The biggest difference between Chapter 7 and Chapter 13 bankruptcy is you repay debts in Chapter 13 through a payment plan. This fact may lead some people to believe that makes Chapter 13 a better option. According to U.S. News and World Report, since both are still...
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Does medical debt affect credit score?
Even if you have a good health care plan, a trip to the emergency room may set you back hundreds or thousands of dollars. If you must stay in the hospital or undergo a surgical procedure, you may spend considerably more. When the medical bills arrive, you simply may...
What do you know about offers in compromise for tax debt?
You want to dig yourself out from under a mountain of tax debt, but maybe you do not know all your options. What if you could settle your debt for less than the full amount owed? The IRS explains how an offer in compromise works. Paying your full tax debt does not...
How does bankruptcy affect tax debt?
Under many circumstances, it is not possible to discharge tax debt during bankruptcy. For example, most chapter 7 filings require payment of tax debt first, making them a priority among other types of debt. Despite these standards, it is sometimes possible to...
Understanding the means test for Chapter 7 bankruptcy
Chapter 7 bankruptcy allows Maryland residents to discharge many eligible debts. However, you must pass the means test, which evaluates your income, assets and obligations, to qualify for Chapter 7. If you live in Maryland and struggle with mounting debt, learn more...
How the automatic stay shields debtors from collection activity
Many people file bankruptcy to shield their remaining assets from collection proceedings by their creditors. Unless these debtors have filed a bankruptcy previously, they may have no awareness of the automatic stay and how it can protect them from ongoing collection...
What do you know about recovering financially from bankruptcy?
It took some time for you to become comfortable filing for bankruptcy, but you took the step. Have you made plans to make the most of your decision? U.S. News & World Report offers suggestions for rebuilding your financial household after filing for bankruptcy....
3 tips for dealing with emotional stress during bankruptcy
If you are in debt, you know the kind of stress and anxiety it can cause. If you have thought about filing for bankruptcy, you are one of many ready to take charge of your finances and move forward. According to the United States Courts, in 2020, bankruptcy filings in...
Bankruptcy may provide relief from overwhelming medical debts
Increased health care costs leave many Americans feeling helpless or trapped. As reported by NBC News, 72% of survey respondents revealed their medical bills prevented them from homeownership or starting a family. About half of Americans surveyed are struggling with...
Bankruptcy exemptions in Maryland
Filing for bankruptcy is not something that anyone wants to do, but circumstances sometimes dictate that it is necessary. Some people think that it means losing everything to discharge debts, but there are some things that are exempt. Here are a few of the more common...
