When struggling with debt, you want to know your options for getting out of it. Bankruptcy is one of the many possibilities available to you. In specific, Chapter 13 bankruptcy offers you a way out. But as a debtor who files Chapter 13 bankruptcy, you have obligations to fulfill. What are they? Prioritizing your debts The United States Courts examine all you need to know about Chapter 13 bankruptcy, including your obligations as a debtor. Your primary obligations all revolve around repaying the creditors. Chapter 13 bankruptcy lets you create a…Read More
You plan to retire in a few years, and you want to double-check that you have your finances in order. You have heard more and more about elderly bankruptcy and want to avoid becoming another statistic. See why Forbes thinks more older adults file for bankruptcy. When you understand the factors at play, you can create a strategy to protect your money. Medical costs As we age, we often need more medical attention than we do at a younger age. The increased need for medical care combined with the price of such…Read More
For many, buying a home in the District of Columbia requires some financial acrobatics. After all, according to Zillow, the median price for a home in the metro area is currently $641,121. If you have a good credit score, though, securing a mortgage may be possible. Credit bureaus have a somewhat secretive approach to calculating personal credit scores. All of them, however, consider an individual’s debt-to-income ratio. This percentage is simply how much you owe relative to your income. An easy calculation If you do not already know it, you…Read More
There are a number of ways in which credit card debt, divorce and bankruptcy are connected. For example, some marriages fall apart as a result of excessive credit card debt, which often results in frustration, stress and even arguments. On the other hand, if you are unsure how to manage debt during your divorce and how debt is divided in court, it is pivotal to review this issue closely. Sometimes, bankruptcy is also in the picture. Filing for bankruptcy can help people get rid of their debt and move forward…Read More
If you decide to file for bankruptcy, you can keep certain personal items. These assets, called exemptions, include your home, retirement accounts and personal items. Review the applicable laws in Maryland about exemptions before moving forward with a bankruptcy filing. Homestead exemption For 2020, Maryland allows you to retain up to $25,150 in your primary residence. The court can order you to use equity exceeding that amount to repay a portion of your debt. Professional items You can keep up to $5,000 in items you use for your occupation. This may include…Read More
While bankruptcy is a legal process, it is also a method to alter a person’s life for the better when it comes to addressing financial qualms. It is easy to want debt relief, but it is difficult for you to process the methods available to do this. The word bankruptcy scares you, as it signifies major changes. The stress of your financial problems makes it challenging to fully digest what will happen if you file and what filing options you have. But what if this isn’t your first time filing for bankruptcy?…Read More
The economic crisis of the past few months is taking its toll on many people in Maryland. While state and federal programs have helped, some of these programs will soon expire, leaving many people struggling to pay their bills. If they have outstanding debt — and most Americans do — then they can soon run into serious financial trouble. The U.S. Bankruptcy Code offers some of the most powerful ways to get out of debt. The two most common forms of personal bankruptcy under the code are known as Chapter…Read More
The pandemic of 2020 has created financial troubles for many. Some of the financial problems are caused by being laid off or furloughed. If you and your family have been hard hit by the pandemic through job loss and mounting debt, you probably looking for answers about how to handle this situation. Questions to keep in mind Here are some questions to consider: Is your layoff a short-term problem or are you likely to be rehired soon? Would a restructured payment plan help you pay bills? Given more time, could…Read More
