With the inevitability of business closures and company layoffs or reduced hours resulting from the ongoing COVID-19 crisis, more and more people are finding themselves stuck in a situation where they have no choice but to file bankruptcy. Left with this last-minute decision to climb out of debt and start fresh, bankruptcy lawyers in Baltimore, Maryland and anywhere else are more in demand than ever. Because of this, the Congress introduced new legislation in December of 2020 titled the "Consumer Bankruptcy Reform Act of 2020". What’s it about? This proposed legislation aims to simplify and overhaul the current bankruptcy system so that it will be easier for individuals to file. Aside from the Bankruptcy Reform Act of 2005,…
Learn New Knowledge About Bankruptcy in Baltimore, MD
How to Rebuild Credit after Bankruptcy
Bankruptcy has the potential of giving you a clean financial slate; however, it also makes one worry that they'll never have decent credit again. After all, it can stay on your credit reports for up to 10 years. But did it ever occur to you that your credit score after bankruptcy may not actually be as bad as you think? In fact, its impact on your credit score will eventually fade over time. So what you need to focus on now is restoring your credit. To do that, you can ask help from a trusted bankruptcy lawyer in Baltimore, Maryland. Being eligible for bankruptcy is, in and of itself, an indicator that your credit is already in tatters.…
Bankruptcy Predictions for 2021
The previous year was a hard one for all of us. With the constant threat of the spread of COVID-19 all over the world, many people were confined to their homes for fear of contracting the virus. Hospitals overflowed while businesses closed, making it hard for people to earn a living. Countless people lost their jobs all over the world, and Maryland is no exception. With the sudden closure of businesses and many restrictions, business owners and other individuals turned to bankruptcy to keep their creditors at bay. While some turned to bankruptcy lawyers in Baltimore, Maryland for help, others decided to delay filing even as our economy suffered a tumultuous year. Why is that? Throughout the past…
Warning Signs of Imminent Bankruptcy
The current COVID-19 pandemic shook the world on its discovery, causing widespread panic and fear to clutch the hearts of many. Countries barred foreigners from entering, hospital beds filled up faster than ever, and businesses all over the world started closing. The majority of small businesses, in particular, bore the brunt and were not able to cope with the world's first major economic downturn in years. With businesses declaring bankruptcy left and right, we are here to help you identify the warning signs of imminent bankruptcy so you know when to seek help from a bankruptcy lawyer in Baltimore, Maryland. Owning a business comes with financial responsibilities that can be harder to fulfill the closer you are to…
Are Bankruptcy Laws the Same in Every State?
When one has no choice but to file for bankruptcy, it is important to learn a little more about it before diving headfirst into the process. Better yet, it is always a good idea to hire a bankruptcy lawyer, whether you're in Baltimore or anywhere else, so you don't feel like a fish out of the water once you do start the filing process. Now, you may have questions about bankruptcy, but the most important one that we are going to answer today is: “Are bankruptcy laws the same in every state?”. The shortest answer to that question is no, bankruptcy laws do not vary from state to state, however, each state has different median income amounts that…
Chapter 7 or Chapter 13, Which Type of Bankruptcy is Right for You?
The first step to filing for bankruptcy is admitting that you need to file for one. The next one is figuring out which type of bankruptcy to file. Now, this process may be daunting, but you must choose correctly so you won’t waste a lot of time and effort. Better yet, hire a local Baltimore bankruptcy lawyer to help you out. This way, you not only get to know which one is right for you, but you will also receive much-needed help from a professional. If you are choosing between Chapter 7 and Chapter 13, continue reading below to find out which type of bankruptcy is right for you. What is Chapter 7 Bankruptcy? This type of bankruptcy…