Bankruptcy Attorney in Southern Maryland http://guentherlaw.com Waldorf Bankruptcy Attorney Thu, 07 Dec 2017 03:19:19 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 http://guentherlaw.com/wp-content/uploads/2017/04/GL_Scales-150x150.png Bankruptcy Attorney in Southern Maryland http://guentherlaw.com 32 32 Bankruptcy and Security Clearances http://guentherlaw.com/bankruptcy-and-security-clearances/ http://guentherlaw.com/bankruptcy-and-security-clearances/#respond Thu, 07 Dec 2017 03:19:19 +0000 http://guentherlaw.com/?p=1029 Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

This article is on bankruptcy and security clearances. This article is important to anyone that relies on a security clearance to obtain and maintain gainful employment when a security clearance is a basic requirement. A security clearance is an extremely valuable asset to a large portion of our working population. A security clearance can be […]

Rick Samara

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Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

bankruptcy and security clearancesThis article is on bankruptcy and security clearances. This article is important to anyone that relies on a security clearance to obtain and maintain gainful employment when a security clearance is a basic requirement.

A security clearance is an extremely valuable asset to a large portion of our working population. A security clearance can be a measure of one’s success or of one’s inability to achieve success. There are a lot of high paying employment jobs dependent on one’s ability to obtain and maintain a security clearance.

Why This Article on Bankruptcy and Security Clearances is So Important?

Our service area is the Washington DC Metropolitan area. Consequently, many clients and callers ask: “what effect a Bankruptcy filing would have on their security clearance.”  We understand that a security clearance is critically important to a huge segment of our local working population.  We have a ton of Federal agencies headquartered in Washington DC proper, as well as surrounding areas in both Virginia and Maryland.  Furthermore, there a lot of military and government contractors that hire or cannot hire folks based on their ability to attain a security clearance.

Generally, filing a Bankruptcy removes a concern which security personnel have in regard to a person’s financial stability.  An employee who is heavily in debt or financially insolvent is considered a high risk. This is one of the major concerns the Defense Office of Hearings and Appeals weighs in security clearance cases. The exact law is found in the Code of Federal Regulations, and reads as follows:

Some Background for this Bankruptcy and Security Clearances Article:

147.8Guideline F—Financial considerations. (a) The concern.An individual who is financially overextended is at risk of having to engage in illegal acts to generate funds. Unexplained affluence is often linked to proceeds from financially profitable criminal acts.(b) Conditions that could raise a security concern and may be disqualifying include:(1) A history of not meeting financial obligations;(2) Deceptive or illegal financial practices such as embezzlement, employee theft, check fraud, income tax evasion, expense account fraud, filing deceptive loan statements, and other intentional financial breaches of trust;(3) Inability or unwillingness to satisfy debts;(4) Unexplained affluence;(5) Financial problems that are linked to gambling, drug abuse, alcoholism, or other issues of security concern.(c) Conditions that could mitigate security concerns include: (1) The behavior was not recent;(2) It was an isolated incident;(3) The conditions that resulted in the behavior were largely beyond the person’s control (e.g., loss of employment, a business downturn, unexpected medical emergency, or a death, divorce or separation);(4) The person has received or is receiving counseling for the problem and there are clear indications that the problem is being resolved or is under control;(5) The affluence resulted from a legal source;(6) The individual initiated a good-faith effort to repay overdue creditors or otherwise resolve debts.

Don’t worry about reading and understanding the legalize in that statute. That’s our job. Suffice it to say that an individual who is financially overextended is at risk of having to engage in illegal acts to generate funds. In other words, a possible suspension of a security clearance or complete loss of clearance. Unexplained affluence is often linked to proceeds from financially profitable criminal acts.

On the other hand, this statute also indicates that there is hope for anyone that clearly indicates that they are working on their financial problem and their problem is either being resolved or is under control.

That’s where we help!  We help our clients remove these security concerns. We can provide the path that assists our clients maintain and continue their security clearance. Plus, some have actually increased their clearance level over time.

