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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

When considering options for debt relief, many in Maryland consider bankruptcy to be their least advisable choice. This is largely based in a range of beliefs about consumer bankruptcy that are not based in actual fact. A recent report took a look at the effects of the most recent bankruptcy reform of 2005, and the results suggest that taking steps to avoid filing for bankruptcy might be more financially harmful than moving forward with the process. For example, consider a young person who at age

In troubled economic times, virtually no one is immune to financial difficulties. Even Maryland residents who have worked hard to amass a solid base of income and assets can be at risk of serious financial strain. For many, the most sure path back to financial stability lies within the Chapter 13 discharge process. Understanding the steps that come between filing and discharge can help make it easier for individuals and families to determine if this is the appropriate solution. Chapter 13 bankruptcy is a legal

Many Maryland readers are aware that high levels of medical debt can lead to serious financial difficulties. However, few understand how researchers compile the data needed to make such a claim. The following information is offered in the hopes of clarifying the methods used to determine which financial stressors can contribute to the decision to file for consumer bankruptcy, and the role that medical debt plays in that process. One reliable source of data is bankruptcy schedules. These are standardized forms that debtors use to

Most Maryland consumers are aware that student loans are not currently eligible for discharge through consumer bankruptcy. This may change, however, if newly proposed legislation is passed through the House and placed into effect. The Discharge Student Loans in Bankruptcy Act proposes allowing educational loans to be included within the scope of debts that are included within bankruptcy protection. In support of the bill, Rep. John Delaney asserts that the current bankruptcy law places student loan debt in a category by itself, as virtually all

Deciding when financial strain has reached an unmanageable level can be a difficult task. It is hard to know when the situation has reached a point at which looking at bankruptcy protection is the best course of action. In the weeks following the beginning of a new year, addressing financial concerns is on the top of many to-do lists. For many in Maryland, however, a close examination of personal finances will uncover several factors that can combine to make bankruptcy the clear choice. One sign

The decision to file for bankruptcy is never a simple or easy choice to make. However, many Maryland residents find that the benefits of bankruptcy offer the best available path out of unmanageable debt. Once the decision has been made to file for consumer bankruptcy, many wonder how long that choice will impact their financial standing, especially in regard to credit scoring. For consumers who file for Chapter 7 bankruptcy, their credit reports will include that fact for 10 years. Filing for Chapter 7 requires

For many in Maryland, one of the top post-bankruptcy priorities is rebuilding a positive credit history. This is best achieved by making responsible use of new lines of credit, as well as making timely payments on any debts that were not discharged through the consumer bankruptcy process. Knowing which forms of credit to pursue after a bankruptcy is important, as not all debt is created equal. Creditors know that debts acquired soon after a bankruptcy are likely to be repaid, as consumers are not eligible

Going through a bankruptcy can be a tumultuous time in the life of a Maryland resident. There are a great many decisions that must be made in a limited range of time, and having to trudge through the paperwork involved can be a chore in and of itself. However, the end result is worth the short-term strain, and those who have come through a consumer bankruptcy are able to begin anew in their financial lives. That sense of a new beginning is placed at risk,

The decision to file for bankruptcy is never an easy one to make. There are a number of considerations that individuals and families in Maryland must work through before making the decision that seeking bankruptcy protection is the right choice. Often, the impact that such a move might have on existing retirement savings is a serious concern, and a great deal of misinformation exists surrounding the topic. Generally, funds set aside for retirement within an IRA are exempt from inclusion within one’s bankruptcy estate. That