Washington DC and Maryland Bankruptcy eNewsletters

How to Avoid Bankruptcy Scams

Attorneys General from multiple states have sued companies throughout the country that have been running bankruptcy scams and "get out of debt quick" schemes. Seeking to avoid filing for bankruptcy, some people turn to these companies that promise to clear up credit histories or reach an agreement with creditors. Unfortunately, bankruptcy-related scams promise a lot more than they deliver. People hoping to avoid bankruptcy end up losing more money and find themselves in a worse financial position. Legitimate bankruptcy and credit services are available from experienced attorneys and nonprofit organizations. Unlike bankruptcy scams, these resources know that the...

Avoiding Foreclosure During Bankruptcy

Data from the National Association of Realtors has shown that sales of homes selling under $100,000 and from $100,000 to $250,000 have gone up, 38.8 percent and 8.7 percent respectively. This is significant even though higher price ranges have shown losses. Nevertheless, the increase in buyers for the lower price ranges could mean that the percentage of foreclosures may go down on properties in that price range for which the current owners can no longer keep current on mortgages and property taxes. If you are currently behind on your mortgage and you are thinking about protecting and keeping your home, contact a Maryland or Washington DC bankruptcy attorney to find out how to avoid foreclosure while in bankruptcy. Filing a Chapter 13 Bankruptcy to Avoid Foreclosure Many times, a mortgage company will not start foreclosure proceedings until at least a few months of missed mortgage payments. However, even a few months can be much more than you are able to pay back to...

When Are Income Taxes Dischargeable?

Bankruptcy can be a powerful tool to help people who find themselves in over their heads with unmanageable debts. The goal of bankruptcy is to reorganize, consolidate or even forgive your insurmountable debts. Filing Chapter 7 eliminates all dischargeable debt that you owe to your bank, credit card companies or other creditors. But what about the money you owe to the IRS?Income taxes are...

Airline Bankruptcy Cases

During the first half of April 2008 three airlines closed and filed for bankruptcy. Skybus, ATA and Aloha Airlines all closed, citing a worsening economy and fuel prices as the reasons for their financial difficulties. These airlines could not turn a profit with the cost of fuel, repairs, upkeep, personnel and credit payments exceeding the amount of income from passengers traveling and other revenue sources by a large margin. The bankruptcy lawyers for these companies completed their filings at the beginning of the second quarter in 2008. Following bankruptcy law was a viable option for these airlines, as it is for many businesses and individuals who don’t succeed and need to declare that their financial plans did not work out. In the cases of these airlines, according to their bankruptcy lawyers, the legal benefit of incorporation removed the direct loss and hardship of the owners and partners of these companies directly during bankruptcy. Chapter 7...