Bankruptcy Continues to Best Form of Relief for Most People

I hope you are having a great Sunday. My name is David Ruben and I have been a bankruptcy lawyer in Maryland for almost 23 years. I love what I do. Tommorrow is one of those rare days that I do not have to appear in court, so I was thinking about what my day will bring. Aside from all of the written work that I have to do, I will probably (hopefully) field about 15-20 new phone inquiries about filing Chapter 7 or Chapter 13 bankruptcy. What continues to amaze me about the phone calls is that many of the people have been thinking about calling a lawyer for Chapter 7 or Chapter 13 bankruptcy for months, sometimes years, and have been reluctant to do so for fear of the unknown. People are actually afraid to call me and scared of what they might hear. Many people, after we have our consultation, say "wow, that was easy, I was expecting that to be much worse, I feel so relieved." Despite what you might think or what people might tell you, Chapter 7 and Chapter 13 bankruptcy are … [Read more...]

Can I Still File Bankruptcy If My Wages Are Already Being Garnished?

Simple answer, yes! At the Maryland Bankruptcy Center we do a great deal of online promotion and receive referrals from friends, family and former client's every day. I probably spend at least 2 hours per day just giving out free consultations on the telephone. Sometimes people come in and file, sometimes they don't, but the experience that I get of understanding the every day questions that people are facing is invaluable. I get it. Although I am not going through what you are going through, I talk to enough people every day so that I really understand your problems, and I have the ability to solve them for you. A frequent question asked by callers is "Can I still file Chapter 7 or Chapter 13 Bankruptcy in Marylnad if my wages are already being garnished or if my bank account has already been frozen.?" Many people are led to believe, usually by the creditors, that once wages are being garnished, or a judgment has been entered, it's too late and bankruptcy will not protect … [Read more...]

What is a Meeting of Creditors?

The meeting of creditors is provided pursuant to this Section 341 of the United States Bankruptcy Code. The meeting is often referred to as the 341 meeting of creditors or your bankruptcy court date. At the meeting of creditors, you along with your attorney are going to be present in front of either a Chapter 7 or a Chapter 13 trustee. The purpose of the meeting is to administer any assets in a Chapter 7 that are administrable and in a Chapter 13, to verify that you are putting all of your disposable income towards your Chapter 13 repayment plan. At your meeting of creditors, you are going to be sworn in. You’re going to have to show identification and proof of your Social Security card. Once you are sworn in, you are going to be asked a series of questions based on the information provided in your documents. For example, the trustee is going to ask if you signed the documents under all penalties and perjury, if you listed all of your assets and all of your liabilities and … [Read more...]

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...]

Getting Credit After Bankruptcy…..Is it really 10 years?

Clients are always concerned about their credit score. It is not unusual for the question “How will bankruptcy affect my credit score?” to be the first thing that comes out of someone’s mouth when they consider bankruptcy as an option. Although bankruptcy does have an effect on your credit, the effect may not be as bad as many would have you believe. Further, most people fail to compare the alternative effect that not filing bankruptcy will and already does have on their credit. There are a number of facts that will appear on your credit report. Any type of loan, any credit you have taken out, how you use it, whether you have paid it or are in default, are all things that will appear when someone looks up your credit report. Bankruptcy will appear on your credit report for up to 10 years. Any negative occurrences will appear for 7. If your credit is poor, as most people’s is when they consider filing for bankruptcy, bankruptcy may not hurt your credit as much as not filing … [Read more...]

Keeping Your Car When Filing Bankruptcy

I saw this article on a related bankruptcy website and thought it was very good and wanted to share it with you. If you have any questions regarding this issue or are looking into filing bankruptcy, please call us for a free consultation. You Can Keep a Car in Bankruptcy, But Under What Terms? In our current tenuous economic climate, more and more normal, honest, hardworking people are turning to bankruptcy for relief from overwhelming debt. In fact, most people who file for bankruptcy are perfectly responsible citizens who have lost homes, lost law suits, incurred unexpected medical bills or other large, unforeseen expenses. One of the most commonly held beliefs about the bankruptcy process is that by filing, you will automatically lose your car. This is simply not true. If you want to keep a car you are still paying for, you will have to give up some of the very benefit your bankruptcy discharge gives you. Reaffirmation Agreements To keep a car on which you are still … [Read more...]

Bankruptcy Credit Counseling Requirement

Before a case can be filed by an individual under Chapter 7 or Chapter 13, the individual must submit to a credit counseling session states Gurnee bankruptcy attorney. A credit counseling session is a one-hour session that can be done over the telephone or online whereby a credit counselor approved by the office of the executive trustees will basically interview the debtor and advise the debtor on particular topics concerning debt. The purpose of the credit counseling is to see whether or not this person has the ability to enter into a debt management plan or whether or not bankruptcy is the best option. The cost for the credit counseling is approximately $25-$50 and it can be done very quickly over the telephone or online. If you file a bankruptcy case without taking the credit counseling first, then your case may be dismissed or it may be determined to be void right from the outset. I will not file a bankruptcy case for a client unless they have completed the credit … [Read more...]

Bankruptcy: What is it and how does it work?

As a Maryland bankruptcy lawyer, I have many clients that know very little about the bankruptcy process when they come in for a consultation. It is important that anyone considering filing for bankruptcy to have a basic understanding of the process before they make the decision to file. Everyone has a right to know what their options are and how these options can affect their future, especially when dealing with a bankruptcy. Types Of Bankruptcy There are two types of bankruptcy and each carry different qualification standards. Filing for Chapter 7 bankruptcy produces a debt elimination at very little out of pocket cost to the debtor. However, a debtor must have a reportable income less than the median income level of their state of residence in order to qualify. This rule prevents abuse of the system by weeding out anyone who may be able to afford to repay their debts rather than have them eliminated. Filing for Chapter 13 bankruptcy allows a debtor to develop a repayment … [Read more...]