Blog about Filing Bankruptcy in Washington DC and Maryland

How Important Is Your Credit Score?

You hear about credit scores all the time, but what’s all the fuss about? Many people may not understand what a credit score really means, and what factors into how your score is decided. Credit scores are important and can determine a lot of things like how high your interest rates for borrowing are, and it lets lenders determine how risky it is letting you borrow money. Your credit score can apply to your credit cards, mortgage payments, and car payments. However, having a bad credit score is not the end of the world. There are always ways to start repaying your debt, including debt management strategies and bankruptcy. Keep reading to learn more about credit scores and what to do if your credit score is spiraling lower and lower. What Determines Your Credit Score What is your repayment history? How diligent are you at repaying the debt that you…
Read More »

Can I Settle My IRS Debt this Tax Season?

Has tax debt been building up for you? You may find yourself in the same position as thousands of Americans every tax season. Tax debt can build up quickly and paying it off can seem like a daunting task. Taxes are complicated, and paying off your tax debt the right way is crucial to your finances. The IRS is the federal government, and has smart and intrinsic ways to collect tax debt, so avoiding paying your taxes is a bad idea. However, the IRS can be patient, as long as it believes that your tax debt will be paid off one day. The longer you wait, the more debt you will accrue. The IRS accepts monthly installment plans of up to 72 months to repay debt, and the longer it takes for you to pay the more interest and penalties you will have to pay to the IRS.  Keep reading…
Read More »

Can I Post on Facebook During Bankruptcy?

Social media accounts, particularly Facebook, have changed the way pretty much everyone lives and works. While there are some hold-outs, many people use the platform to share pictures and updates with friends and family. However, there are others out there (you know who you are) who post pretty much everything in their lives to social media: What they wore to work this morning, what they ate at lunch and their ever-changing relationship statuses. However, there’s a golden rule for people involved in any type of civil or criminal case, including being involved in a bankruptcy case: Stop posting things on Facebook during bankruptcy. While most bankruptcy cases are relatively simple processes, certain cases get more complex. If a creditor in your bankruptcy case wants to investigate your life and finances, there is nothing stopping them from going through your public social media accounts. Many times, people might exaggerate their lifestyles…
Read More »