We do not offer guarantees! Everyone’s situation is unique. Our past success is no guarantee of your success. Bankruptcy is considered a good faith effort to resolve debt and to get one’s finances under control.  But, we can’t and won’t offer any assistance over the phone. We have to understand your complete situations before we can offer any advice. The good news is… we offer a free consultation on bankruptcy and security clearances.. We offer this free consultation because we need to fully understand your particular situation. Call our office and Mr. Guenther will be more than happy to meet with you! We have office hours at both our Leonardtown and Waldorf offices.

Free Consultation on bankruptcy and security clearances

Rick Samara

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Chapter 7 Bankruptcy and Credit Story http://guentherlaw.com/personal-chapter-7-bankruptcy-and-credit-story/ http://guentherlaw.com/personal-chapter-7-bankruptcy-and-credit-story/#respond Tue, 20 Jun 2017 03:28:24 +0000 http://guentherlaw.com/?p=610 Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

In this article, I’ll focus on my Chapter 7 Bankruptcy and credit, my personal credit history story, and how my credit scores have significantly improved over a relatively short period of time.   I will show, based on personal experience, that if you are patient, persistent and disciplined, you can substantially increase your credit scores […]

Rick Samara

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Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

chapter 7 bankruptcy and creditIn this article, I’ll focus on my Chapter 7 Bankruptcy and credit, my personal credit history story, and how my credit scores have significantly improved over a relatively short period of time.

 

I will show, based on personal experience, that if you are patient, persistent and disciplined, you can substantially increase your credit scores following a Chapter 7 Bankruptcy in a relatively short period of time. It’s been four years since my bankruptcy was discharged. I’ll never forget that feeling of financial freedom when I received my letter from the bankruptcy court that my Chapter 7 bankruptcy approval,

 

Chapter 7 Bankruptcy and Credit: Lending Agencies will contact you.

Immediately following my bankruptcy, my credit scores were around 535. My credit was terrible. Yet, there were credit card companies that contacted me. On the one hand, I was sick and tired of banks literally putting thousands of dollars at my immediate disposal. I took advantage of these offers when my lifestyle suffered for reasons already mentioned in previous articles (see My Personal Chapter 7 Bankruptcy). But, my thought process was different now. I knew I had to start from the beginning. I needed to establish a brand new and positive credit history. I committed myself to being persistent and disciplined. So, i welcomed these offers. Here are a few bank lenders that offered this opportunity.

Chapter 7 bankruptcy and credit

Obviously, these are all offers from the same bank. Despite what Credit One Bank shows in this picture, they charged me an immediate $100 annual fee. I was a captured customer. I didn’t have much choice, I took advantage of their offer. Notice that the interest rate, annual APR is really high. I just made minor purchases and paid off the balance every month to establish a positive credit history. My balance never exceeded $25. I would highly recommend you do the same.

Chapter 7 Bankruptcy and Credit: Interim Offers will be Made

These banks share information. I mean really, who has ever heard of Credit One Bank? This isn’t a company that rolls off your tongue when you think of the more prominent banks that offer credit cards.

One such bank is Barclay. They offered me a credit card. I thought this was great. I know them. They’re big. This is great. I didn’t read the fine print. I primarily used them for business purposes. One day, I woke up. I realized that the annual APR was in the 24 percent range. I had a dental issue and put a lot of those charges on this credit card. I did what I didn’t want to do, but needed to do. I quickly had a balance of just over $9,000. I easily managed this payment and was able pay down the balance by increasing my payment.

This stuff is all online, so I didn’t receive a paper bill. One day I decided to find out how much I was paying each month in interest. The amount was staggering.  I was paying about $175 a month in interest. I needed another solution.

 

Chapter 7 Bankruptcy and Credit: Today’s Results

Another solution is only possible if your credit scores are improving. Based on my recent history of on-time payments, discipline and persistence, my scores improved significantly. I highly recommend Credit Karma. It’s free, they don’t commit you to any kind of membership or monthly bill. They provide an amazing service. Here’s a picture of my credit taken today from Credit Karma.

