You find yourself in a hole of debt, and you can feel that a bankruptcy is going to be in your future, what do you do? Make sure you plan for the future! There are essentially three key items that you need to consider before filing for bankruptcy: The timing of your bankruptcy, budgeting your […]
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How long until I can buy a car or home after bankruptcy?
If you have been following along with our blogs for the past few months, you may remember our blog, “Can You Buy a Car after a Chapter 7 Bankruptcy?” where we discussed the possibility of buying a car after bankruptcy. Cars are usually very easy to buy again after bankruptcy (maybe not the new Lexus), […]
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How often is Bankruptcy denied?
If a person falls into debt, more than they can pay back, than they will most likely file for bankruptcy in an attempt to clear their debt. But how often are people denied bankruptcy? Why would they be denied bankruptcy in the first place? Let’s discuss some different ways a person can be denied bankruptcy. […]
Continue readingMore TagFrequently asked questions about Bankruptcy
How many types of bankruptcy are there?There are two main types of bankruptcy, Chapter 7 and Chapter 13. The other 2 types are Chapter 11, Chapter 12. Most people file for chapter 7 and 13, chapter 7 is recommended to those who may not be able to repay all of their debts, releasing them from […]
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How common is Bankruptcy? Do you know of anyone who has filed for bankruptcy? It is most likely that you know someone who has gone through the legal process of bankruptcy because of their negligent payments on their credit cards, mortgage, medical bills, etc. But how common is it in the state of Maryland? If […]
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Chapter 7 vs Chapter 13 Bankruptcy
No one enjoys filing for bankruptcy, but if you have to file, it will usually be through chapter 7 or chapter 13. But what is the difference? Let’s take a look.Chapter 7 BankruptcyThis method of bankruptcy is the one most people are familiar with, this involves completely wiping out your unsecured debt such as credit […]
Continue readingMore TagCan you buy a car after a chapter 7 bankruptcy?
The first problem with buying a car right after filing a chapter 7 bankruptcy, is that your debts are still not officially eliminated. The one way you may be able to buy a car is once you receive your bankruptcy discharge notification. Now there are a number of factors that go into buying a car […]
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Rising Costs, Lower Income – Reasons to File Bankruptcy
If you had to see the political debates this week, both parties spoke of income disparity. Many of our fellow Americans live at or near the poverty line. 36 percent have no savings for an emergency. Another 32 percent have less than 10 thousand dollars in savings. That equates to 68 percent of the population […]
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