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Posts published in “Bankruptcy”

3 Options When Considering Bankruptcy

Filing for bankruptcy is never a welcome consideration. While it’s something that you’d most certainly want to avoid, life circumstances like illness, injury, and unemployment may cause you to explore your options. The most important thing to know after you contact a bankruptcy lawyer Rockville MD is that there are typically three bankruptcy settlements to choose between. This guide will help you determine which is best for you to put you on the path back to financial stability.

1. Chapter 7

Chapter 7 is a common form of bankruptcy for consumers and businesses. It is available to those who haven’t petitioned to have their debts discharged in the last six to eight years, and have an income lower than the state’s median after their monthly debts are paid. Chapter 7 relieves you of your debts through liquidation. This means that the court has the authority to sell any property deemed to be non-exempt in order to pay your creditors. (more…)

How to get a loan after your bankruptcy

It seems normal that people who have been through bankruptcies or even other serious financial problems might need to borrow money. Nevertheless, such persons usually have the problems getting the loans that they really need.

When you are in such a situation, you might feel that you don’t have any options. Will anyone lend you money when you are these tough times? (more…)

How To Determine if You Should File Bankruptcy

Most people don’t want to file for bankruptcy, but sometimes, it’s a necessity. Before you begin worrying about losing your assets, though, consider if bankruptcy is truly the right option for you. Ask yourself these questions before calling an attorney.

What Is Your Situation?

Consider your situation before you default to bankruptcy. Inventory your liquid assets, such as retirement funds, real estate, and savings accounts. Next, add up your bills, credit card statements, and other loans to determine how much you owe. If you owe more than the value of your assets, you may be better off declaring bankruptcy. (more…)

Bankruptcy Lawyer: When to Hire One

When an individual or business has financial debt that they are not able to manage they may consider bankruptcy. It can either be achieved by liquidizing assets that are well distributed between creditors with the debts discharged or even through a plan to settle all remaining debts. But, before any steps must be taken on bankruptcy, you should have the best bankruptcy advice.

The only solution to obtain the best financial bankruptcy advice is to consult a qualified professional. Crossville bankruptcy attorneys are the right people to consult about this and don’t ever file for bankruptcy before talking to a bankruptcy attorneys. (more…)

A Bankruptcy Can Save You from a Growing Mountain of Debt

No one ever plans to fall into debt, but it happens more often than people realize. In many cases, you make financial decisions that you hope will help you pay off your existing debt, but only causes you to fall deeper in debt. For instance, you might think taking out a loan to pay off your credit card debt is a good idea. Even if you qualify for the loan, you’ll end up with loan payments and a credit card that you can now use freely. Before long, you’ll have that loan payment and more credit card debt.

The problem is that you may never chip away at what you owe, because your payments will primarily go toward the interest on your debt. If you’re not paying more than your creditors require, that interest can grow on its own. (more…)