Maryland residents like you may find yourself in a position where debt overwhelms you. When pushed into a corner like this, your options often feel limited. You may turn toward bankruptcy feeling like it is a last resort, but it is not. Bankruptcy is a helpful tool...
Chapter 13 Bankruptcy
The mental advantages of Chapter 13 bankruptcy
Filing for Chapter 13 bankruptcy carries various benefits, such as granting freedom from debt and opening up new opportunities. However, bankruptcy is advantageous in other ways as well. For example, many people benefit from a mental point of view. Successfully...
What kind of debt can bankruptcy discharge?
When someone is experiencing considerable financial debt, bankruptcy may be the best option for them to recover from debt. While bankruptcy may be the right choice for many, it does not eliminate or manage all debt. There are two forms of debt: secured and unsecured....
Auto accidents and unmanageable debt
After a motor vehicle wreck, victims often face many challenges. Serious injuries, emotional trauma and losing the ability to work are often very hard. Moreover, all of these difficulties often give rise to other problems in one's life, especially from a financial...
Does chapter 13 bankruptcy save your home from foreclosure?
Considering Bankruptcy A volatile economy makes it challenging to keep paying your bills on time when something unexpected happens. Even a relatively simple medical issue may lead to high doctor's bills and a temporary loss of income. It may only take a few months for...
What happens during a Chapter 13 bankruptcy?
Many people in Maryland and elsewhere assume that bankruptcy is all the same – that you apply for a personal bankruptcy, get a discharge of your debts and start over with a clean slate, albeit a mark on your credit report for several years. However, bankruptcy is not...
What should I know about filing taxes during bankruptcy?
Filing your taxes is often confusing. It becomes even more so after filing bankruptcy in Maryland. There is one part of the tax law that may concern you a little in regards to your bankruptcy and the discharged debts. According to U.S. News and World Report, the IRS...
Lien stripping second mortgages in Chapter 13 bankruptcy
Homeowners in Maryland who are struggling to pay their monthly expenses may want to consider bankruptcy to find relief from the stress of overwhelming debt. The U.S. Courts explains that Chapter 13 bankruptcy allows people who have a reliable income that does not...
How do I handle taxes during a bankruptcy?
If you file bankruptcy in Maryland, then you may know that there are some debts you must continue to pay. If you file a Chapter 13, the IRS explains there are certain things you must do in regards to your taxes. If you fail to do them, then you could end up having...
Chapter 7 versus Chapter 13 bankruptcy: What’s the difference?
When it comes to serious financial problems, it's a good idea to try to stay calm and explore all available options to get things back on track. The good news is that most financial crises are temporary. However, it's also true that a solution that works for one...