Blog about Filing Bankruptcy in Washington DC and Maryland

Bad Debts and How to Avoid Them…

Do you know what a bad debt is? A bad debt usually involves owing money for something that is neither essential to your way of life, nor does it advance your future prospects. So, student loans, mortgages or car payments wouldn’t necessarily be bad debts, but they can turn into them. Bad Debts: How They Happen and How to Avoid Them When a Mortgage Goes Bad– Owning a home is probably going to be one of your greatest assets, but if you are not careful, you could get in over your head. Carefully analyzing your income to determine if you can afford a home is key, but you also need to take a good look at your potential mortgage as well. Will the interest rate be fixed or adjustable? Will it be easy to refinance later? Are there hidden fees like fines for early payment or balloon payments? Not knowing…
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How Do I Know It’s Time to File for Bankruptcy?

No one plans for bankruptcy, but many people can fall into a situation where bankruptcy is their best option and not even realize it. The stress and accumulated debt aren’t going anywhere, so it can be precisely what the doctor ordered. When asking yourself if it’s time to file for bankruptcy, here are some red flags to look out for. Signs That it’s Time to File for Bankruptcy You’re behind on your mortgage – The possibility of losing your home is definite cause for immediate action. As the most valuable asset you possess, your home is not something you can afford to lose. It’s worth what bankruptcy costs when it means holding on to this investment. You’re moving debt from one credit card to another – Making an occasional credit card payment using another one can be an apt financial move. It can help you to avoid higher rates on…
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This is My First Time Doing Taxes, Help!

Doing your taxes for the first time can seem intimidating. The biggest roadblock that keeps most twenty-somethings and beyond from filling them out for the first time is the amount of unfamiliar tax terms. If it’s your first time doing taxes and you’re scratching your head at a lot of the words, you’re not alone. With that in mind, here’s what you need to know about all the most basic tax vocabulary. Must Know Jargon for Your First Time Doing Taxes Withholding allowances – Each time you get your paycheck, you don’t get the full amount you’ve earned. Your employer withholds some of your earnings to pay the IRS the taxes you owe on your income. When you fill out your W-4 form for an employer, you control how much they subtract from your paycheck based on your withholding allowances. Tax bracket – More money, more taxes. That’s basically what…
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