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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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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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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The Next Steps In A Chapter 7

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

Chapter 7 Step 6 – Waiting: After the meeting, the Trustee and the creditors have 80 days to object to your right to a discharge. This does not usually happen, as long as your bankruptcy petition is accurate. Your attorney will handle it if it does happen.  Typically, the only extra step may be reaffirmation…

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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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Everybody Lies on Social Media—Just Ask Bankruptcy Asset Hunters

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

treasure chest

Bankruptcy asset hunters are just now discovering what many Facebookers have known for a long time: not everything is as it seems on social media. “Asset hunting” is a special job in bankruptcy cases. When an asset hunter is assigned to a debtor’s case, it’s their job to uncover any discrepancies in their financial situation…

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Bankruptcy & Your Credit – How to Rebuild It

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

money with arrow

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: 4 minutes

calendar with date

The main reason to get a bankruptcy consultation is to find out your options and figure out the best one. 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, it is much, much better to…

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Short Sales & Bankruptcy Advice

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: < 1 minute

Dave Gormley discusses short sales, bankruptcy, taxes and more with Southern California Realtor Connor MacIvor.    There are several things that you should watch out for when approaching anyone when wanting to short sale a residence. What type of loan do you have? Was all the money borrowed used on the primary residence? Have you taken out money…

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