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One misconception surrounding chapter 7 liquidation bankruptcy is that it equals complete financial downfall. On the contrary, the primary purpose of chapter 7 is to provide a fresh start for individuals or businesses struggling with debt. It allows for the discharge of certain debts, offering the opportunity for a clean slate and a chance to rebuild. Knowing some truths about chapter 7 can be helpful. 1. Can keep some assets One common misconception is that filing for chapter 7 means losing everything. In Maryland, however,

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

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

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

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