Overwhelming debt is a common problem for Maryland residents. Those who are facing this issue might function under negative preconceived notions about bankruptcy. For many, bankruptcy is a useful strategy for moving forward without being weighed down by immense debt. Some individuals who have filed for Chapter 7 bankruptcy tout the process as one of the smartest things they have ever done.
Are you facing a wage garnishment? It can be demoralizing to see some of your hard-earned salary paid out to creditors, but wage garnishment is a legal procedure. Learn how the process works and whether you are in a position to get the garnishment lifted.
If you find yourself in financial trouble, it may not be long before you learn more about Chapter 13 bankruptcy.
All kinds of people, including those who make decent money and have substantial assets, can find themselves in a financially complicated situation. Whether you missed work due to an illness or just overextend yourself trying to keep up with the Joneses, it doesn't take long for that to start ruining your life.
Falling behind on bill payments and debts is a stressful situation for anyone to deal with. It is particularly frustrating and difficult for those who have had to finance important purchases. These items that you finance are vulnerable to repossession if you fail to make all payments in a timely manner.
Social myths about bankruptcy are so persistent and popular that many people believe them without question. Unfortunately, that may leave a significant number of people cut off from the benefit of bankruptcy. They may inaccurately believe, for example, that only people with relatively low incomes qualify for bankruptcy protections.
People in Maryland who are struggling to pay down their debts may have considered filing for bankruptcy protection. Doing so will trigger an automatic stay of collection actions and may result in the reduction or elimination of debts. It might also mean giving up assets, though, and many people fear losing assets that they need to earn money, like a car. In many cases, it is possible for someone to file for bankruptcy and still keep his or her car.