Blog: Bankruptcy
- Common Questions About Chapter 13 Bankruptcy: What You Should Know Before Filing
Sep 30, 2024
If you're considering filing for This blog will cover the most common questions people have about Chapter 13 bankruptcy, helping you understand the process and determine if it’s the right choice for you. What Is Chapter 13 Bankruptcy? Chapter 13 bankruptcy, also known as a “wage earner’s plan,” is designed for individuals who have a regular income and want to reorganize their debts into manageable payments. Unlike Chapter 7, where debts are typically discharged...Read More - What Assets Can You Keep After Filing for Chapter 7 Bankruptcy?
Aug 19, 2024
Worrying about what will happen to your possessions is natural when filing for bankruptcy. But there’s good news: you can keep important things, such as your personal treasures and the retirement funds you’ve saved. Here’s Personal Items You can keep personal items worth up to $5,000, including your wardrobe, books, and work tools. However, this doesn’t include items you want to sell or rent out. You can also keep household items worth up to...Read More - The potential consequences of filing for chapter 7 bankruptcy
Jul 12, 2024
A Chapter 7 bankruptcy offers a clean slate, free from liabilities. Filing for it can wipe away many types of debt, such as credit card charges, medical expenses and personal loans, giving you a chance to rebuild. However, certain debts, like student loans and most taxes, are not dischargeable under Chapter 7 bankruptcy. While Chapter 7 can offer relief, it’s not a decision to be taken lightly. There are certainly benefits to ...Read More - Credit card delinquency rates are on the rise
Jul 10, 2024
Recent economic data suggests that consumers in Maryland and across the country are struggling to pay their credit card bills. A report released by the Federal Reserve Bank of Philadelphia on April 10 reveals that 30-, 60- and 90-day credit card delinquency rates all rose sharply in the fourth quarter of 2023. The percentage of credit card accounts that are past due by 30 or 60 days is even more worrying. That figure reached a...Read More - Can Bankruptcy Help You Manage Mortgage Arrears and Keep Your Home?
May 29, 2024
Struggling with mortgage arrears can be an overwhelming experience, especially when you're at risk of foreclosure. However, there are legal avenues that may help you manage your debt and keep your home. At Maronick Law LLC, we understand the complexities of Maryland's bankruptcy laws and are here to guide you through your options. This blog explores how filing for Understanding Mortgage Arrears What Are Mortgage Arrears? Mortgage arrears occur when you miss one or...Read More - Is it possible to get a home loan after filing for bankruptcy?
May 20, 2024
Understandably, many adults in Maryland want to become homeowners. However, life can sometimes be full of unwanted financial-related surprises. One of these situations happens when someone must file for bankruptcy. After completing this process, many people wonder if they’re able to qualify for a home loan. Home loans after bankruptcy Fortunately, the good news is that people can qualify for and Completing a waiting period While homeownership is possible after...Read More - Recovering from your bankruptcy
May 16, 2024
Filing for bankruptcy could be a highly positive step in the right direction for people who are interested in rebuilding their financial situation. Following all the necessary steps during the bankruptcy process could lead a Maryland debtor to embark on life with a clean financial slate. Once bankruptcy ends, avoiding mistakes that could lead back to fiscal woes becomes necessary. Post-bankruptcy approaches Devising an adequate Taking action to rebuild a credit...Read More - Car loans and bankruptcy
May 13, 2024
Filing for bankruptcy provides an opportunity to discharge some or all of your debts without the need to give up property such as a Maryland home. However, it may complicate your efforts to apply for vehicle financing as the bankruptcy remains on your credit report for up to 10 years. How lenders view bankruptcy There is no amount of time that you have to wait after filing for bankruptcy before attempting to apply...Read More - Can you make too much money to file for bankruptcy in Maryland?
May 3, 2024
In Maryland, people may consider filing for bankruptcy to seek relief from overwhelming debt. However, there is a common misconception that they must have a low income to qualify for bankruptcy protection. Contrary to this belief, there is no specific income threshold that disqualifies individuals from filing for bankruptcy in Maryland. Means test for bankruptcy The median household income in Maryland Chapter 7 This type allows for the discharge...Read More - Why you should pay off your credit card debt now
Mar 27, 2024
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 consumers has risen to $1.13 trillion. Credit card debt increased by a worrying $212 billion in the fourth quarter of 2023 alone. High rates and delinquencies Paying off that...Read More