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Spending on vices may lead to bankruptcy

Maryland consumers might find themselves living with too much debt for all kinds of reasons. For some, debt can come from a single, unexpected event. For others, it is more of a slow accumulation that leads to debt. Regardless of how one finds him or herself in a financially strapped situation, bankruptcy can offer reprieve. Struggling with spending habits According to a survey from MagnifyMoney, 70% of adults admitted to splurging on their favorite vices during 2020. Of the 1,550 people who participated in the survey, 38% said they had taken money out of their savings specifically to cover the…

Improving your credit score after bankruptcy

You do not want to struggle with your finances for the rest of your life, but maybe you are not sure whether taking action will really improve your situation. However, life after bankruptcy is not only possible, it is wholly realistic. Here are the steps you can to improve your financial status after filing for bankruptcy in Maryland. What about my credit score? Improving your credit score is important for accessing new opportunities in the future, such as favorable interest rates for car loans and mortgages. If you are ready to file for bankruptcy then you are probably already struggling…

I’m behind on my mortgage — should I do a short sale?

Learning that one might face foreclosure can be disheartening. Foreclosure occurs when a homeowner falls behind on his or her mortgage payments, usually for three months. It is not unheard of for some lenders to wait as long as six months before starting foreclosure proceedings, although it is not as common. There are alternatives to foreclosure though, and Maryland homeowners might want to explore all their options before accepting their fate. One such option is a short sale. A house is sold off during a short sale, for less than what the homeowner still owes on the mortgage. This might…

Does age matter when it comes to debt?

Owing money is not necessarily an indication of poor financial decisions. Indeed, most people in Maryland would not be able to purchase a vehicle home without borrowing money to do so. Reasonable amounts of debt can quickly spiral out of control, though, and people of different ages borrow for different reasons to roughly 33% of this debt, with the other two-thirds tied up in non-housing debts. While consumers of all ages carry mortgage debt, those between the ages of 40 and 55 — Generation X — have the most, with the average Gen X homeowner owing $238,344. Generation Z —…

Should I refinance my loan or file for bankruptcy?

Carrying around debt of any kind is not easy, but it is fairly normal. Consumers in Maryland may have all types of outstanding debts, including mortgages and credit cards. When dealing with these debts becomes too much, it may be time to consider options like refinancing, debt consolidation or bankruptcy. The average homeowner has an outstanding mortgage of $203,296. When a homeowner can no longer keep up with his or her monthly mortgage payments, it could be time to consider refinancing the terms. Securing a refinanced mortgage with a lower interest rate could make the monthly payments more reasonable and…

Should I be concerned about repossession?

Struggling to pay off one’s debt is difficult enough without the added concern of having something repossessed. Unfortunately, this is a major concern with which many people in Maryland are currently dealing. It may be helpful to address some of these worries by differentiating between which debts actually put people at risk for repossession, and which do not. In general, repossession is a concern when falling behind on payments for secured debts. A secured debt is tied to a tangible or physical asset, like a vehicle, piece of furniture or property. If someone falls seriously behind on his or her…

Can I discharge my student loans during bankruptcy?

Student loans have burdened almost an entire generation of Maryland students with decades worth of debt. Many borrowers do not even try to file for bankruptcy, while others buy into the myth that their student loans do not qualify for any type of relief. Although it might be the case that discharging student loan debt is difficult, it is certainly not impossible. Approximately two million people carrying student loan debt have filed for bankruptcy in the past 10 years. Of those, less than 1% filed for an adversary proceeding to have their student loans discharged. Looking at 2017 specifically, this…

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