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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Blog about Filing Bankruptcy in Washington DC and Maryland
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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Valuing your education is incredibly important, and for many Americans, going to college and getting a degree is a life goal and major milestone. However, with going to college means having to take out student loans. Sometimes, the amount of student loans is enormous, and many former students will find themselves in an incredible amount of debt after school. Usually, after a few years the debt can be repaid, but often students will find themselves running out of options on reimbursement. Students can file for bankruptcy in certain cases, but here are a couple of alternative methods of repayment before going that route. Other Repayment Options There are a few other ways that students can repay their student loans before filing for bankruptcy. One way is to defer your loans. Deferment is a federal repayment option that allows you to pause your student loan payments for up to three years….
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