File Bankruptcy With Our Washington DC and Maryland eNewsletters

How to Keep Up on Your Credit Reports and Scores

Based on recent data from the credit bureau Experian, the average national credit score is 692. This score, commonly known as the FICO score, ranges from 300 to 850. At a score of 682, Washington D.C. came in below average. Nevada had the lowest with a 668. Maryland residents are above average with a collective credit score of 695. Minnesota had the highest average credit score at 721. Ensuring that your credit reports are accurate and that your score continues to rise is an important step of leading a financially responsible life. The consequences extend beyond financial concerns as companies and employers are increasingly using credit reports for additional purposes. The National Consumer Law Center found that nearly half of employers use credit reports in hiring decisions. Insurance companies have used credit reports to pick customers and exclude those more likely to file a claim. If you would like more…
Read More »

Short Sales in Bankruptcy: Washington DC and Maryland Bankruptcy Lawyer Explains

As more and more homeowners have found themselves upside down on their mortgages, an increasing number of people have wanted to know if they can complete a short sale while in bankruptcy. A short sale is a real estate transaction in which the sale proceeds equal less than the amount owed. For example, if you owe $150,000 on your home and sell it for $120,000, that would be a short sale. The simple answer is yes, you can complete a short sale while in bankruptcy. However, you must consider many factors before doing so. If you are exploring debt relief options such as short sale and bankruptcy, let an experienced Maryland and Washington DC bankruptcy attorney help you make the decision that is right for you. Short Sale Benefits For homeowners facing foreclosure, a short sale may offer them the chance to avoid foreclosure. Unfortunately, it is not always an…
Read More »

How a Chapter 13 Can Help You Recover a Repossessed Vehicle

Chapter 13 bankruptcy is a powerful tool when dealing with secured debts like a car loan. You can use a Chapter 13 case to pay your car in full and stop repossession; but what do you do if the lender has already taken your car? A Maryland bankruptcy lawyer or a Washington DC bankruptcy lawyer may be able to help you get your car back. When you buy a car and finance the purchase, the bank lends you the money in exchange for a lien on your car. That means that if you default on your payments, the lender can repossess the car, which means it can take the car from you. The lender can then sell the car at auction to satisfy the debt. Bankruptcy automatically stops all collection activity, including repossessions. As soon as you file your Chapter 13 case, the Bankruptcy Code prohibits the car lender from…
Read More »

Keeping Your House and Avoiding Foreclosure

Home foreclosures continue to rise throughout the country, with three million expected this year. Hit particularly hard by foreclosures is the Washington, D.C. urban area. With no rural or suburban areas, D.C. has no areas where foreclosure rates are low. Neighboring state Maryland has one of the country’s worst foreclosure rates. One out of every 407 households in Maryland is in foreclosure. It has gotten so bad that the state’s politicians have recently sought to pass a bill that would require banks and financial institutions to meet with homeowners who are in danger of losing their homes and discuss ways to modify loans so that they can remain in the house. Avoiding Foreclosure A Washington DC or Maryland bankruptcy attorney can help you assess your situation and arrive at the best plan to keep your house. The following are steps you can take to avoid foreclosure: Act as soon as…
Read More »