File Bankruptcy With Our Washington DC and Maryland eNewsletters

Football Star Bankruptcy Case

A prominent professional football star filed for Chapter 11 bankruptcy with the hope of saving some of his assets from financial disaster. The athlete was charged with state crimes and knew that the fines he incurred and the expense of a legal defense team would drain his resources. The football player determined that he had assets and liabilities greater than $10 million and listed some 30 creditors in his bankruptcy filing. One of the creditors was the team he had played for before he was accused of criminal misconduct. The star athlete determined that filing Chapter 11 bankruptcy would allow him to arrange for repayment to his creditors and would allow him to keep his property. His bankruptcy attorney indicated that the filing of bankruptcy would also affect how much money he would earn in his future football career. Bankruptcy Law Changes Recent changes to the federal bankruptcy laws limit…
Read More »

The Path to Good Credit after Bankruptcy

So you made it through the bankruptcy proceeding and it probably was not as bad as you thought it would be. The bad news is that your credit is likely at its lowest point. The good news is that you now have clean slate, a fresh start. In addition, if you are patient and smart with your finances, you can put yourself back on track to having good credit. In addition to this article, speaking to an experienced Maryland bankruptcy attorney will help raise your credit score faster than you think. While true that a Chapter 7 bankruptcy filing will remain on your credit report for 10 years, it is not the end of the world. By following some simple steps, you can rebuild your credit score in a relatively short amount of time. How to Re-Build Your Credit after Bankruptcy You will likely begin receiving credit offers not long…
Read More »

Can an Individual File for Chapter 11?

A Maryland and Washington DC Bankruptcy Attorney Explains Bankruptcy offers an invaluable solution to individuals and families struggling under the weight of overwhelming debt. Although most people find that they can end their financial troubles through a Chapter 7 or Chapter 13 filing, some debtors find that they could benefit from filing under the rules of Chapter 11. Reasons for Filing Chapter 11 The law allows any individual to file for Chapter 11. While it is more common for an individual to file for Chapter 7 or Chapter 13, there are certain circumstances that necessitate filing under Chapter 11. Since Chapter 11 filings are mainly used by businesses, the rules are structured to handle large amounts of income, assets and debts. An individual can file for Chapter 11 only if their debts meet or exceed: $336,900 in unsecured debt like credit cards, medical bills, vacation or home improvement loans and…
Read More »

Bankruptcy as a Federal Employee

Our Maryland Bankruptcy Attorney Explains Even after the reopening of the government, countless federal employees may still be feeling its financial effects. Between the shutdown and sequester, some individuals found themselves without a source of income for close to two months. Understandably, these circumstances have resulted in many families considering consumer bankruptcy as an effective debt relief method for their financial troubles. Our Washington DC bankruptcy attorney is experienced in helping people and their families find relief from the burden of overwhelming debt. If you are financially struggling in the wake of the federal government shutdown, contact our office today to explore your options. Is Bankruptcy Right for Me? It is natural to have some anxiety about seeking a solution to your debt through bankruptcy. Many federal workers do not consider bankruptcy out of a fear that it will affect their ability to stay employed with the government. However, it…
Read More »