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Recent studies suggest that bankruptcy filings spike around tax season. With many individuals in Maryland receive a substantial refund during this time, there are countless ways in which to spend it. Some people may have their eyes set on a particular purchase, while others who are constantly dealing with overwhelming debt may have bills to pay. For the latter, they may find this to be an excellent time to consider filing for consumer bankruptcy. Many people may have considered bankruptcy at one point or another,

Many individuals have experienced credit card debt over the years. In the age of convenience, credit cards can have various benefits and may be easy to obtain. Unfortunately, if a person fails to make payments on time the situation can quickly become overwhelming. When facing a similar circumstances, people in Maryland may want to consider filing for consumer bankruptcy. In some cases, a person may seek to escape debt by initiating a budget and/or exploring debt settlement. While these may be viable options for some,

Many people struggle with choosing when to retire. For Maryland residents, the decision can be difficult for many reasons. Any previous debt accrued can be challenging to manage, especially on a fixed income. Credit card debt can play a significant part in preventing a person from retiring. For quite a few people in this situation, it may be wise to consider filing for consumer bankruptcy. Many people turn to credit cards during times of financial struggle. A lot of companies offer low interest rates at

Americans already carry a significant amount of credit card debt, and the holidays are a time of year that many people see their spending and debt balances increase. It is easy to become overwhelmed by credit card debt, but this situation can quickly begin to affect one’s ability to manage other bills and financial obligations. One way to deal with a debt that is unmanageable is to file for bankruptcy protection. Especially during this time of year, it is quite common for people to fall

Consumers in Maryland who have had to rely on their credit cards after job losses or unanticipated medical emergencies may end up with mountains of debt without much hope of being able to pay. Gaining knowledge about bankruptcy protection when other options such as negotiating with creditors fail can be beneficial. While Chapter 7 or Chapter 13 bankruptcy may be the most suitable way to reestablish financial stability, it may be wise to consider all of the pros and cons before filing. Consumers are told

A case currently before the Supreme Court will address how debt is collected and the practices that collection agencies are allowed to use. This case stems from a situation in which a woman was expected to pay over $1,800 on a bill long after the statute of limitations had expired. The court will decide whether people already under bankruptcy protection can sue companies for seeking payment on debts after the statute of limitations has expired. Maryland readers will note that the company that brought the

When the economy improves, consumer confidence increases, and people begin to charge more on credit cards. In 2007, people were also overconfident with their money, causing to them to take risks with their long-term financial stability by carrying huge credit card balances. Analysts warn that this is happening again, which could potentially increase the need for many Americans to consider consumer bankruptcy.  Maryland readers may be interested to know that Americans accumulated an estimated $34.4 billion in credit card debt in the second quarter of 2016

When a person is overwhelmed by credit card debt, it can have a negative impact on every area of life. From unexpected medical expenses to a prolonged unemployment period, people may find themselves dealing with the impact of circumstances beyond their control. When this occurs, Maryland readers may find that bankruptcy protection is a viable and beneficial option. The Federal Reserve estimates that Americans carry approximately $950 billion in credit card debt, and about 65 percent of credit card holders do not pay off their

Credit cards are relatively easy to get, and Maryland readers may know that many banks are currently lending to consumers at an alarmingly high rate. In a three month period, banking establishments lent $18 billion to consumers, much of it in the form of revolving credit such as retail store credit cards. While some may view this as a positive sign of the economy’s health, credit card debt can quickly add up and become a burden for consumers, increasing the number of people filing for

It is not uncommon for consumers in Maryland to find themselves facing mountains of credit card debt. Many people find relief by filing for consumer bankruptcy protection made available by the U.S. Bankruptcy Code. Due to the prevalence of such filings, some consumers are hesitant to get credit cards. It can be beneficial to have a credit card for more than just the convenience of easy payment. If used responsibly, it can increase the holder’s credit score. As long as a person does not spend