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Filing for Chapter 7 bankruptcy can feel overwhelming, especially if you’re concerned about losing your home. In Maryland, whether you can keep your house depends on several factors. Maryland’s homestead exemption Maryland offers a homestead exemption, which protects the equity you can keep in your primary residence. As of now, Maryland allows an individual filer to exempt up to $25,150 in home equity. If you’re married and both of you file jointly, this exemption increases. If the equity in your home falls below this amount,

When personal debts become too much to handle, one of the most common solutions for reprieve is to file for Chapter 7 bankruptcy. Doing so gives you time to liquidate assets and repay your creditors, but it can also have a negative impact on your interest rates going forward. While bankruptcy might be your only option for overcoming a pressing financial dilemma, it is important to consider how it will affect your long-term finances as well. By understanding how Chapter 7 bankruptcy can impact interest

As we have discussed before in this blog, the main options for personal bankruptcy protection for people in Maryland are called Chapter 7 bankruptcy and Chapter 13 bankruptcy. Both forms of bankruptcy have the same goal of getting you out of debt and giving you and your family a fresh start financially. But they work differently, and choosing which one to pursue is not as simple as flipping a coin. Chapter 7: liquidation bankruptcy Chapter 7 bankruptcy is also called “liquidation bankruptcy” because it discharges

If your business is having trouble paying bills and making a profit, you may be considering bankruptcy in Rockville, Maryland. You may have heard of Chapter 7 and Chapter 11 bankruptcy but do not understand how these options differ. The differences are important because they can determine the future of your business. Chapter 7 bankruptcy means liquidating your business You may choose Chapter 7 bankruptcy if you believe there is no realistic hope of continuing to operate your business. In Chapter 7 bankruptcy, the court

Accruing thousands of dollars in debt due to credit card charges, medical expenses and mortgage payments may directly cause significant health risks. Owing unsecured debt, or debt detached from specific property, potentially results in feelings of hopelessness and uncertainty among its victims. As it worsens the health of aging adults, debt may ultimately shorten your lifespan. Bankruptcy could provide potential monetary relief to consumers, and it may just save your life. Older adults are most affected In the United States, adults over the age of

It is no secret that dealing with substantial amounts of debt can be a harrowing experience. For individuals in Maryland who are closing in on retirement, financial struggles could pose a significant threat to future plans. Those who are facing similar issues might find it advisable to speak with a consumer bankruptcy attorney for guidance on the potential risks of dealing with debts late in life and the available options with which to pursue relief. According to a recent survey, more than 80 percent of