What Should You Do With Your Stimulus Check in 2021?

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

Last year in 2020, I wrote an article about what to do with your government stimulus check. We’ve gotten two more since then, and my advice has changed. Last year the right answer was to save it as an emergency fund for the coming pandemic, and to use it to pay down debt if you…

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Is Bankruptcy the Answer to my Covid19 financial problems?

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

Recently, some clients have mentioned during their consults that they heard this is the “perfect” time to file for bankruptcy. While I certainly think bankruptcy is a good answer for many people, bankruptcy is not the answer for everyone. Is it a good answer for you? Like so many things in life the answer to…

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Budgeting for Coronavirus

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 6 minutes

Even if you have been keeping up with your bills, now is the time to do some emergency budgeting.  Nobody knows how bad this will get. (Things have been changing fast. This post was published on March 14th.  Not even a week later bars and malls were closed.  Now the problem is even bigger.  Unemployment…

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Income tax debt? Can bankruptcy help?

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

Filing for bankruptcy may help you deal with your tax problems. While it is difficult to discharge tax debt, it is not impossible.  If your tax debt is old enough, bankruptcy can help eliminate or reduce how much you have to pay back on your taxes. However even when the bankruptcy doesn’t discharge the tax…

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Large Tax Bills Are A Sign You May Need To File Bankruptcy

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

Most people we meet with for a bankruptcy consultation have done anything and everything they possibly could to avoid filing for bankruptcy.(that bankruptcy consult is free, by the way) Often, “anything and everything” includes increasing their tax allowances and exemptions at work so payroll will start withholding less money from their paycheck. If not done…

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The Mortgage Debt Forgiveness Act Is Back! And Gone?

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

At the end of 2019 the Mortgage Debt Forgiveness Act was reinstated.  Unfortunately, this has not received any media attention.  From the bankruptcy cases we handle we know there were a lot of short sales and foreclosures in Southern Maryland the last two years.  Therefore, we know it is important to get the word out….

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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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Who’s Calling? That Debt Collector Could Be A Fake!

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

scam warning sign

(Originally published in 2013, and updated in 2019, because it keeps happening!) In the last year, we have gotten several calls from clients who have gotten calls from debt collectors threatening them with jail time. Some of these clients had already filed for bankruptcy so they knew something was wrong, but they were still upset….

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Can You Keep Your Car When You File For Bankruptcy?

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

If you live in Southern Maryland it is hard to make do without a car.  Because of this one of the things we do when you come in for a free initial bankruptcy consult in our Waldorf or Lexington Park offices is figure out what you have to do to keep your car. If you…

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Can You Keep Your House When You File For Bankruptcy?

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

For the person who owns a house, the first question they may ask when they come in for a bankruptcy consult is “Can I keep my house?”  The real question is “What do you have to do to keep your house?” In a chapter 7 or a Chapter 13 bankruptcy, if you don’t have any…

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