Blog about Filing Bankruptcy in Washington DC and Maryland

The Pros and Cons of Chapter 7 Bankruptcy

Deciding to file for Chapter 7 bankruptcy can be one of the most difficult financial decisions someone can make. What if filing is a mistake? Do you have any other options? Is bankruptcy really that helpful, or will it take your already spiraling finances into a deeper pit? What will people say about you if they find out you filed for bankruptcy? Chapter 7 bankruptcy can be a difficult thing to go through and the struggles can last for a long time. But there are some real positives to the process that can help you emerge stronger than before. Here is a list of some of the pros and cons of Chapter 7 bankruptcy. Pro: The process of filing takes only 3-6 months. If you do not file and it is the right choice for you, your debts can continue to pile up beyond that 3-6 months, so filing as…
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Still Haven’t Gotten Your Dress from Alfred Angelo? You’re Out of Luck

Last month, bridal retailer Alfred Angelo filed for bankruptcy protection. In the days following the filing, the company went through efforts to obtain customer records and to deliver dresses and accessories across the country, but a recent statement indicates that they will no longer be fulfilling orders. In short? If you don’t have your dress yet, you should start looking elsewhere, if you haven’t already. This is, according to the statement, due to the logistical and financial strain of continuing to fulfill open orders. The statement was the first public statement from Alfred Angelo since the stores abruptly closed down at the end of the day July 13. At the time, employees had no idea what was about to happen. Managers were instructed to return keys after close and customers were unable to reach the phone’s customer service line. If you are affected by the closing, you may still have…
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Am I Eligible for Chapter 7 Bankruptcy?

If you are considering Chapter 7 bankruptcy, the first thing you need to know is if you are eligible. You do this through the Chapter 7 bankruptcy means test. The test determines whether your income is low enough to file for Chapter 7. You don’t have to be very low income to take advantage of the benefits of Chapter 7 – if you make high income but also have a lot of expenses, you may still qualify. The Means Test The means test deducts specific monthly expenses from your “current monthly income,” which is determined by your average income over six months prior to filing. This brings you to your disposable income. The lower your disposable income, the more likely you will be able to file for Chapter 7. Step one is to determine whether your current monthly income is less than the median income for a household of your…
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