Learn New Knowledge About Bankruptcy in Baltimore, MD

Photo by: unsplash.com   Often enough, financial decisions that lead to bankruptcy may not seem obvious when you just start making them. However, as these decisions turn into habits, you will find yourself wondering where all your money went and you start scrambling to get a grip on your finances. Thus giving birth to the need for bankruptcy lawyers in Baltimore, Maryland, or anywhere else. And while some situations leading to bankruptcy are caused by conscious decisions made over a period of time, sometimes unforeseen situations blooming into financial crises can also be the root of your problems.   Now, let’s take a look at some of the most common money mistakes that can spiral into bankruptcy. And…

Photo by: pexels.com Most people are familiar with the term bankruptcy. That's especially if you or someone you know has ever sought the help of a bankruptcy lawyer in Baltimore, Maryland to file your own case. Bankruptcy is helpful in many ways because it allows people and businesses with debt to wipe their slate clean or come up with a repayment plan that suits their current financial state. Most people would know about Chapters 7 and 13. The Most Common Types of Bankruptcy Chapter 7 This is sometimes referred to as liquidation bankruptcy and is considered the most common type of bankruptcy in the US. For this type, courts may provide businesses with a trustee who will take…

The ongoing COVID-19 crisis has dealt a lot of damage to multiple economies around the world. From small to prominent businesses, none have remained unaffected by the sudden changes and restrictions implemented by government bodies to keep its citizens safe from the pandemic. In Baltimore alone, multiple businesses have felt the need to hire bankruptcy lawyers to seek help. Small businesses are even more at risk because they are the most likely to face multiple difficulties from prolonged restrictions. As such, if you are a small business owner, it would be worth your while to know which small businesses are most vulnerable to COVID-19 so you can make preparations. While the pandemic has affected all industries, some are…

Photo by: unsplash.com Some may view bankruptcy in a negative light. However, it is actually a way for businesses and individuals to discharge their debts and start anew. This gives them a second chance to rebuild what they have lost. With the help of a professional bankruptcy lawyer in Baltimore, Maryland, filing bankruptcy is made even easier. That is if you meet the requirements. Sadly, there are those who take advantage of this and commit bankruptcy fraud instead for their own benefit. And there are those who get accused of committing fraud even though it wasn’t their intention. What is Bankruptcy Fraud? This is a white-collar crime that is committed as such: Not disclosing a property transfer before…

Anyone who files bankruptcy does it for a single reason, and that is to get a fresh start. And while you might be thinking about doing it on your own to save money, you could end up wasting a lot of time and effort without achieving the results you want. That's because there are a lot of potential mistakes you can make when you choose not to hire a reliable bankruptcy lawyer in Baltimore, Maryland. Let's talk about some of these mistakes. Choosing the Wrong Type of Bankruptcy There are several types of bankruptcy, and each has different processes, requirements, and results. For Chapter 7, your creditors will be paid by liquidating your non-exempt assets. While for Chapters…

Bankruptcy lawyers in Baltimore, Maryland and all over the US are faced with many adjustments. Due to the COVID-19 pandemic, bankruptcy law has seen a lot of changes in 2020 and 2021. But even though we see and feel the changes today, many of the other amendments were already included in the Bankruptcy Code even before the pandemic. In this blog, we will talk about some of the changes made as well as their impact on various individuals. THE SMALL BUSINESS REORGANIZATION ACT (SBRA) The Small Business Reorganization Act (made effective on February 19, 2020) is there to help small business debtors who have debts of no more than $2,725,625 (subject to other criteria and requirements). Under the…