Bankruptcy filings in June declined for both individuals and businesses. Still, bankruptcies so far this year are 9 percent ahead of last year's monthly average, according to data compiled from court records by Automated Access to Court Electronic Records. If the pace continues for the next six months, 2010 will have the most bankruptcies since 2005 when Congress made bankruptcy less available for individuals. Through June, there were about 795,000 bankruptcies of all types in the U.S. The 133,800 filings in June were the second fewest this year at a daily rate. There were over 7,100 commercial filings in June, an 11 percent decline on a daily basis from the average in 2009. Chapter 11 filings were 7 percent fewer than the 2009 monthly average, according to the report from AACER, a service of Oklahoma City-based Jupiter ESources LLC. Nevada, Georgia and Tennessee continue leading the nation in per capital bankruptcies. The states where filings are growing fastest are Hawaii, … [Read more...]
Does My Spouse Have to File Bankruptcy With Me?
No, your spouse does not have to file bankruptcy with you. There is no law stating that both people in a marriage must file bankruptcy. A married person can file a single bankruptcy. If a married person does decide to file without their spouse, some information from the non-filing spouse would be needed. The non-filing spouse’s income would have to be listed in order to do the means test and any joint property owned would also need to be listed. If any of the debt is in both your names, then you would want to consider having your spouse file. Once the debtor files bankruptcy, the co-debtor becomes solely liable for the debt. For example, if you and your spouse have both your names on a credit card, your spouse will become responsible for the debt once you file bankruptcy. Depending on the amount of debt and your individual situation, you may consider both filing bankruptcy. It is not mandatory for a married couple to file bankruptcy jointly. Each couples individual circumstances … [Read more...]
Comparing Chapter 7 to Chapter 13 Bankruptcy
To help you fully understand the difference between filing Chapter 7 Bankruptcy in Maryland and Chapter 13 Bankruptcy in Maryland, I will explain some of the major differences. In Chapter 7 Bankruptcy in Maryland, you ask the bankruptcy court to discharge most of the debts you owe. Those debts include credit card bills, medical bills, judgements and all unsecured debts. In exchange for this discharge, the bankruptcy trustee CAN (but will not in ALL CASES that we file) take any property you own that is not exempt (BUT ALL PROPERTY WILL BE EXEMPT OR WE WILL NOT FILE A CHAPTER 7). In Chapter 13 Bankruptcy in Maryland, you file a repayment plan with the bankruptcy court to pay back all or a portion of your debt over time. The amount you repay depends on how much you earn, the amount and types of debts you owe and how much property you own. Chapter 13 is most often used in Maryland when you are behind on your mortgage and facing foreclosure. Chapter 13 Bankruptcy in Maryland … [Read more...]
What is Bankruptcy?
Bankruptcy can happen to anyone, from the young entrepreneur to the experienced business person. Legally, bankruptcy means that an individual has handed over control of her finances to the court system because she is not longer able to keep up with her debts. The word "bankruptcy" can strike fear in your heart. Psychologists rank it as one of the top five stress-inducing events that can happen to us, along with death of a loved one, divorce, disability and serious illness. Bankruptcy is a last resort, but in difficult financial times like these, it is becoming more common than ever, and entirely acceptable. If you are thinking about bankruptcy, the most important part is not to panic. You have many options. Because of the high number of bankruptcy's, there are lot of programs designed to help you recover from bankruptcy. When you file for bankruptcy, you effectively put yourself into the hands of the federal court process for bankruptcy protection. Under Chapter … [Read more...]
Why Should I Hire a Bankruptcy Attorney in Maryland?
At the moment you are searching the web to get information about filing Bankruptcy in Maryland. I am attorney David L. Ruben, Esquire, and although I have been practicing bankruptcy law in Maryland for nearly 20 years, I still learn new things each day. My goal is to provide the best bankruptcy legal services possible. I want to make the experience as easy and painless as possible for each and every client. I want my client's to refer their friends and family to me for years to come after their case is concluded. Nothing makes me happier than a referral from a former client, and fortunately for me, it happens quite often. In order to improve my craft, I read bankruptcy blogs written by other lawyers around the country. Recently I have been reading a bankruptcy blog in Texas written by an attorney named Bryan Fears. The guy is brilliant. He writes great ariticles and they are helpful to not only individuals looking to learn more about Chapter 7 and Chapter 13 bankruptcy, but … [Read more...]
