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

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

man holding onto money by a thread

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, those…

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Can Bankruptcy Help With My Gambling Debt?

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

hand holding a coin

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…

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Closing Your Chapter 13 Case

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

magnet taking money bag

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

gavel

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: 3 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

man holding onto money by a thread

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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The Next Steps In A Chapter 13

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

Chapter 13 Step 6 – Confirmation Hearing: For Chapter 13 cases only – If you file a Chapter 13 bankruptcy, a Confirmation Hearing will be held.  This is part of the negotiating game to determine if the terms of the repayment plan.  In many cases you never have to attend this hearing. The Trustee will agree to…

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How Much Debt Do You Need To File For Bankruptcy?

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

When people come into our Waldorf or Lexington Park office for a free bankruptcy consultation, there are certain questions they will ask.  One of these is “How much debt do you need to have to file for bankruptcy?”  The truth is that there is no minimum amount of debt that you are required to have…

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What Are The Different Types Of Bankruptcy?

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

man holding onto money by a thread

Sometimes when people come into our Waldorf or Lexington Park office they know exactly what type of bankruptcy they want to file. Other times a person just comes in to find out what options they may have. Even the person who thinks they know what they want to do is sometimes surprised that another type…

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