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...
by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 4 minutes
Before they file for bankruptcy, people often want to know, How long does a bankruptcy stay on your credit report? The simple answer is that a Chapter 7 bankruptcy appears on your credit report for 10 years after the date you file. Chapter 13 lasts for seven years from the filing date. That sounds scary....
by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 3 minutes
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. In fact, people often just plain lie! “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...
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...
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,...
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...
by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 9 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 7 bankruptcy. (Click Preparing for Your Chapter 13 for a similar article) A typical bankruptcy case does not involve a lot of confrontation. The one place it...
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...
by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 4 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...
by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 6 minutes
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. During your initial consultation we may even find that deciding what is the best bankruptcy option is a...
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