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 to no avail. Maybe you are behind on mortgage payments, or facing massive bills due to an unexpected need for medical treatment. You know that bankruptcy can ease some of your debt obligations, but you are worried that it will be a financial death sentence. The Straight Truth About Bankruptcy Bankruptcy is a multi-step process and the exact details of it depend on whether you file under Chapter 7 or Chapter 13. Regardless of what you file, your bankruptcy will immediately: Issue an “automatic stay” to your creditors. This means no more harassing phone calls, no more demands for payment. Stop wage…
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Bankruptcy Law Change Boomerangs Back Around and Strikes Mortgage Banks

When you hear the word bankruptcy you would not associate it with business success. After all, bankruptcy is a final, desperate means to keep you from drowning in a sea of debt. Yet some of the wealthiest individuals and greatest businesses in history have survived the shackles of bankruptcy: H.J. Heinz, Walt Disney, Milton Hershey, and Henry Ford all filed bankruptcy at one point. Perhaps they would have found the process more difficult with today’s bankruptcy laws. The housing foreclosure boom that is sweeping this country at the minute is influenced by the new bankruptcy laws bought into effect in 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act was legislation that financial institutions, such as Washington Mutual and Bank of America, lobbied congress for to the tune of $25 million. These new laws made it harder for consumers to prove that they should be allowed to clear their debts…
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Chapter 7 Bankruptcy Rules

The latest Chapter 7 bankruptcy rules make it more difficult for some bankruptcy filers to file under Chapter 7. Liquidation under Chapter 7 bankruptcy is the most popular way to file for bankruptcy. Chapter 13 allows for a repayment of debts by the filer. The new bankruptcy rules state a few new requirements to file under Chapter 7: Must have lower than median income Must be unable to pay back debts Must complete credit counseling The old bankruptcy rules allowed the filer to choose whether he wants to file under Chapter 7 or Chapter 13. Now, the filer must look at his income and must earn less than the median income for his household size in his state. If the income of the filer is less than the median income, the filer may file for Chapter 7 bankruptcy. The Chapter 7 bankruptcy filer must also be unable to pay back…
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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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