Washington DC and Maryland Bankruptcy eNewsletters

Budgeting Your Money During Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is also known as a “wage planer’s” plan. It is ideal for people who can generally afford to make their mortgage and car payments, but may have fallen behind for a variety of reasons. Chapter 13 enables the debtor to keep his or her house and car, while developing a plan to repay debts. Developing a feasible plan to repay debts is the most important aspect of filing for a Chapter 13 bankruptcy, because this bankruptcy acts as a sort of consolidation loan. The debtor will make regular payments according to the repayment plan to his or her Chapter 13 trustee who then distributes payments to the debtor’s creditors. A Maryland or Washington DC bankruptcy attorney can help assess your situation and arrive at the optimal repayment plan for your needs. Budgeting Your Money During Chapter 13 Bankruptcy In order to successfully emerge from a Chapter…
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Many Older Americans Turning to Bankruptcy for Relief

Our later years are supposed to be fun and carefree. Not so if you’re declaring bankruptcy. More and more people over age 55 are finding themselves having to file for bankruptcy as a way to get out of financial holes and to help rebuild their lives, not to mention their credit scores. One report says people 55 and older are filing for bankruptcy protection 12 percent more than they did 13 years ago and that they currently represent 22 percent of all bankruptcy filings in the United States. Reasons older Americans run into financial problems include healthcare, lack of a strong retirement plan, less funding from Social Security, having to help a son or daughter out of a financial mess and more. Older Americans can have trouble obtaining decent medical insurance coverage and a number of their increasing medical expenses and prescriptions are not covered. Many must use credit cards…
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A Washington DC and Maryland Bankruptcy Attorney Discusses Bankruptcy vs. Debt Consolidation

When debt becomes too difficult to manage, you need relief. Bankruptcy offers people the opportunity to regain control of their finances and start anew. Sometimes people look to debt consolidation as an alternative to filing bankruptcy. Unfortunately, many people do not understand the differences between the two. Debt consolidation does not offer the same legal protections as bankruptcy and is not the right choice for everyone. If you are struggling with debt, an experienced Washington DC and Maryland bankruptcy attorney can evaluate your financial situation and explain all of your debt relief options. Debt Consolidation Debt consolidation, or debt settlement, typically involves working with a credit counseling agency or law firm that specializes in negotiating with creditors. You will most likely make monthly payments directly to the debt settlement company, which will in turn pay your creditors, usually after negotiating for a lower interest rate and/or reduced balance, which may…
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The Means Test in Maryland Bankruptcy

Financial troubles can be an incredibly stressful burden. For those suffering under unmanageable debts, it is all too easy to feel like there is nothing you can do. Your situation is not hopeless. Bankruptcy can help people recover from financial ruin and reclaim their lives. A Maryland or Washington DC bankruptcy attorney can assess your financial situation to determine if filing for bankruptcy is right for you, and if it is, he can help you find the best way to go about it. There are two basic types of consumer bankruptcy: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Each type has distinct requirements and provides a different method for dealing with your debts. Deciding between them can be a daunting task for a layperson. One of the first steps to determine which type of bankruptcy to file begins with something called the means test. This is a detailed snapshot of…
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