When you think of bankruptcy, you might believe that you are about to lose everything, but that’s not the case. Maryland has protections to protect some of your most important assets, even as you proceed through the bankruptcy process.
What can you keep when you file for bankruptcy? Here is what you need to know about what assets are protected and what might be at risk.
Filing for bankruptcy can be a way to regain financial stability when debt becomes overwhelming.
However, not everyone qualifies for bankruptcy; some circumstances can disqualify a person from filing or receiving one. It’s important to understand the things that can keep you from getting a successful bankruptcy filing so you can prepare and explore other options if you need to.
Making the decision to file for bankruptcy can be difficult for anyone. But when you have a business, you want to make sure that your personal financial issues do not interfere with its operation. Sometimes, these owners may forgo filing bankruptcy to protect the ownership of the business.
So, can I keep my business while filing for personal bankruptcy?
At Belsky & Horowitz, LLC, we want to provide as much information as possible to help you make the right decision for your situation. Let’s examine how personal bankruptcy affects business ownership.
You spend a lifetime building up your retirement accounts and savings. When you file for bankruptcy, could they be in jeopardy? What happens to retirement accounts during bankruptcy? In most cases, these accounts can receive some type of protection from creditors.
At Belsky & Horowitz, LLC, we know that you want to protect your financial future. Let’s look at how retirement accounts are treated in bankruptcy.
When you have medical debts, that can put you into some serious financial trouble. When those bills start piling up, bankruptcy might be an option when you can’t find a way to pay off these debts. But can medical debt be discharged during a bankruptcy in Maryland?
Unfortunately, medical debt can burden you financially, but there are options to help alleviate some of those struggles. At Belsky & Horowitz, LLC, we understand that any type of debt can lead to stressful situations for you and your family.
Let’s discover whether you can find a way to help remove the burden of medical debt.
If you are drowning in debt, then you have a few options on the table, including bankruptcy. This process allows you to get relief from those overwhelming financial burdens. However, filing for bankruptcy does come at a cost. Your credit score will likely suffer as a result of this action.
At Belsky & Horowitz, LLC, we know that this can be a difficult decision, but it is not the end of the road for your credit. With the proper steps, you can file for bankruptcy and take steps to repair your credit. How does bankruptcy affect your credit score? Let’s look at these issues.
An approved bankruptcy helps individuals and businesses get out from under a mountain of debt to build a stronger financial future. However, sometimes, those plans for staying out of debt after bankruptcy can be disrupted by life events. For instance, according to data collected by The Kaiser Family Foundation, 41% of Americans carry some medical debt.
Incurring more debt might have you wondering if you can file for bankruptcy more than once. Whether you can file for a second bankruptcy depends on the type of discharge you have already received from the United States Bankruptcy Court. These laws limit how fast you can file, especially if you’ve done so before.
Debt is something that a majority of Americans are dealing with. According to the credit reporting bureau Experian, when you add up such debt as mortgages, auto loans, student loans, credit cards, and personal loans, the average American has $104,215 in debt. Most folks can repay those debts over time, provided they can maintain a good-paying job. However, for those who can’t repay creditors, filing for bankruptcy could be a way to rebuild their finances and get them back on the path of saving for the future.
The United States Bankruptcy Code has established six types of bankruptcies, referred to as chapters. Out of those different chapters, municipalities file for Chapter 9, farmers and fishermen file for Chapter 12, companies involved with foreign entities file for Chapter 15, and businesses can file for Chapter 11. Individuals have the option to declare either Chapter 7 or Chapter 13. Explore more information about the different chapters of bankruptcy.
It’s never easy to realize that you have more debt than you can pay back. But for some people, what’s even more upsetting is wondering, “Will filing for bankruptcy affect my job?”
For most people, filing for bankruptcy will have virtually no impact on their current job. However, certain individuals working under specific circumstances might see a minor impact on their current employment.
To be able to make the most informed decision possible, you need to have a firm understanding of all potential impacts that filing for bankruptcy may have on your life—both positive and negative. So while most people find that pursuing bankruptcy is a smart option for financial security, others may need to weigh possible job-related concerns.
It doesn’t matter whether your debt slowly crept up over time or if you were hit with several large bills in a short period of time—if you’re unable to repay your debts, you need help. Depending on your situation, filing for personal bankruptcy can be the step that opens up a path to financial freedom and stability in the future.
The beginning of this process can sometimes raise more questions than it initially answers, though. So if you’re asking, “Do you have to go to court to file for bankruptcy?” read on to learn more.
