Blog about Filing Bankruptcy in Washington DC and Maryland

Reaffirmation Agreements in Bankruptcy

Our Bankruptcy Attorney Discusses How to Keep Property in Chapter 7 Chapter 7 bankruptcy has some key differences from Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, you pay back a portion of your debts in a three-to-five-year repayment plan. With a Chapter 7 bankruptcy, the Trustee gathers and liquidates your nonexempt assets. These are assets that you cannot exempt from the bankruptcy estate. Some types of assets are exempt, meaning you can keep them despite filing a Chapter 7 case. However, there could be additional options for keeping certain assets during bankruptcy. You may also be able to enter into a reaffirmation agreement with the creditor. Our DC and Maryland bankruptcy attorney can answer any questions you have about filing a Chapter 7 case. Contact our bankruptcy attorney to schedule a free initial consultation. Keep reading to learn more about reaffirmation in bankruptcy. What Is a Reaffirmation Agreement? When…
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What to Expect When Filing for Bankruptcy

Bankruptcy

The decision to file for bankruptcy is not an easy one. The stigma, the damage to your credit and the loss of certain assets can be a struggle. However, filing for bankruptcy is often the best option to reset your finances and move forward into the future without the burden of mounting debt. For individuals considering bankruptcy for the first-time, here is some important information that will prepare you for the process. The Difference Between Chapter 7 and Chapter 13 Bankruptcy Chapter 7 bankruptcy involves liquidating assets in order to discharge most or all of your debt. If you opt for Chapter 7, then you may be able to keep some of your assets. However, you will most likely have to give up the majority of your non-exempt assets. On the other hand, Chapter 13 bankruptcy involves creating a payment plan to pay creditors over a period of time. Chapter…
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Why Washington D.C. is Struggling With Company Foreclosures

Washington DC

Washington D.C. is a busy and thriving city with many families and busy workers. Foreclosures can happen in housing areas and neighborhoods that are rapidly growing and changing. The process of a residential foreclosure, however, is pretty different than the process for businesses. Here’s some news on a recent company foreclosure in the D.C. area, and how this news explains what’s happening with commercial real estate in the city. What’s in the News? The D.C. area has the highest number of unpaid CMBS loans, which are commercial real estate loans. A large office building owned by Heyman Enterprises in the southwest D.C. area has decided to foreclose. One of the company’s partners owes over $95 million from a CMBS loan taken out in 2006 on the property. The debt expired about a year ago, and it represents one out of 40 unpaid CMBS loans in the D.C. area. This surge…
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