Can Bankruptcy Help?

At the Maryland Bankruptcy Center, we tell at least 1 person per day that they are NOT eligible to file bankruptcy or that bankruptcy is not a good idea. On the other hand, we tell most people who call that filing bankruptcy in Maryland is the right choice. Why is that? Chances are, if you are researching bankruptcy, you have found yourself in a very difficult financial situation and you are desperate for help. Chapter 7 and Chapter 13 are your last resort, but unfortunately in this economy, it is the only resort for hundreds of thousands of Marylanders each year. Consider the article below, and if you have any questions at all, feel free to call us anytime. Filing For Bankruptcy is a Major Decision. Necessary For Some, Unnecessary For Others… You don’t just throw a bankruptcy in your shopping cart and head for the check out, it’s a major life decision that should not be entered into lightly. In some cases, bankruptcy can really help. Some families who are avoiding filing … [Read more...]

When Should I Talk to A Bankruptcy Attorney?

Through my national bankruptcy connections I recently became friends with Quinton Pelley, one of the premier bankruptcy attorneys in the state of Texas. He was kind enough to share with me some great articles/blogs that he has written in the bankruptcy field for potential bankruptcy filers. I think that this one is excellent, so I am sharing it with you. If you are searching for a bankruptcy attorney to help you through this most difficult process, contact us today. No two debt situations are the same. However, since we have been helping people resolve their debt problems since 1991, we have noticed quite a few patterns. We know that you did not choose to be in this position. We also know that you were probably forced into your debt situation because of one or more of the following: Loss of job, reduction in income, death, divorce, someone got sick, ridiculously high interest rates, the bad economy, or some other similar life changing event. Life happens. Now you need to make the … [Read more...]

Maryland Bankruptcy and Credit Card Debt

The Basics of Credit Card Debt and Bankruptcy In an economy where housing problems dominate the headlines, high interest credit cards still remain one of the largest issues consumers face in their fight for financial health. It should come as no surprise to learn then, that credit card debt is still one of the primary reasons consumers are forced to file for bankruptcy. When a credit card account has been delinquent for more than 180 days, banks will charge off what is owed as “bad debt” and sell the account to a debt collector who will call, harass and even sue if the past due balances are high enough. Mounting pressure from debt collectors pushes many consumers through the front door of a bankruptcy office because chapter 7 protection is widely perceived as the fastest and best way to get out from under unmanageable credit card debt. While it is true that filing for bankruptcy can help discharge credit card bills, there are some basics that every consumer needs to know before … [Read more...]

Married and Filing for Bankruptcy

If you are married and filing for bankruptcy, it is important to think about how it will affect your spouse. When a person is married, then both that person and their spouse are basically co-signers on any credit cards and bank accounts held jointly. So, if your spouse files for bankruptcy, then you are both affected by the consequences. For example, if one spouse files for bankruptcy, and his or her debts are discharged, it is possible for creditors to look to the non-bankrupt spouse to collect the debts. A Maryland bankruptcy attorney can help you to protect your spouse as much as possible. However, if your spouse is not liable in any way for the debt, then the credit agency cannot collect from them. It can be difficult to determine if your spouse is liable for your debt. It may be better for a spouse to file for bankruptcy in Maryland than in some other states. This is because Maryland is not a community property state, it is an equitable distribution state. When you are married … [Read more...]

Secured v. Unsecured Debts

As a Maryland bankruptcy attorney I have found that many of my clients have misconceptions about which types of debts can be discharged in bankruptcy. I feel every consumer should be educated about which types of debts can be discharged before deciding to file for bankruptcy. Secured vs. Unsecured Debts I have found that a large portion of people do not know the difference between a secured debt and unsecured debt. Secured debts are those that have assets put up as collateral against the loan. Defaulting on secured debt leaves the asset legally available for seizure and liquidation by the creditor in efforts to satisfy the debt owed. The most common types of secured debts are mortgages and car loans. Some personal debts are secured debts if a person has agreed to use an asset as collateral for the loan agreement. Unsecured debts are those that do not have any assets secured as collateral. If a person defaults on an unsecured debt, the creditor has no legal claim over the … [Read more...]

Record Year for Bankruptcy’s So Far

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 … [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...]

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 salaries have … [Read more...]

Maryland Bankruptcy and Filing Taxes

This article was taken from an article by Jay Fleishman, a bankruptcy attorney in New York who writes interesting bankruptcy articles almost on a daily basis: BANKRUPTCY AND FILING TAXES Many people who need to file bankruptcy have other financial issues swirling around them as well, and taxes seem to loom the largest. Some have outstanding tax debts, whereas others simply haven’t filed tax returns in years. Depending on your mindset, this may or may not be a problem for you. Income Disclosures In Your Bankruptcy Papers As part of the Statement of Financial Affairs you’re going to need to account for your income over the past two years. That means you’re going to need to get your hands on that information, and tax returns are typically the fastest place to look. A lack of a completed return will surely make the task more difficult, but that’s easily fixable. Income Tax Returns In Chapter 13 Bankruptcy The problem in terms of filing bankruptcy, however, comes if you’re filing … [Read more...]