Blog about Filing Bankruptcy in Washington DC and Maryland

What Should I Do Before Filing for Bankruptcy?

There is a lot to consider if you are thinking about filing for bankruptcy. The first determination you should make is that bankruptcy is the best way for you to deal with your financial problems. Bankruptcy is an incredibly valuable tool to help you dig yourself out of a financial hole, but every case is different. As such, you will want to go through your finances with someone who is familiar with the field of bankruptcy – your attorney. Before you file, there are some things you have to do first. Within the 180 days prior to your bankruptcy filing, you must receive budget and credit counseling from an approved credit counseling agency. During this counseling, you and your counselor will go over all possible options for your finances and budgeting. Once you complete the counseling, you will receive a certificate stating that you received the counseling. You need this…
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Am I Eligible for Chapter 7 Bankruptcy?

How do you know if you are eligible to file for Chapter 7 bankruptcy? There are a few criteria you must fit, including a specific income amount, your results from a “means test,” whether you have recently filed for bankruptcy and whether a court believes you are lying to creditors. Here’s a short breakdown of the ways that your specific financial situation can prevent you from filing for Chapter 7: Income: If you have enough to repay your debts in a timely fashion, you are not eligible for Chapter 7 bankruptcy. Instead, Chapter 13 bankruptcy would be your route forward. The rule that determines eligibility is one that measures your current monthly income against the median income for a family of your size in your state. If your income is less than or equal to the median, you are likely eligible for Chapter 7. If your income is more than…
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Is My Bankruptcy Filing Public? Will Everyone I Know Find Out?

Bankruptcy can carry with it a certain stigma, despite how useful it can be in helping people dig themselves out of their financial struggles. And when considering bankruptcy, you might wonder: will other people be able to find out that you filed? Are bankruptcy filings public? Yes, actually. Most court records, including bankruptcy filings, are public. But, that does not mean that just anyone can access all of your personal information. Typically speaking, your friends, family and acquaintances are not going to find out about your bankruptcy filing unless you tell them yourself. There is a public access system known as PACER that contains information about bankruptcy filings throughout the U.S. But to access this system, you are required to register and pay per page of documents you obtain. As such, the average citizen will not be able to see your bankruptcy filing. However, your creditors and co-debtors will find…
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