Washington DC and Maryland Bankruptcy eNewsletters

What Happens If You Hide Assets During Bankruptcy?

Hiding assets during bankruptcy is an easy way to end up behind bars. Anyone considering hiding assets should look up a recent example of Joe and Teresa Guidice, who received prison sentences for concealing assets and engaging in fraud before and during their bankruptcy filing.  The reality of the matter is that bankruptcy is a means of ridding yourself of debt legally and legitimately. How Do People Hide Assets? One common method is the hiding of assets by giving or selling them to friends or family. This is illegal. Courts and lawyers are aware of this practice as it seems like it may be a clever way to bypass the law, because you will no longer be in possession of the assets you’ve given away. However, this willful giving away of assets to friends or family to avoid potentially losing assets to a creditor is considered a fraudulent transactions requiring…
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Short Sales in Bankruptcy: Washington DC and Maryland Bankruptcy Lawyer Explains

As more and more homeowners have found themselves upside down on their mortgages, an increasing number of people have wanted to know if they can complete a short sale while in bankruptcy. A short sale is a real estate transaction in which the sale proceeds equal less than the amount owed. For example, if you owe $150,000 on your home and sell it for $120,000, that would be a short sale. The simple answer is yes, you can complete a short sale while in bankruptcy. However, you must consider many factors before doing so. If you are exploring debt relief options such as short sale and bankruptcy, let an experienced Maryland and Washington DC bankruptcy attorney help you make the decision that is right for you. Short Sale Benefits For homeowners facing foreclosure, a short sale may offer them the chance to avoid foreclosure. Unfortunately, it is not always an…
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Does Bankruptcy Ruin or Help My Life?

Today, many major auto companies are filing or will be filing bankruptcy. Chrysler tried to avoid bankruptcy but even the auto giant could not avoid the inevitable. They had $6.9 billion in secured debt and they needed to clear those debts in order to restructure and possibly avoid having to file. However, it was clear that Chrysler would file Chapter 11 bankruptcy protection. While they are in bankruptcy protection, Chrysler will be able to build a partnership with the Italian car maker Fiat Group SpA, which may help out their economic stability. In addition, the government will provide Chrysler with $8 billion to get the company through the bankruptcy in addition to the $4 billion in loans that Chrysler already received from the government. In exchange, the government will help appoint a new board of directors for the company. As a result, everyone is optimistic that Chrysler will come out…
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Maryland’s Foreclosure Mediation Law

Owning your own home has long been a key component of the American dream. However, the recent economic downturn has caused a great deal of turmoil for homeowners and has led to a mortgage crisis for banks and homeowners. Home foreclosure occurs when the mortgage holder, usually a bank, is unable to recover the money it lent to the homeowner. Mortgage holders may be unable to recover the money because homeowners may lose their jobs or find themselves with a variable rate mortgage that has spiraled out of control due to the subprime mortgage crisis. Homeowners who are having mortgage difficulties and who are facing foreclosure should contact a Maryland bankruptcy lawyer right away to discuss their options. Although filing a Chapter 13 bankruptcy may enable homeowners to redistribute their debt and keep their homes, this is not the only option. On July 1, 2010, Maryland’s foreclosure mediation law went…
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