based on poor decision-making and irresponsible spending habits, while others are simply unavoidable. An example is found in recent statistics that show that workers in the gas, oil and coal industries are seeking consumer bankruptcy protection in increasing numbers. Fossil fuel work is something of a cyclical thing. These types of jobs are also clustered in certain geographical regions, where the natural resources are available to be mined or

A great number of Maryland residents are also sports fans, and they follow one or more teams each season. Many are aware that professional sports players bring in substantial earnings, but fewer people realize that a significant percentage of athletes end up in serious financial straits, often seeking bankruptcy protection. A recent article looks at the reasons behind that statistic, and some readers will recognize those choices and behaviors as present in their own lives. It is estimated that as many as 78 percent of professional football players

There are many reasons why individuals and businesses may find themselves facing insurmountable debt burdens that they cannot pay off. When these difficult financial situations arise, Chapter 11 bankruptcy may be a viable option. Under this Bankruptcy Code option, reorganization through a court-approved plan can provide the means for Maryland businesses or qualified individuals to address their financial obligations. If a business is unable to effectively manage monthly expenses or keep up with what is owed to creditors, then Chapter 11 bankruptcy may be a viable