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
The financial success of Maryland businesses can depend on many factors. However, when economic strife hits the United States, some plunge into serious debt and cannot recover. One Bethesda children’s store that offered day camps and preschools for young children recently experienced this issue and filed for Chapter 7 bankruptcy as it saw the closure of its Maryland location. Store permanently closed Bethesda Magazine reports that the chain has a variety of debtors and that it can no longer afford to operate in light of the current pandemic affecting the nation. This…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
