Bankruptcy & Your Credit – How to Rebuild It

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 4 minutes

Filing for bankruptcy will probably not affect your credit as much as you think. If you are in a situation where bankruptcy is an option, your credit is probably bad already. So a bankruptcy may not do nearly as much damage as you may think. All credit reports will show your bankruptcy for a period…

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It is Better to File Bankruptcy Sooner than Later

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 5 minutes

The main reason to get a free bankruptcy consultation is to figure out your options. Once you know your options you can make informed, intelligent decisions. What about waiting? Is that an option? Why take action now? What many people do not know is that IF you are going to have to file for bankruptcy,…

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Listing Pets As Assets in Bankruptcy Cases

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 2 minutes

What do a Great Dane, a college visit, and a Yorkie have to do with bankruptcy?  No – it’s not about how expensive college and vet care have become (although that would be a good answer!) My screen saver in my office shows family pictures.  When the picture of our Great Dane pops up, the…

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Preparing For Your Chapter 13 Trustee Meeting Of Creditors

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 10 minutes

This page is for our current bankruptcy clients. We created it to help prepare them for a formal meeting called a 341 meeting of creditors in a Chapter 13 case. (Click Preparing for Your Chapter 7 for a similar article) A typical bankruptcy case does not involve a lot of confrontation. The one place it…

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The Coronavirus Shutdown: What Happens if I Can’t Make My Chapter 13 Plan Payments

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 4 minutes

  In a chapter 13 plan you are supposed to send in regular plan payments to the bankruptcy trustee.  The Trustee disburses the money to the creditors. Usually this payment comes right out of our paycheck after the plan is confirmed. If you don’t get a paycheck because you were laid off because of COVID19,…

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Can Bankruptcy Help With My Gambling Debt?

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 5 minutes

As the gambling options in Maryland have continued to grow, I have seen more and more people in Charles, St. Mary’s and Prince George’s County who need to file for bankruptcy because of their gambling debts. The problem is that the number of people dealing with gambling addiction continues to grow. With the legalization of…

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Closing Your Chapter 13 Case

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 2 minutes

Hopefully you are reading this because you have made it to the end of your Chapter 13 Plan.  Maybe you just got the Notice of Completion of Plan Payments.  Now it is time to get your discharge and have your case closed. Congratulations.  A Chapter 13 Plan is not an easy thing to complete. Notice…

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My Chapter 13 Plan is Confirmed, What Comes Next?

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 3 minutes

Now your plan is confirmed you still have to complete the plan.  In most cases there are five years of payments.  However, the five years runs from the filing of your case, not when it is confirmed.  So that finish line has gotten closer while we were negotiating with the Trustee over the payments. You…

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What Are Maryland’s Bankruptcy Exemptions?

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 4 minutes

One of the first questions people ask about bankruptcy is “What do I get to keep?”  To figure out the answer to this question you need to have and understanding of bankruptcy exemptions.  Bankruptcy exemptions set out what assets you are allowed to protect or keep when you file a bankruptcy. If you have lived…

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What Happens If I Can’t Make My Chapter 13 Plan Payment Due To The Government Shutdown?

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 3 minutes

The government shutdown is going to cause intense financial pressure on one very select group of people – government workers and contractors who are in a Chapter 13 Bankruptcy payment plan. Individuals in a chapter 13 plan are supposed to send in regular plan payments to the bankruptcy trustee, who disburses the money to their…

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