Learn New Knowledge About Bankruptcy in Baltimore, MD

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…

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…

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…

When you have reached the point where you are already struggling to make ends meet, creditors seem to be harassing you left and right, and you find it hard to follow your daily routine, it’s probably time to file for bankruptcy. Chapter 7 Bankruptcy is a way for you to get a fresh start as it is a petition for the court to erase your debts. It's pretty much a straightforward process that gives you a clean slate. However, it is not as easy as it sounds as there are things to consider when taking this step. Ask any Baltimore bankruptcy lawyer and they will tell you that there are both pros and cons to the process. But…

With the pandemic going on for more than 6 months and lockdowns being implemented here and there resulting in detrimental losses for various businesses, it is inevitable that some of them may start filing for bankruptcy. Mounting debts aside, many will also find it difficult to support their families and provide their daily needs alongside keeping their business afloat. So if you are one of those people and you are thinking about filing for Chapter 13 bankruptcy in Baltimore, it’s time to hire the services of a bankruptcy lawyer. But first, what is Chapter 13 bankruptcy? Also called the wage earner's plan, Chapter 13 bankruptcy enables individuals who have a regular income to create a repayment plan to…

The country’s longest economic expansion has stopped in the first quarter of 2020. And as the economy is experiencing a sharp decline, this year has seen a steep rise in the number of bankruptcies. In Maryland alone, more than 7,200 businesses have filed for bankruptcy according to the American Bankruptcy Report, and that’s only from January to July. Many more companies are seeking the assistance of bankruptcy attorneys in Baltimore and other cities in Maryland as they decide to file for bankruptcy protection. As a result, you might be seeing less of your favorite establishments in 2021. Here are some big business entities that have decided to close some, if not all, of their doors to the public…