Washington DC and Maryland Bankruptcy eNewsletters

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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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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How to Reorganize Your Finances After Bankruptcy

A man owned his own business, had a house, three 3-year-olds and a lot of debt to go with it. So much debt in fact that it totaled in the millions from a failed business. So he hired an attorney and asked the attorney to do everything possible to prevent him from filing bankruptcy. Then, the creditors started calling and even visiting the man’s current business. It got to the point where his wife was afraid to open the door. He had already taken out a second mortgage on the house and he was still not making ends meet. Finally, the attorney gave the man a choice. He could take the $1,000 a month that he brought home every month and give it to the creditors or he could buy groceries for his family. Even though it wasn’t an easy choice, the man filed Chapter 13 bankruptcy and his debts…
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The Importance of a Thorough Bankruptcy Creditor List When Filing

Anne filed her bankruptcy six months ago. While all of her creditors have stopped calling and harassing her, one collections agency is still calling her non-stop. Anne keeps telling them that she filed bankruptcy but they keep telling her that they have not received notice of the filing. She has called her bankruptcy attorney and found out that she forgot to tell her attorney about the debt. While her credit report included many of her debts, this one was not listed. Now, her bankruptcy attorney has informed her that she would have to pay additional funds in order to amend her bankruptcy court documents and add the collections agency to her list of creditors. This is why it is very important to include all creditors on your bankruptcy. In order to make sure that all of your creditors are included, make sure to tell your Washington DC or Maryland bankruptcy…
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