Washington DC and Maryland Bankruptcy eNewsletters

The Case For Bankruptcy When You’re in Debt in a Tough Economy

The accused White House state party crashers in the fall of 2009 were found to have financial trouble. According to bankruptcy records, the White House crashers business is more than $2.1 million in debt. Their car and boat, valued at $150,000 and $90,000 respectively, were repossessed. Although they knew of their financial state, the couple continues to live with expensive tastes including hiring limousine service and running tens of thousands in credit card purchases. Why People File Bankruptcy In a tough economy, filing for bankruptcy may be the last resort for many individuals struggling with their finances. Many homeowners choose to file Chapter 13 to save their homes from facing foreclosure and catch up on their debt. Other individuals choose Chapter 7 to gain relief from creditors harassing them. Business owners choose to file Chapter 11 to catch up on bills that were not able to pay. No matter what…
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Lease Assumption Agreements: No Turning Back

A lease assumption agreement is a legal contract a bankruptcy debtor can use to keep a leased vehicle after a Chapter 7 bankruptcy case. A Maryland bankruptcy attorney or a Washington DC bankruptcy attorney can help guide you through the process of signing a lease assumption. A lease assumption agreement is necessary if you are leasing a car when you file Chapter 7 and you want to keep it. One thing many debtors may not realize, however, is that once you sign a lease assumption agreement, you cannot rescind it – the contract is binding. If you sign the lease assumption but default on your car payments after your bankruptcy is over, you will be responsible for the original lease contract as if the bankruptcy had never happened. Reasons why a debtor would not assume a car lease: The payment is too high for the debtor to afford. Debtors should…
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Bankruptcy as a Federal Employee

Our Maryland Bankruptcy Attorney Explains Even after the reopening of the government, countless federal employees may still be feeling its financial effects. Between the shutdown and sequester, some individuals found themselves without a source of income for close to two months. Understandably, these circumstances have resulted in many families considering consumer bankruptcy as an effective debt relief method for their financial troubles. Our Washington DC bankruptcy attorney is experienced in helping people and their families find relief from the burden of overwhelming debt. If you are financially struggling in the wake of the federal government shutdown, contact our office today to explore your options. Is Bankruptcy Right for Me? It is natural to have some anxiety about seeking a solution to your debt through bankruptcy. Many federal workers do not consider bankruptcy out of a fear that it will affect their ability to stay employed with the government. However, it…
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Retail Bankruptcy

A retail company with stores in 49 states filed for bankruptcy under Chapter 11, putting several lawsuits against the chain on hold. The company owed some $122 million on a loan to a bank and had claims against it from three lawsuits. Each of the lawsuits were put on hold during the bankruptcy. The retailer under the terms of the bankruptcy agreed to pay $11 million to a venture capital firm, to sell 10 stores and for the venture capital firm to assume the three claims against the retailer. One of the lawsuits on hold was a $100,000 case in which a man tripped in a third level parking unit and fell in a hole. He sustained broken bones and sprains. The second case involves a woman who says she fell in a store parking unit and had a severe arm injury. The final lawsuit involved a large display poster…
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