Chapter 7 Bankruptcy and Credit: Improving Your Credit is a Process

Grant it! These are not the best credit scores available. However, when you consider that I’ve improved my credit from 535 to this range, it’s a huge improvement. In fact, I recently paid off that Barclay card with a non-secured loan from M&T Bank. It’s a 36-month loan with no pre-payment penalty. The terms of this new agreement enhances my persistence and discipline.

I was also able to secure a new credit card with M&T Bank. It’s their Visa Signature Credit Card. You can read a review on the M&T Bank Signature Credit Card at Card Ratings. Currently, they are offering a zero percent interest rate for the first year, then it’s annual APR is just below 14 percent. That’s a whole lot better than 24 percent.

In summary, this is my personal story on my Chapter 7 Bankruptcy and Credit history. I’ve been persistent and disciplined in my approach to credit over the past four years. I feel I’m well on track to improve my credit scores over the next few years. I hope this article helps others that might be wondering what “life is like” after bankruptcy. In my case, it has truly given me a fresh financial start.

SEE ALSO:

My Personal Bankruptcy: Part 1

My Personal Bankruptcy: Part 2

Personal Disclaimer:  I am not an expert in getting out of debt. For many, this is a major undertaking, every situation is different, and that may mean you need to enlist the help of others. Financial counselors organizations affiliated with the National Foundation for Credit Counseling  can help you get out of debt and stay on track. You might also consider sharing your plans with a friend or family member and ask them to hold you accountable.

 

Rick Samara

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My Personal Chapter 7 Bankruptcy Story: Part 2 http://guentherlaw.com/my-personal-chapter-7-bankruptcy-story-part-2/ http://guentherlaw.com/my-personal-chapter-7-bankruptcy-story-part-2/#respond Sun, 16 Apr 2017 02:42:42 +0000 http://guentherlaw.com/?p=595 Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

This is Part 2 of my Personal Chapter 7 Bankruptcy Story. As my debts increased and my earnings decreased, I found myself in a really bad financial situation. I was sinking into a “financial black hole.”  See Part 1 of my story. I knew I had to do something.  I knew nothing about Chapter 7 […]

Rick Samara

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Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

This is Part 2 of my Personal Chapter 7 Bankruptcy Story.

As my debts increased and my earnings decreased, I found myself in a really bad financial situation. I was sinking into a “financial black hole.”  See Part 1 of my story. I knew I had to do something.  I knew nothing about Chapter 7 bankruptcy or bankruptcy in general. I wasn’t considering that an option. Heck, I had never heard of this option. And, bankruptcy was always a bad word. It represented failure, and I viewed my life as a success.

Special Note: “Once considered a shameful last resort, bankruptcy in the United States is emerging as an acceptable method of resolving serious financial troubles.” Read More…

In the past, if I were in debt, I believed my earnings would increase and I’d be able to pay my debt. It always worked. I knew I could pull myself out of this. I was only fooling myself.

These were different times. I was an independent small business owner selling insurance with great clients in a great industry. But, these clients businesses were failing. And, they not only failed, they failed hard and they failed fast. Even as I write this testimony today, I’m still getting notices from various bankruptcy courts on these business owners still in the process of completing their bankruptcy.

This forces me to wonder; what took them this long? They are just short of 10-years in their bankruptcy process. I must admit, I did procrastinate myself.  I first met Mr. Gunther in 2011. My Chapter 7 Bankruptcy wasn’t approved until 2013. I waited entirely too long to pull the trigger. But, I’ll tell you, when I finally received the bankruptcy adjudication court order finalizing my bankruptcy, it was a feeling of tremendous financial relief.

 

My Personal Chapter 7 Bankruptcy Story: Money shouldn’t be an object!

Find it! It’s the best investment you’ll make. You get what you pay for. This was a personal lesson learned. I understand, if you are suffering financially, it’s hard to come up with the money to hire a successful bankruptcy lawyer to get the job done for you. You don’t want to file a bankruptcy without an attorney. And, Daniel Gunther is best bankruptcy attorney in Southern Maryland. My advice is to find the money. This is one of those times that you can reach out to family or friends for help.

