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Options when you need help making your home loan payment

Sometimes, you need help keeping up with your home loan payments. The good news is that you have available legal options to find a solution that fits your financial situation. Loan modification Renegotiating our existing home loan can make it more manageable. This process could include reducing the interest rate and extending the loan term or principal forbearance. To pursue a loan modification, contact your loan servicer when you foresee difficulties meeting your payment obligations. Be prepared to provide detailed information about your financial situation

December 29, 2023 No Comments

Take action to avoid foreclosure

Owning a home is a significant achievement, but you risk losing your residence if you experience financial difficulties. The state of Maryland has strict laws regarding foreclosure procedures. According to the Maryland Department of Labor, the number of foreclosures has been increasing. As of November 30, 2023, the department received over 61,000 new Notices of Foreclosure. Take simple steps to reduce your risk of the lender taking action. Communicate with your bank Lenders want to work with you to keep you in your home. Contact

December 12, 2023 No Comments

How credit card debt can impact your life

As reported by the U.S. Census Bureau, the average American has almost $8,000 in credit card debt. Credit card debt is a growing issue for many people, and its impact can extend far beyond financial strain. Relying on credit cards might seem like an easy solution for immediate needs or emergencies, but accumulating debt can have long-lasting and far-reaching effects on various aspects of your life. Understanding these impacts can help you make more informed decisions about using credit cards and managing your finances. As

November 28, 2023 No Comments

The link between unaffordable mortgages and bankruptcy

Among the many financial challenges that individuals and families face, the inability to afford mortgage payments stands out as one of the leading causes of bankruptcy in the United States. Homeownership is a significant milestone for many. However, when mortgage payments become unmanageable, it can lead to a cascading series of financial difficulties that often culminate in bankruptcy. Debt accumulation The struggle to meet mortgage payments often leads homeowners to accumulate additional debt to cover daily living costs or unforeseen emergencies. This can involve taking

November 9, 2023 No Comments

What can you do if your child refuses court-ordered visitation?

During a divorce and custody hearing, the court typically aims to ensure that both parents have equal opportunities to maintain a meaningful relationship with their children. Unfortunately, sometimes children resist these arrangements. If your child resists court-ordered visitation with the other parent, you might wonder how you should handle it. There are a few things to know ahead of time in case your child refuses their upcoming visitation schedule. Embrace open communication Have an open conversation with your child about the source of the resistance.

November 6, 2023 No Comments

How is credit card debt handled during bankruptcy?

When facing overwhelming financial difficulties, bankruptcy can be a worthwhile last resort for individuals seeking relief. Bankruptcy provides a structured way to address financial struggles, including credit card debt. It is important to note, however, that bankruptcy addresses credit card different from other forms of debt. You can better plan for the road ahead by knowing what exactly happens to credit card debt during the bankruptcy process. Types of bankruptcy There are two primary types of bankruptcy that individuals may file for: Chapter 7 Bankruptcy:

October 30, 2023 No Comments

Medical debt a leading cause of bankruptcy filings in America

Medical debt plagues countless Americans and often leads to financial distress and, in some cases, bankruptcy. The financial burden of health care expenses can be overwhelming. Many individuals and families find themselves in dire straits due to their inability to manage these costs. The number of Americans struggling to stay on top of their medical bills has grown so much that medical debt is now one of the leading causes of bankruptcy filings across the nation. What drives medical debt The rising cost of health

October 11, 2023 No Comments

What is Chapter 13 bankruptcy?

Those overwhelmed by debt often consider filing either Chapter 7 or Chapter 13 bankruptcy. Chapter 13 bankruptcy, also known as “reorganization bankruptcy,” is a legal process designed to help individuals with a steady income regain control of their finances while repaying their debts over a specified period, usually three to five years. Chapter 7 bankruptcy involves liquidating assets to pay off debts. However, Chapter 13 focuses on creating a manageable repayment plan. People considering filing this type of bankruptcy should know a few things about

September 28, 2023 No Comments

How bankruptcy impacts your credit

Overwhelming financial difficulties can be incredibly challenging to overcome. In certain cases, they can be near impossible to surpass without outside aid. Bankruptcy can provide relief from unmanageable debt. A common misconception that keeps many from using it is that it irreparably harms your credit score. Bankruptcy basics Bankruptcy is a legal process that allows individuals or businesses to eliminate or repay their debts under the protection of the court. There are two primary types of bankruptcy for individuals, Chapter 7 and Chapter 13. Chapter

September 18, 2023 No Comments

How to manage debt with a debt management plan

If you feel overwhelmed by debt, you are not alone. Many Americans struggle with debt. In times of economic uncertainty, people rely more on their credit cards or borrow money to make ends meet, improve their opportunities or access education. If the debt becomes overwhelming, however, many Americans do not know how to regain control of their finances. They do not realize that a debt management plan will help them pay off the debt. Why do people need a debt management plan? In the U.S.,

September 6, 2023 No Comments