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When your finances begin to spiral beyond your control in Maryland, you may start looking for ways to reestablish financial stability. Depending on how much debt you find yourself in and how much income you have, filing for bankruptcy may help you accomplish this goal. However, many people considering filing for bankruptcy hesitate because they have fears about potentially losing their homes in the process. Per Rocket Mortgage, the act of filing for bankruptcy does not automatically put your home at risk. Instead, whether you

Overwhelming debt can happen to anyone. For many people, bankruptcy is the only option. If bankruptcy is a potential option for you, consider the distinctions between Chapter 7 and Chapter 13 bankruptcies. What are Chapter 7 and 13 bankruptcies? Chapter 7 is a liquidation bankruptcy that halts most creditors from collecting. After three to four months, the bankruptcy will discharge and erase qualifying debt, such as personal loans and medical expenses. Both individuals and businesses can file a Chapter 7. Chapter 13 bankruptcy will reorganize

Once you fall behind on your bills in Maryland, it becomes increasingly difficult to catch back up. In addition to the bills you are already struggling to pay, you may now face fines and fees for late payments that increase your debt load even more. The deeper your debt becomes, the more likely you are to experience harassment at the hands of your creditors. However, filing for bankruptcy may grant you temporary protection in this area. According to LendingTree, the automatic stay is something that

Filing bankruptcy is a good move to get protection under the law from collection agencies or lenders. While this is a rather large step to take, it can allow you to save yourself from financial ruin. Making the decision to file can be difficult. You need to weigh the pros and cons. Understanding the protections that Chapter 13 offers can help you with making the choice to file. The automatic stay The main protection offered to you under Chapter 13 comes from the automatic stay.

Stimulus checks and payment protection loans kept many Rockville families and businesses afloat during the pandemic lockdowns. That, combined with courthouses being shut for months, kept personal bankruptcy filings low in 2020 and ’21. But these vital pandemic programs both ended in 2021. Since then, the economy has become volatile. Many households’ financial woes, which stimulus and PPP loans helped paper over somewhat, are now faced with massive debt. Meanwhile, rising interest rates and inflation are straining budgets even further and making it harder to