Divorce affects your finances in many ways. When you face monetary difficulties after a marital split, bankruptcy can provide relief from overwhelming debts. It is important to understand the legal process and how it can affect your child support responsibilities....
General Bankruptcy Topics
Will I lose my tax refund if I file for bankruptcy?
Understanding how tax filing and refunds work during bankruptcy can be confusing. The rules differ for Chapter 7 and Chapter 13 bankruptcy filings, and they are complex. Whether you have already filed for bankruptcy or think it may be in your future, you need to...
The consequences of unpaid credit card debt
Credit cards are a convenient and common method of paying for items when you do not have readily available cash. The problem arises when you spend more than you can pay off at the end of the month and accumulate interest. When interest and late fees add up, it is...
Understanding Maryland bankruptcy exemptions
When facing bankruptcy in Maryland, knowing what qualifies as exemptions to safeguard your assets can help. The choice between Chapter 7 and Chapter 13 bankruptcy significantly impacts exempted property. If you are struggling financially but worrying if you will lose...
Are you at risk of losing your home?
In the current economic climate, the threat of losing one's home looms large for many Maryland residents. For example, rising interest rates and inflation can place homeowners in precarious financial positions. Credit card debt and medical expenses do not help,...
Overcoming the stigma of bankruptcy
The United States Courts reported that there were 387,721 bankruptcy filings in the country in 2022. In a world where financial stability often equates to success, the mere mention of bankruptcy can evoke feelings of shame and defeat. However, filing for bankruptcy is...
What to know about the wildcard bankruptcy exemption
The United States Bankruptcy Court District of Maryland reported 7,305 bankruptcy filings in the state for 2022. Bankruptcy can be a challenging and complex process, providing individuals with an opportunity for a fresh financial start. In Maryland, there are specific...
Why you can’t run away from debt collectors
A study from the Consumer Financial Protection Bureau notes that almost one in four Americans has a debt in collections. If you are not able to make your payments, it may seem like a good idea to hide from your debt collector. However, this is a solution that will not...
Actions to avoid before filing for bankruptcy
If you have credit cards or loans and feel you no longer have control, you are not alone. Many Americans feel this way but do not recognize that bankruptcy can help. People tend to feel shame when they cannot afford to pay off their debts. However, most people...
Rebuilding your credit after filing for bankruptcy
Filing for bankruptcy can have a significant impact on your creditworthiness and financial standing. However, it is important to remember that bankruptcy is not the end of your financial journey. With dedication and responsible financial habits, it is possible to...