Blog: Bankruptcy

10 Common Bankruptcy Myths That Prevent Maryland Residents From Getting Debt Relief

Apr 4, 2025

Bankruptcy Myth 1. Filing for Bankruptcy Means Losing Everything Reality: Your home (up to certain equity limits) Vehicles Personal belongings Retirement accounts In many cases, individuals filing for bankruptcy can keep most, if not all, of their property. Myth 2. Bankruptcy Will Ruin Your Credit Forever Reality: Paying bills on time Using secured credit cards responsibly Monitoring their credit reports for errors Bankruptcy often provides a clean slate, allowing individuals to rebuild their...

Facing Foreclosure in Maryland? How Bankruptcy May Save Your Home

Feb 27, 2025

Understanding Foreclosure in Maryland Facing foreclosure is one of the most stressful experiences a homeowner can endure. In Maryland, foreclosure is a judicial process, meaning lenders must go through the courts to repossess a property. While this provides some protection for homeowners, the process can move quickly once it starts. Many homeowners wonder if they have any options left – and the good news is that How Does Bankruptcy Impact Foreclosure? Filing for bankruptcy...

When Should You Consider Bankruptcy to Start the New Year Debt-Free?

Nov 22, 2024

The New Year is a time for fresh starts and financial resolutions. For many individuals in Maryland, getting control of debt is a top priority. If you’ve found yourself struggling with overwhelming debt, bankruptcy could be the solution that helps you regain control and start the year debt-free. However, In this blog, we’ll explore when filing for bankruptcy is the right option, how the process works, and how a Understanding Bankruptcy: What It...

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...

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...

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 ...

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...

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...

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...

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...