My Personal Chapter 7 Bankruptcy Story: Impact on Credit.

A Chapter 7 bankruptcy will have a huge negative impact on your credit. I understood that, but it wasn’t an issue that slowed me down; once I finally had the courage to pull the trigger. I was able to keep my truck and my house. I knew I didn’t need to finance a new vehicle or home anytime soon. Within a few weeks, I was receiving credit card offers from companies that offer really high rates. I understood that I needed to reestablish a positive credit history. At that point, my FICA score was really low, approximately 530… really poor! So, I took them up on their offers.

I used them to my benefit. I took their credit cards. I used them to make small purchases, like tank of gas.  And, I paid off my balance every month. Slowly, but surely, I began to get better offers. Its a process. It take time and it takes a bit of discipline. But, if I can do it so can you!

More on my credit in my next article: My Personal Chapter 7 Bankruptcy Story: Part 3

 

Rick Samara

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Student Loan Bankruptcy Discharge http://guentherlaw.com/student-loan-bankruptcy-discharge/ http://guentherlaw.com/student-loan-bankruptcy-discharge/#respond Thu, 04 Aug 2016 02:29:17 +0000 http://guentherlaw.com/target/julie-jason-can-student-loans-be-discharged-in-bankruptcy/ Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

Here is an article on student loan bankruptcy discharge shared by Julie Jason. Student Loan Bankruptcy Discharge is difficult, but it can be an option.  Discharging student loan debt in bankruptcy can be an option in either a Chapter 7 or Chapter 13 personal bankruptcy. As you will see in this article, you will need […]

Dan Guenther

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Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

Here is an article on student loan bankruptcy discharge shared by Julie Jason.

Student Loan Bankruptcy Discharge is difficult, but it can be an option.  Discharging student loan debt in bankruptcy can be an option in either a Chapter 7 or Chapter 13 personal bankruptcy. As you will see in this article, you will need an experienced bankruptcy attorney to guide you through this process.

 

This article describes that it can be done, if you can prove “undue hardship.” Furthermore, this article is valuable because it defines “undue hardship.”

Julie Jason If you have student-loan debt that you cannot repay, can you discharge the debt in bankruptcy? It’s an option, but it is a long shot. According to Boston attorney Adam Minsky: ”It is difficult, but not impossible, to get student loans discharged in bankruptcy. Borrowers must show […]

Dan Guenther

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My Personal Bankruptcy Story http://guentherlaw.com/my-personal-bankruptcy-story/ http://guentherlaw.com/my-personal-bankruptcy-story/#respond Wed, 09 Sep 2015 03:04:22 +0000 http://guentherlaw.com/?p=516 Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

This is my personal bankruptcy story. In my case, I was able to file a Chapter 7 bankruptcy in my hometown of Waldorf, Maryland. Waldorf is a city in Southern Maryland about 25 miles south-east of our nation’s capital. This is a personal bankruptcy story of failure and how failure can breed success. But it took […]

Rick Samara

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Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

This is my personal bankruptcy story. In my case, I was able to file a Chapter 7 bankruptcy in my hometown of Waldorf, Maryland.

Waldorf is a city in Southern Maryland about 25 miles south-east of our nation’s capital. This is a personal bankruptcy story of failure and how failure can breed success. But it took a lot of courage and professional help to get to where I am today. The small investment I made to secure my Chapter 7 bankruptcy was the best investment I’ve ever made. This is a story of overcoming failure and turning failure into success.

I’m sharing my experience to help others by perhaps helping you overcome some common bankruptcy myths based on my personal experience. To be sure, it was initially very scary. I owed a lot of money to a lot of creditors. I had placed my family into a huge financial black hole.