Maryland Bankruptcy Laws Empower Citizens In Debt
If you are struggling with debt in Maryland, chances are you are feeling powerless. Collection agents are skilled at making you feel stressed and hopeless through embarrassing phone calls at work and home; threatening letters; and sometimes legal action. The collection companies want you to feel that your only choice to stop the harassment is to “pay up.” Fortunately, there is another option. We are Maryland Bankruptcy Lawyers, and we can help. The federal bankruptcy law can stop creditor harassment and put you back in control over your finances. The first way the Bankruptcy Code helps is by imposing an “automatic stay” against collection action against you. The automatic stay is an injunction issued by the United States Bankruptcy Court immediately upon filing your bankruptcy case. No hearing is necessary. This stay applies to creditors whether or not they have actual knowledge of your bankruptcy filing. The purpose of the automatic stay is to give the “debtor a breathing … [Read more...]
Medical Bills and Credit Reports
A member of Congress has proposed a bill that would erase medical bills from credit reports. I think that is a great idea, for many reasons. See the article below, it is very interesting: New Bill Proposed Would Remove Medical Collections From Credit Reports In June 2011, a bill titled the Medical Debt Responsibility Act was introduced to Congress by a bipartisan group. This bill would require the three national credit reporting agencies, Equifax, Experian and TransUnion, to remove medical collection records of $2,500 or less from credit reports within 45 days of being paid or settled. Reasons In Support of The Bill 1. Medical bills are sent to collections too quickly by medical professionals 2. Collections can have a major impact on interest rates 3. To improve credit scores so that Americans can buy homes and stimulate the economy 4. Medical bills are not considered a planned event and are usually a necessity or an emergency 5. Some medical bills are disagreements … [Read more...]
Filing Bankruptcy In Maryland in 2011
The last few years have brought about economic changes that Americans were not prepared for and had not experienced in their lifetime. For many people, financial security disappeared as home values plunged, jobs were lost, debts rose, and help was nowhere to be found. More Americans have faced with the decision to file for bankruptcy. As we moved through 2010, the economy did not rebound, and unemployment rates remains high. Hard working and proud people have been unable to find work, or have found work at a much lower pay than they had made before. Companies try to avoid layoffs by cutting back on overtime and cutting salaries, benefits and bonuses. Many people never thought they would consider filing for bankruptcy. Yet bankruptcy will allow them to survive these tough times, find a way to pick themselves up and start over. Bankruptcy can still provide a fresh start for many. Bankruptcy may help people who found jobs making less or whose … [Read more...]
New Law In Maryland About Your Automobile
Hot of the presses: The law has changed in the state of Maryland. Let me set the stage: When a person files bankruptcy and they own a car and making payments on the car, that person is permitted to keep the car as long as they remain current on the payments. A "reaffirmation" agreement is something that a person signs AFTER he or she files bankruptcy, and it is an agreement a car owner signs with the company who has the lien on the car that essentially says "even though I filed bankruptcy and can discharge (not be responsible for) the debt, I am going to sign a NEW contract saying that I will be resonsible for the debt." Now, in the past, as bankruptcy lawyers in Maryland, we always advised our client's NOT to sign reaffirmation agreements. That was because it use to be that as long as the owner was making the payments on time, the car loan company had absolutely no right to repossess the car. However, the Maryland Court of Appeals, in the recent case of Ford Motor Credit Company, … [Read more...]
Bankruptcy Is Not For Liars and Cheaters
I saw this article online today and thought it was very good, so I am sharing it with you: Bankruptcy is NOT for Liars, Cheats, Crooksby Jill Michaux, Kansas Bankruptcy Attorney · Posted in Bankruptcy Basics,Discharge of Debt inShare3 Bankruptcy is not for liars, cheats and crooks. Debt discharge is reserved for honest, but unfortunate, debtors who need a fresh start in life. If you do not want to come clean and make a full and honest disclosure of all your financial affairs, bankruptcy is not for you. Only people who tell all there is to tell about their money and property and answer all questions truthfully and completely, no matter how embarrassing it is, and disclose all their property are eligible for a discharge of their debts. If you want to lie, hide and cheat, forget about it. Or, if you have lied to your creditors in the past and your lenders have relied on your lies when loaning you money, you will not be rewarded with a discharge of your debts … [Read more...]
