Info about How to File Bankruptcy in Washington DC & Maryland

Will Bankruptcy Ruin My Life?

Washington DC Bankruptcy Attorney Explains Why the Answer is No You feel like you are buried up to your neck in debt. Time and time again you have worked long hours, extra jobs, saved and maybe even borrowed more to help dig yourself out of the hole. But, you feel like it is to no avail. Maybe you are behind on mortgage payments. Or, maybe you face massive bills due to an unexpected need for medical treatment. You know that bankruptcy can ease some of your debt obligations. However, you are worried that it will be a financial death sentence. So, you ask yourself, “will bankruptcy ruin my life”? We understand and the answer is “no”. The Straight Truth About Bankruptcy Bankruptcy is a multi-step process. The exact details of it depend on whether you file under Chapter 7 or Chapter 13. However, regardless of what you file, your bankruptcy…
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Common Bankruptcy Timelines

Bankruptcy timelines depend on a variety of factors, such as the particular bankruptcy court, the bankruptcy trustee, the judge, the debts and assets of the debtor and the number of filings before the court. Below are some general guidelines to consider for people thinking about bankruptcy. Actual timelines will vary from individual to individual. A Maryland bankruptcy lawyer can help you assess your bankruptcy needs and provide guidance as to how a bankruptcy would proceed for you. Important Dates Prior to Filing for Bankruptcy There are several dates and timelines to keep in mind before you file for bankruptcy, including the following: You cannot discharge debt under a Chapter 7 bankruptcy if you filed a Chapter 7 or Chapter 11 bankruptcy within the past eight years. If you filed for Chapter 13 bankruptcy within the past six years, you also cannot discharge debt by filing for a Chapter 7 bankruptcy….
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Whether Spouses Should File a Joint Bankruptcy

A joint bankruptcy is an important decision that can have a lasting impact on you and your spouse. Even if only one of you is largely responsible for the joint debt, you are both responsible. A joint bankruptcy will show up on each spouse’s credit report and affect each spouse’s credit scores and ability to get low interest loans for years. If you are considering filing for bankruptcy and you would like to learn more about how your spouse may be involved, a Washington DC or Maryland bankruptcy lawyer can guide you through the process. Joint Bankruptcy Considerations The following are some of the factors that couples should take into consideration when deciding whether to file for joint bankruptcy. Type of debt and property. There are certain limits for filing a Chapter 13 bankruptcy. If you exceed these limits in a joint filing, you will not be able to proceed…
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Many Older Americans Turning to Bankruptcy for Relief

Our later years are supposed to be fun and carefree. Not so if you’re declaring bankruptcy. More and more people over age 55 are finding themselves having to file for bankruptcy as a way to get out of financial holes and to help rebuild their lives, not to mention their credit scores. One report says people 55 and older are filing for bankruptcy protection 12 percent more than they did 13 years ago and that they currently represent 22 percent of all bankruptcy filings in the United States. Reasons older Americans run into financial problems include healthcare, lack of a strong retirement plan, less funding from Social Security, having to help a son or daughter out of a financial mess and more. Older Americans can have trouble obtaining decent medical insurance coverage and a number of their increasing medical expenses and prescriptions are not covered. Many must use credit cards…
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