I’m not the type of person scared about anything, but this was uncharted ground. I’ve always been the type to work my way through problems by eventually finding the right solution. However, bankruptcy carried an extremely negative personal and professional connotation. Yet, I was buried in debt. It got so bad that I couldn’t even pay the interest on my debts. I spent down my considerable retirement savings to continue to meet my obligations. When I exhausted those funds, I was literally broke. Plus, I paid a huge penalty for using my qualified retirement funds; in other words my IRA. LESSON LEARNED: If you are considering a Chapter 7 or Chapter 11 bankruptcy, consult a qualified bankruptcy attorney on how best to conserve those funds.  When I use an attorney, I find one that has years of experience and considered the best in my area.

My Failure Which Led to My Personal Bankruptcy

It all started in the 2006-08 timeframe. At that time I had a relatively successful insurance business. This business was mostly based on health insurance sales and service. Most of my clients were in the real estate or mortgage business. I loved this aspect of my business, it was very exciting at that time. One of my clients offered me an opportunity to purchase a couple of lots and build ocean access homes in North Carolina. I had the money to invest, they had a great plan and I invested. I invested in the American Dream, my family dream.

In retrospect, this was the top of the housing and mortgage bubble in our country. The bubble burst! It led to the largest financial crisis in our country since the Great Depression. I lost my American Dream, but I never lost my family or family dream. I continued to pour savings and retirements funds into my investment. At the time, I was working with great folks who worked the banks and created hope for help. But, we are all just swimming in quick sand. The more money we spent, the more we lost. The real estate market crashed and the banks were just trying to limit damage.

As the real estate market crashed, I continued to spend money to support my mortgage loans on my properties, but my real estate and mortgage clients were forced to lay-off their employees. As a result, my insurance commissions began to significantly decrease and eventually disappear. I was financially leaking at both ends. My debt was draining my financial resources and my income was decreasing fast.

This is my personal bankruptcy story. I’m sure you have your own to tell. Post them in the comments section below. Stay tuned for my story on how I turned adversity into opportunity…

Rick Samara

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Exempt Property or Assets http://guentherlaw.com/exempt-property/ http://guentherlaw.com/exempt-property/#respond Fri, 30 Jan 2015 01:35:15 +0000 http://guentherlaw.com/?p=436 Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

This article explains and helps you understand exempt property or assets. An important aspect of filing a Chapter 7 Bankruptcy, is a professional analysis of personal assets and available exemptions. In other words, identifying exempt property. People who file for bankruptcy seek protection from their creditors for the debts they have incurred. The U.S. Constitution gives this power to […]

Dan Guenther

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Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

This article explains and helps you understand exempt property or assets. An important aspect of filing a Chapter 7 Bankruptcy, is a professional analysis of personal assets and available exemptions. In other words, identifying exempt property.

People who file for bankruptcy seek protection from their creditors for the debts they have incurred. The U.S. Constitution gives this power to the federal government, and the federal government has established U.S. Bankruptcy Courts to handle bankruptcy proceedings across the country. Prior to an individual or couple filing for bankruptcy, it is crucial that a full and careful analysis be made of the debtor’s assets, and the Bankruptcy options available. An important aspect of this analysis is consideration of their assets and exemptions available to them. In other words, identify their exempt property.

When Congress first created Chapter 7 Bankruptcy, they also drafted a way for the Bankruptcy debtor to keep most or all of their assets; the goal being to offer a fresh start, and an ability to actually start a new financial life. Accordingly, after many changes in the exemption laws, we have the ability to keep most or all of our assets, even in a Chapter 7 Bankruptcy.

How Does Exempt Property Work?

Once again, a primary goal of a Bankruptcy is to give the Debtor a “Fresh Start”. To assist, Bankruptcy Law allows debtors to keep a certain amount of property or assets after going through bankruptcy proceedings. These are called “exempt property” – they are exempt from the bankruptcy estate. Property that cannot be exempted is, appropriately, called “non-exempt” property. Generally, a bankruptcy debtor can exempt a certain amount of his or her property during bankruptcy. If done correctly, this can potentially save most or all of the property of someone going through bankruptcy. Here is where a skilled Bankruptcy attorney such as the law Offices of Daniel J. Guenther, can help.

