Blog about Filing Bankruptcy in Washington DC and Maryland

Is Credit Card Debt Bankrupting Millennials?

Are millennials being crushed under a mountain of credit card debt? Is bankruptcy lurking on the horizon for many millennials? Today’s millennials have more debt than ever, between credit cards, expensive student loans, car payments and (sometimes) mortgages. Over two-thirds of millennials are paying back at least one source of long-term debt. Over one-third have more than one source of long-term debt. And given that the average millennial salary is less than $35,000, this age group faces a huge struggle paying off these debts. Millennials forego cars, moving out of their parents’ houses and getting married because it just isn’t financially feasible to do those things. Among all types of debt plaguing millennials, the largest by far is student debt. And because student debt is such a problem, many millennials fall into a debt spiral. Because they must pay expensive student debts, they have a harder time paying off other…
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Is It Possible to File for Bankruptcy Without an Attorney?

Bankruptcy is a complex process, and a personal one. For that reason, many people consider trying to wade through the bankruptcy process themselves, without the assistance of an attorney. However, despite your do-it-yourself attitude, it is highly inadvisable to go through the bankruptcy process without a lawyer to help guide you. Bankruptcy is so easy to mess up – even skipping a little step or improperly filling out a form can lead to your case getting thrown out, or certain debts not getting discharged. But what should you look for in a bankruptcy attorney? A deep knowledge of bankruptcy law Someone who understands the complexity of your case, whether individual or for business bankruptcy Someone that you think you can develop a good professional relationship with When seeking a bankruptcy attorney, beware of scams – there are a lot of companies out there promising quick fixes for your financial problems….
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Will Bankruptcy Wipe Out ALL My Debts?

One of the main benefits of Chapter 7 bankruptcy is the ability to eliminate debts and get a fresh start. But exactly which debts are wiped in Chapter 7? Will you really have a clean state to rebuild your finances on? A discharge releases the debtor from liability for debts and stops creditors from pursuing collection against the debtor. The good news: many debts are dischargeable in bankruptcy, and Chapter 7 does not take very long to complete (usually a few months). The bad: not all debts can be discharged, and you may have to make other sacrifices. What Debts Can Be Discharged in Chapter 7? Under the Bankruptcy Code, there are 19 categories of debt that cannot be discharged. These include: Unscheduled debts (debts you fail to list on your bankruptcy petition or mailing list) Some taxes Spousal or child support, as well as other debts owed for former…
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