According to the 2010 Fiscal Year statistics from the Administrative Office of the U.S. Courts, the number of bankruptcies filed between October 1, 2009 and September 30, 2010 increased from 1,402,816 to 1,596,355, an increase of 13.8%. Chapter 11 (business and large individual) filings decreased, from 14,745 to 14,191, a 3.8% drop. Business filings overall […]
Personal bankruptcy filings in 2010 reached their highest levels in five years and will continue to rise in the new year, according to the American Bankruptcy Institute. Consumer bankruptcies reached roughly 1.53 million for the 2010 calendar year ended Dec. 31, numbers compiled by National Bankruptcy Research Center for ABI concluded. The figure represents a […]
Filing Bankruptcy in Maryland is becoming more and more popular. The effects of the “great recession” that began in 2008 are in many cases hitting consumers now. Although some of our counties are among the richest in the nation, most Maryland residents (was well as most Americans), live paycheck to paycheck. When the recession hit, […]
If you’ve got a judmgent against you for an unpaid credit card debt, personal loan, medical bill, or similar debt then you may be thinking that filing for Chapter 7 or Chapter 13 personal will solve the problem. Well…..you are CORRECT! A judgment is a common reason for Maryland residents to consider filing for bankruptcy. In Maryland […]
Recently the Maryland legislature passed a new law that increases a homeowners chance of keeping their home even after filing Chapter 7 bankruptcy, which eliminates almost all of their debts. A terrific website called legalconsumer.com recently posted an article about the new Maryland Homestead law, and in part, it provides as follows: Almost every state […]
In most states, including Maryland the answer is yes a second mortgage can foreclose if in default. The practical difficulty is that many junior mortgages are partially or wholly under water. This makes foreclosure all but impossible. In the case of a junior mortgage, there is always a senior mortgage with superior rights and first […]
Tax Fact 10-Mortgage Debt Forgiveness: Forms 1099-A and 1099-C By Kent Anderson, Oregon Bankruptcy Attorney on Mar 19, 2010 in Tax Issues If your home is foreclosed, sold at a short sale, or if you give the home back to your lender in satisfaction of your debt, IRS Tax Fact 10 tells us to watch […]
Why is it that credit reporting companies have so much control over our lives? One false report on your credit report could cost you the ability to buy a house, car or to even obtain a credit card. Is that fair? No way. Is there anything you can do about it? Yes, there is. It’s […]
I want to give you all an idea of the bankruptcy process. I’ll try to keep this simple and cover only the “normal” case and not cases involving objections from creditors and other complications. Once you’ve chosen a Maryland bankruptcy attorney, provided all of the documentation requested, and paid the required fees, it’s time to […]
