Consumer debt is consistent with bankruptcy filings. Research by the Federal Reserve indicates that household debt is at a record high relative to disposable income. Some analysts are concerned that this unprecedented level of debt might pose a risk to the financial health of American households. A high level of indebtedness among households could lead […]
Hey folks. I’ve decided that my goal in life (well, at least in my professional life as it pertains to my bankruptcy law practice), is to make the word “bankruptcy” a “good” word, rather than a “bad” word. “Bad” words can never be good. Illness, discrimination, death, taxes………those are never good words, they are always […]
This weekend I was in Ocean City, Maryland with my family. Everywhere I went, restaurants were packed, stores were mobbed and hotels had “no-vacancy” signs. And as a personal bankruptcy attorney, I couldn’t help but notice that nearly everyone was using their high interest credit cards to pay for their consumer goods and services. This, […]
Very few people know why the type of personal bankruptcy that eliminates a persons debts is called CHAPTER 7. Well, here’s the answer. There is huge volume of books that contain all of the laws that our Federal Government passes. Those books are called the United States Code. That Code has TITLES, and within those […]
What is a bankruptcy discharge? The typical consumer files a bankruptcy case in order to obtain a “discharge” of overwhelming debt. An unfortunate word that is used to describe what for many is a life changing “event”. Why? When a debt is “discharged”, the obligation of the debtor to pay it, no longer exists. The […]
Personal bankruptcy filings for the month of May have increased compared with a year ago, but dropped slightly compared with a month earlier, the American Bankruptcy Institute reported last week. Here’s a breakdown of the data. Total filings: In May 2010, 136,142 personal bankruptcy cases were filed, a nine percent increase from May 2009, when […]
I have noticed a trend in the last few weeks. More and more people are calling for help with their overdue credit cards bills, medical bills and wage garnishments. I think that due to the recession, Chapter 7 bankruptcy’s are going to increase by approximately 20% in 2010. We shall see, I’ll keep you posted. […]
Did you know that Chapter 7 bankruptcy, if you qualify, will completely eliminate your credit card bills and all of your other debt? Yes, it’s true, and there is nothing that the credit card companies can do about it. Alot of people think that they will have to eventually pay back their credit cards after […]
Maryland Enacts Foreclosure Mediation Law. On April 13, Maryland Governor Martin O’Malley signed a law (H.B. 472) giving homeowners the right to mediate foreclosure with a neutral third party and requiring lenders to conduct loss mitigation analyses before foreclosing home loans. The law applies to 1-4 family residential properties occupied as the borrower’s primary residence […]
