If a person falls into debt, more than they can pay back, than they will most likely file for bankruptcy in an attempt to clear their debt. But how often are people denied bankruptcy? Why would they be denied bankruptcy in the first place? Let’s discuss some different ways a person can be denied bankruptcy. […]
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Frequently asked questions about Bankruptcy
How many types of bankruptcy are there?There are two main types of bankruptcy, Chapter 7 and Chapter 13. The other 2 types are Chapter 11, Chapter 12. Most people file for chapter 7 and 13, chapter 7 is recommended to those who may not be able to repay all of their debts, releasing them from […]
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How common is Bankruptcy? Do you know of anyone who has filed for bankruptcy? It is most likely that you know someone who has gone through the legal process of bankruptcy because of their negligent payments on their credit cards, mortgage, medical bills, etc. But how common is it in the state of Maryland? If […]
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Chapter 7 vs Chapter 13 Bankruptcy
No one enjoys filing for bankruptcy, but if you have to file, it will usually be through chapter 7 or chapter 13. But what is the difference? Let’s take a look.Chapter 7 BankruptcyThis method of bankruptcy is the one most people are familiar with, this involves completely wiping out your unsecured debt such as credit […]
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The first problem with buying a car right after filing a chapter 7 bankruptcy, is that your debts are still not officially eliminated. The one way you may be able to buy a car is once you receive your bankruptcy discharge notification. Now there are a number of factors that go into buying a car […]
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Rising Costs, Lower Income – Reasons to File Bankruptcy
If you had to see the political debates this week, both parties spoke of income disparity. Many of our fellow Americans live at or near the poverty line. 36 percent have no savings for an emergency. Another 32 percent have less than 10 thousand dollars in savings. That equates to 68 percent of the population […]
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