Choosing which property to exempt and how to categorize it can significantly improve the chances of your keeping your assets. Bankruptcy law is concerned about getting debtors out of crushing debt and putting them back on their feet. Taking everything from them is counterproductive, and bankruptcy law recognizes this fact. The Exempt properties, or assets, which we can keep vary from State to State. In Maryland, the State opted out of the Federal list of Exemptions and has, for the most part, created its own list of exempt property. Court rulings and general practice experience have established a general idea of what types of properties are exempt and which are non-exempt. Often the average individual or couple who file a Chapter 7 can keep all of their assets. In rare occasions some usually non-essential assets may be given up to the trustee for sale and payment to the creditors. A Bankruptcy Attorney can guide you through this maze of exempt property.

Examples of Exempt Property

Here are examples of property that a Chapter 7 debtor will usually be able to keep in the State of Maryland. The amount doubles if a couple files jointly. Typically, exempt property (items that a debtor may usually keep) can include:

  • Bank accounts (within certain limits)
  • Motor vehicles, up to a certain equity
  • Clothing
  • Additional clothing and tools used in a trade or business, up to a certain value
  • Household goods and supplies
  • Household furniture, TV’s, computers
  • Jewelry, up to a certain value
  • Unlimited Pensions, Retirement, IRA’s, 401K’s, 403B’s, and the like
  • Equity in the debtor’s home
  • Public benefits, including public assistance (welfare), social security, and unemployment compensation, accumulated in a bank account
  • Damages awarded for personal injury (unlimited if for “pain and suffering”)
  • In lieu of some of the above, more equity can be retained in a personal residence under the homestead exemption
  • This list is not meant to be all encompassing. It is only meant to be a rough outline, and requires more explanation and legal analysis. Seek the advice of a Bankruptcy Attorney. The Law Offices of Daniel J Guenther is prepared to help you in this regard.

As you can see, Bankruptcy law is a complex area. There are limits to the amount of value which can be exempt. A skilled Waldorf, Maryland Bankruptcy Attorney such as The Law Offices of Daniel J. Guenther will be able to maximize your exempt property with the goal of helping you keep your assets while discharging your debts.

Dan Guenther

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How to Stop Foreclosure http://guentherlaw.com/stop-foreclosure/ http://guentherlaw.com/stop-foreclosure/#respond Sun, 07 Dec 2014 20:25:29 +0000 http://guentherlaw.com/?p=419 Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

In this article I will explain how you can stop foreclosure, keep your home, and improve your credit in doing so. Since the banker bailout and the downturn in the economy, millions of Americans are faced with the unbearable news of missing mortgage payments or suffering a foreclosure. Often a family gets behind on their […]

Dan Guenther

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Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

In this article I will explain how you can stop foreclosure, keep your home, and improve your credit in doing so.

Since the banker bailout and the downturn in the economy, millions of Americans are faced with the unbearable news of missing mortgage payments or suffering a foreclosure. Often a family gets behind on their Mortgage through events completely beyond their control.   It could be a temporary illness causing loss of work, even if they are back at work now they have fallen behind in mortgage payments. It could be high credit card debt with excessive interest siphoning off the much-needed money to make the last several payments, and it can even be a bank telling the homeowner they can help with a loan modification and that the homeowner should actually NOT make several months’ payments, only to be told by the bank that their loan modification was denied and they will foreclose. Any one of these circumstances could leave the hapless homeowner in the same position- several or many months behind and at risk of losing their home.

Here is where the solution comes in. Since most people don’t have a rich uncle who will bail them out, and winning the lottery is unlikely, a most often-used solution under these circumstances to keep your home is to file a Chapter 13 Bankruptcy. A Chapter 13 is a “regular wage earners debt repayment plan” bankruptcy. While they are detailed and somewhat more complex than a Chapter 7 Bankruptcy, a Chapter 13 Bankruptcy can save the family home. In a Chapter 13, the Debtor(s) and their attorney prepare a detailed budget of income and expenses. If the family has two incomes, both are used in the calculations, even if only one person files. This works out fairly, as the entire expenses of the family, children included, are used in the expense list. Because this budget purposefully does NOT include the mortgage arrears (but will include future mortgage payments if keeping the home), and does not include the bills which are being discharged in the Bankruptcy, you almost certainly will have money left over when subtracting expenses from income. The Bankruptcy Trustee calls this “disposable income”. I call it the “crumbs” which are left over. Don’t get me wrong. The crumbs can be somewhat sizable if you have a large income, and there is a specific form as part of the Bankruptcy wherein Congress tells us what THEY think our expenses should be, but generally the amount left over to make payments on your Chapter 13 repayment plan, the “crumbs”, are similar to Congress’ version and do not create a problem.

