Blog about Filing Bankruptcy in Washington DC and Maryland

What are some bankruptcy exemptions?

One of the biggest fears associated with filing for bankruptcy is the fear of loss. While one is facing severe financial struggle, it can be scary to realize that there’s a chance you’ll be losing most of your property. Filing bankruptcy under Chapter 7 means that you’ll be gathering your property and assets, and you’ll be preparing to sell these items to pay off as much debt as possible before the rest of the charge is eliminated. Fortunately, bankruptcy law protects certain kinds of property from being sold during this process. These are called exemptions, and it’s vital to know what exemptions you’ll have. What Are the Exemptions? Every state has its own set of bankruptcy exemption laws, so it’s important to know which specific exemptions apply to your state laws. However, there are some common bankruptcy laws that any person interested in filing for bankruptcy should be aware of:…
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Can I Get a Loan After Filing for Bankruptcy?

After filing for bankruptcy, you may notice that it is difficult to get a loan. Bankruptcy can seriously hurt you credit score. It stays on your credit report for up to 10 years from the date you file. However, just because you have a bankruptcy on your record does not mean that you are shut out of the market for an entire decade. As a matter of fact, during those 10 years, it is possible to build a decent credit score while you wait for the bankruptcy to fall off your credit report. You may even be able to build your credit up to a respectable level within three to five years. That might, however, be easier said than done. Here are some tidbits of advice to help you repair your credit enough to obtain a loan after bankruptcy. Follow your credit score closely. Once the bankruptcy is complete, request…
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Setting Financial Goals for the New Year

The New Year is upon us, Washington D.C.! As everyone decides on what their New Year’s resolution is going to be, consider taking a long look at your finances. Some of the major financial goals people focus on at the beginning of a new year are personal finances, saving and investing. If you are seeking financial independence, you should follow these tips to ring in the new year the right way. It starts with assessing where you are currently. Before you can commit to any new goals, you need to figure out what your baseline is. Look at your savings, debts and investments. While this may seem like a stressful thing to do at the beginning of a new year, it is important to do so that you can set realistic financial goals for 2018. Budgeting is key! Now that you have an idea of where you currently stand, you…
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