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Many Maryland fans of rapper 50 Cent were surprised to learn that the highly successful musician has filed for bankruptcy protection. The move came at the same time that a jury was set to discuss punitive measures in an unrelated legal matter. While 50 Cent, whose legal name is Curtis Jackson III, has achieved a great deal of success in recent years, many feel that the bankruptcy filing was made in order to halt a sizable payout based on the civil case. In a recent hearing,

A top concern for many Maryland residents who are planning to file for bankruptcy is the impact that such a choice may have on their future credit standing. It is important to understand that while consumer bankruptcy will have an initial negative impact on one’s credit, that damage can be repaired in a relatively short period of time. By using the tactics shared here, consumers can be on the road to solid credit immediately after the conclusion of their bankruptcy case. One of the most

When faced with serious levels of debt, most Maryland consumers begin searching for methods of debt relief. Among the available options are credit counseling and bankruptcy protection. Both offer a path toward financial stability, but each has distinct differences. Understanding those differences can make it easier for an individual to choose the path that is best suited for their own unique needs. Credit counseling involves meeting with a trained credit professional to structure a debt repayment program. The process is lengthy, and can take as

When debt grows to a seemingly insurmountable level, many Maryland consumers begin to feel panicked. Faced with a pile of bills and no way to pay in full, stress levels rise and debt begins to dominate one’s thought process. There are several ways to address high levels of debt, including filing for consumer bankruptcy. Before taking that step, many people will attempt some form of repayment plan. One of the best ways to structure a repayment strategy is to tackle secured debts first. These are

Many homeowners in Maryland are faced with a difficult set of financial circumstances. Having financed the purchase of their home and during a period of solid financial stability, many took out second mortgages to cover the cost or home improvements, repair or other expenses. As the real estate market shifted over time, however, many of these borrowers now find that their home is worth less than the total amount owed on the property. It may be a relief to know that second mortgages are eligible

Everyone who has encountered a period of financial distress understands the tension and anxiety that comes with the inability to meet one’s financial obligations. In some cases, those negative emotions can grow into substantial mental health problems, including depression. This is especially true for those in Maryland who have been living with debt for a considerable period of time. When debt leads to emotional turmoil, it may be time to consider bankruptcy protection. A recent study looks at the ways that debt can affect emotional

When many Maryland residents think about personal bankruptcy, they may envision the step as though it were the end of some financial road — a virtual dead end in terms of one’s financial success story. In reality, however, many individuals who achieve high levels of wealth and success turn to bankruptcy protection to move beyond a period of financial strife. Bankruptcy is not an indicator of financial failure, but it is a powerful tool used to regain financial stability. For example, many physicians elect to

Many Maryland readers may be surprised to learn that players within the National Football League experience high rates of bankruptcy. In fact, nearly 16 percent of those who were drafted between 1996 and 2003 have sought consumer bankruptcy protection within 12 years of retiring. The average earnings of an NFL player is estimated to be nearly $1.9 million, which would make many people believe that players are protected from financial strife. In reality, however, these athletes are not safe from the same sort of financial pressures that

Bankruptcy is a topic of which most Maryland residents are aware, but few fully understand bankruptcy until the issue is one of personal importance. Therefore, there are a number of misconceptions surrounding the matter, including the belief that an individual who is seeking consumer bankruptcy protection is doing so because he or she is financially irresponsible. In reality, there are a number of factors that can lead to the need to seek bankruptcy protection, many of which are outside of one’s control. An example lies

Bankruptcy protection is a powerful financial tool, and one that can be a lifesaver for individuals and families who are drowning in debt. However, in order to achieve the benefits of a consumer bankruptcy, there are a multitude of rules that must be closely followed. For those in Maryland and beyond who fail to adhere to these rules, the result can be even worse than the financial strain that led them to file in the first place. Such is the case for one man who