Rising inflation and interest rate hikes have left millions of consumers in Maryland and throughout the country struggling to make ends meet. A report released by the Federal Reserve Bank of New York reveals that the amount of revolving debt being carried by American...
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bankruptcy
The frightening rise in credit card debt
Consumers all across Maryland are increasingly turning to credit cards to pay for all manner of items, from everyday necessities like groceries and fuel to season-specific items like holiday presents. And while the rise in credit cards has coincided with great...
Can bankruptcy help with smaller amounts of debt?
People regularly file for bankruptcy in the state of Maryland. Many people may see bankruptcy as a way to escape their debts. They may even want to file for a relatively small amount of debt. This is likely not to work out as they envisioned. The different kinds of...
Listing assets in Chapter 7 proceedings
Chapter 7 bankruptcy may be a good way for someone in Maryland to escape insurmountable debt. Under Chapter 7 rules, the debtor will liquidate non-exempt assets to pay creditors. This category is different from Chapter 11, which involves a payment plan. When filing...
When can you apply for a credit card again after bankruptcy?
After a bankruptcy in Maryland, you could keep your credit card upon the creditor's approval. If you can't do this, you can apply again upon fully discharging your bankruptcy. Another option is to get a secured credit card instead of an unsecured one. Secured credit...
Common myths about bankruptcy
Bankruptcy represents a last resort when it comes to financial issues, but there's nothing wrong with making that choice if your circumstances warrant it. Hundreds of thousands of Americans file for bankruptcy every year, many of them located in Maryland. Despite how...
The Chapter 7 bankruptcy means test
Filing a Chapter 7 bankruptcy to escape unmanageable debt became more difficult in Maryland and around the country when President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act into law in 2005. Congress passed this law to prevent...
Chapter 13 for Maryland residents
People who find themselves struggling with their debt situation might consider filing for bankruptcy. Those unable to file for Chapter 7 may consider filing for Chapter 13 bankruptcy in Maryland. Understanding basic points about Chapter 13 might help debtors prepare...
Is Chapter 7 worth pursuing?
Chapter 7 bankruptcy provides a way for Maryland debtors to address their financial obligations. Debtors may wish to think about whether Chapter 7 is right for them. Liquidation and other issues Chapter 7 involves liquidating cash and property to pay creditors. One...
How an involuntary bankruptcy works
The U.S. bankruptcy code authorizes involuntary bankruptcy as a solution for Maryland creditors in certain situations. This type of bankruptcy can apply to a personal or business debtor, although it is mainly used for businesses. Minimum claim amounts and other...