Washington DC and Maryland Bankruptcy eNewsletters

Lease Assumption Agreements: No Turning Back

A lease assumption agreement is a legal contract a bankruptcy debtor can use to keep a leased vehicle after a Chapter 7 bankruptcy case. A Maryland bankruptcy attorney or a Washington DC bankruptcy attorney can help guide you through the process of signing a lease assumption. A lease assumption agreement is necessary if you are leasing a car when you file Chapter 7 and you want to keep it. One thing many debtors may not realize, however, is that once you sign a lease assumption agreement, you cannot rescind it – the contract is binding. If you sign the lease assumption but default on your car payments after your bankruptcy is over, you will be responsible for the original lease contract as if the bankruptcy had never happened. Reasons why a debtor would not assume a car lease: The payment is too high for the debtor to afford. Debtors should…
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Take Time to Remember 9/11

The Law Firm of Kevin D. Judd would like to remind you to take time to remember the victims of the September 11, 2001 terrorist attacks in New York City, at the Pentagon and in Pennsylvania. Remember that each day is a blessing. Law Firm of Kevin D. Judd – Maryland and Washington DC bankruptcy attorney

Will Declaring Bankruptcy Discharge My Student Loans?

Washington DC Bankruptcy Attorney Discusses a Little Known Fact Most people assume that one cannot discharge a student loan debt through bankruptcy. The accepted fact is that you can get rid of most kinds of unsecured debt through bankruptcy, but student loans are one thing you can’t wipe out through bankruptcy. A careful reading of bankruptcy law reveals that this is almost always true. For those able to prove that repaying a loan would cause undue hardship, student loans can, in fact, be discharged by bankruptcy. Undue hardship is undefined in bankruptcy law, meaning that each individual court decides what it means, making it an incredibly difficult condition to meet. For starters, one must be able to prove not only an inability to repay loans now, but very little chance of being able to pay them in the future either. Most borrowers don’t even try to discharge student loans since…
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Exemptions Available when Filing for Bankruptcy in Maryland

Determining your bankruptcy exemptions is one of the most important decisions you can make in the course of filing for bankruptcy. Exemptions protect certain property from creditors. You get to keep that property, so it is important to use exemptions properly for important things like your house or car. Exemptions differ from state to state. Additionally, there are federal exemptions that may apply. Depending on the state, you may be able to choose exemptions off both the state and the federal list. Most states, however, have passed laws prohibiting debtors from choosing off both lists. They must pick one or the other. In Maryland, the federal exemptions are not available. If you file for bankruptcy in Maryland, you must use Maryland exemptions only. A Maryland bankruptcy attorney can help you decide what bankruptcy exemptions apply for you and how to use them to your advantage. Specific Maryland Bankruptcy Exemptions Knowing…
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