Frederick Maryland Bankruptcy Blog

What are the leading causes of bankruptcy in Maryland?

People find themselves struggling with money for all kinds of unexpected reasons. It only takes a few months for a couple of late payments to snowball into a seriously stressful situation. Once you miss payments, creditors start calling. Fees start building up. You could even wind up facing a creditor's lawsuit.

For those who can no longer keep up with financial obligations, bankruptcy relief may be the best option. Filing for bankruptcy helps stop collection activity. It also gives you a chance to rebuild fresh financial start. Knowing the biggest contributing factors to bankruptcy can also help you decide if you need this kind of relief in the future.

Creditor harassment limitations: What a creditor cannot do

At a certain point, if you get behind on your debts, the financial institution you owe will sell your debt to a debt collector. These debt collectors buy your debt at a bargain price in the hope that they will succeed at collecting more money than they paid for it.

If you're being harassed by debt collectors, you know just how aggressive and aggravating they can be. Also, you're probably wondering what kind of limitations the law imposes on debt collectors. In other words, what are debt collectors not allowed to do?

4 benefits of an automatic stay

Many people have found themselves, at one time or another, with more debt than they can manage. If you live in Frederick, you might even have friends, family or neighbors who have found themselves in such a position. For some people, a few debt counseling sessions are enough to help them get their finances on track. Others, however, need to utilize other debt reconciliation tools like bankruptcy in order to get their debt under control.

One of the main perks of bankruptcy is the automatic stay. The following benefits of an automatic stay might be just what you need to help you reorder your finances and effectively manage your debt.

Will I lose my house in Chapter 7 bankruptcy?

Chapter 7 bankruptcy is often referred to with the term "liquidation" because it involves the liquidation of your property to pay off creditors. However, much of your property will be exempt from the liquidation process. In some cases, your house will be included in the property that's exempt.

While you probably will not be able to keep a multimillion-dollar mansion through the Chapter 7 process, if you own a modest home -- under the right circumstances -- you just might be able to keep it.

Which bankruptcy is right for you? Chapter 7 vs. 13

If you live in Frederick and have found yourself overwhelmed with debt, you are not alone. Many people, at one time or another, find themselves with more debt they can handle. Fortunately, there are multiple resources available to help you get your debt under control. Bankruptcy might be the answer you have been searching for. The two types of bankruptcies that are usually available for individuals are Chapter 7 and Chapter 13.

If you are considering bankruptcy, you probably have questions about which type is the right one for you. To find out more about the differences between Chapter 7 and 13, read further.

Ways your medical bills could be wrong

You’ve been working very hard to steer your family towards a stable financial future. But now, a medical crisis has struck and the bills are piling up.

This is a situation many families here in the Frederick area can end up facing. Some of the health problems that could come up for families can lead to some very high medical bills.

What will happen to my credit rating if I go through bankruptcy?

As you ponder the pros and cons of bankruptcy, you may find yourself facing many questions.

One of the most common is in regard to what will happen to your credit rating if you move forward with the bankruptcy process.

Law Offices of John C. Hanrahan, LLC
8 E. 2nd Street, Suite 200
Frederick, MD 21701
Phone: 301-620-4378
Fax: 301-620-4379
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From offices in Frederick, Maryland, attorney John C. Hanrahan represents individuals and businesses in Hagerstown, Walkersville, Germantown, Mt. Airy, Damascus, Gaithersburg, Middletown, Urbana, Clarksburg; and throughout Frederick County, Montgomery County, Washington County, Howard County and Carroll County, as well as Washington, D.C.

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