Blog about Filing Bankruptcy in Washington DC and Maryland

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…
Read More »

What Do I Need to Know Before Filing for Bankruptcy?

The decision to file for bankruptcy is not an easy one. The stigma, the damage to your credit and the loss of certain assets can be a struggle. But sometimes, bankruptcy is the best option to reset your finances and move forward into the future without the burden of mounting debt. Things to Know About Bankruptcy Before You File You should know the difference between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy involves liquidating assets in order to discharge most or all of your debt. If you opt for Chapter 7, you may be able to keep some of your assets, but you might have to give up nonexempt assets. Chapter 13, on the other hand, involves creating a payment plan to pay back creditors over a period of time. Chapter 7 tends to be a shorter process, lasting only a few months. Chapter 13 takes years to…
Read More »

After Sex Assault Scandal, Will The Weinstein Company File for Bankruptcy?

Will the sexual assault scandal simmering at The Weinstein Company lead to bankruptcy? Not according to Bob Weinstein, but other signs indicate it might happen. According to Variety, the company’s leadership is torn on whether to reorganize in the face of potential bankruptcy. Some members wish to sell the company. Others are concerned that the explosive allegations against Harvey Weinstein could lead to massive liabilities when all potential sex assault and harassment lawsuits are said and done. Still, others worry that the name of the company has been irreversibly tarnished, which will affect its ability to move forward with new projects. And according to TMZ, company leaders are concerned that they might not be able to get rid of Harvey Weinstein. Despite having already fired him, his contract stipulates that he is entitled to mediation followed by arbitration before he is allowed to be fired. His continued employment, if it…
Read More »