If a debtor has “defaulted” on a loan, that means that they have not paid the debt in accordance with the terms of the original contract that they had with the creditor. For example, if you have a credit card and your balance one month is $1000. You are required to make a minimum payment […]
The Maryland Bankruptcy Center and the Law Offices of David L. Ruben, P.A., handles two different types of bankruptcy cases. Chapter 7 bankruptcy is the most common form of bankruptcy. Chapter 7 is what you need if you have a lot of bills and no means to pay them. You can own a home and […]
When deciding whether or not to file for banktuptcy it is important to understand exactly what circumstances dictate .People often wonder if bankruptcy is the best option, and perhaps the best way to approach this question is to state when bankruptcy is not the best option. If you have the ability to pay off all […]
Image Source If you are behind on credit card or mortgage payments you might be receiving letters or phone calls from collection agencies. This can be a great source of stress for anyone facing financial difficulties. One way to recover from a difficult debt situation is to file for bankruptcy. Stopping the collection letter is […]
Personal bankruptcy, also known as Chapter 7 or Chapter 13 bankruptcy, is a simple process. It is the process by which you ask the United States Bankruptcy Court to order your creditors to close out your accounts forever, thereby eliminating your debt and giving you a fresh start. When you use our firm, the process […]
So what happens to a person when he or she files for bankruptcy? What is the process like? It is highly likely that a person who has finally made the decision to file for bankruptcy relief has been under a great amount of financial stress and pressure and has had many sleepless nights for many […]
Bankruptcy is a legal process offered to persons that cannot repay their debts. It is a way for a person, under the protection of the law, to get a fresh start financially without the burden of preexisting debt. Bankruptcy can stop house foreclosures, car repossession, and wage garnishment. Bankruptcy status also protects a person from […]
Many people want to know what happens to their student loans if they file for personal bankruptcy. You may have heard that although they are not usually discharged, student loans can be discharged if you can show a special “hardship.” While that may be true, it is nearly impossible for you prove the type of […]
There are many factors to consider when thinking about filing for personal bankruptcy. First and foremost, how much debt to you have? The rule of thumb is that if you do not believe that you will be able to pay off all of your unsecured debt (debt not included houses and cars) within six months, […]
One of the most prevalent questions we receive is, “How devastating is filing for bankruptcy?” And we always say, filing for bankruptcy is not devastating, it’s as simple as that. Nobody ever wants to file bankruptcy, but in the end, you will never find someone who filed bankruptcy who was not happy that they made […]