Now, how does all this help me to keep my home, which might be anywhere from 2 to 22 months (or more) behind in mortgage payments and a foreclosure threatened or even scheduled in a few days? Simple. We put all those delinquent payments in the Chapter 13 repayment plan and at the end of the Plan we will be current on our mortgage and at no risk of foreclosure provided we continue to make regular mortgage payments after we file the Bankruptcy. Remember I said in our budget we include the future mortgage payments? Now you know why. You start making the ongoing payments each month after you file, and the arrears sort of “takes care of itself” through the crumbs payments to the Chapter 13 trustee. It is, actually, that simple. Also through the plan payments to the Trustee, your unsecured creditors such as credit cards, personal loans, medical bills, and the like, are all discharged and you no longer owe those debts. Only a few types of debt are not discharged by a Chapter 13 Bankruptcy, such as child support, alimony, most student loans, some taxes, and certain homeowner’s dues, plus a rare few more. Essentially, at the end of your Plan payments you are debt free except for the mortgage, which is now current and is “good debt”, and car payments kept current – also good debt, and the like. Now, your credit is improved substantially. No delinquent mortgage payments, no delinquent car payments, no (or limited) unsecured debt. This is the stuff good credit is made of.

You should seek competent legal advise from an attorney in your area. In Maryland, if you live in Charles, Calvert, Prince George’s or St. Mary’s County, call the Law Offices of Daniel J. Guenther for a FREE consultation and help to regain your good credit and get out of debt. We are proud to have been designated by Congress as a Debt Relief Agency helping people get out of debt through bankruptcy.

 

 

Dan Guenther

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Debt Liquidation http://guentherlaw.com/debt-liquidation-in-waldorf/ http://guentherlaw.com/debt-liquidation-in-waldorf/#respond Thu, 02 Oct 2014 14:42:08 +0000 http://guentherlaw.com/?p=376 Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

Debt liquidation or debt elimination are easy to understand if you have the advice of an experienced Waldorf bankruptcy attorney.

Dan Guenther

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Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

Debt liquidation may seem confusing or even intimidating at first, but it is just the opposite. Understanding debt liquidation and how it works is an important factor to consider when filing for bankruptcy.

Debt liquidation is the act of removing or getting out of debt through the discharge of debts owed. Debt liquidation through Bankruptcy can be done by both businesses and individuals alike.

One of the most important aspects of dealing with debt liquidation is to consult with an experienced Waldorf Debt Liquidation Attorney. The Law Offices of Daniel J. Guenther practices Bankruptcy Law including Chapter 7 and Chapter 13 bankruptcy, the primary chapters of bankruptcy which involve debt liquidation.

Examples of Debts which may be Discharged, or Liquidated

There are various types of debts which may be liquidated or discharged in a Chapter 7 Bankruptcy. We’ve outlined a couple of them for you below:

Loans

Loans are one of the most common types of liquidated debts. Unsecured, personal loans are typically discharged in Bankruptcy. Also, interest on loans are discharged when you liquidate your debt in Bankruptcy.

Judgments

The Law Offices of Daniel J. Guenther won’t make any judgments when you’re filing for bankruptcy. The only type of judgments we deal with are the kinds that can be listed in your Bankruptcy. A legal judgment is the amount of money a Court determines you owe. Your debt can become liquidated or discharged in Bankruptcy..

Credit Cards

Credit card debt can accumulate quickly and, like most debt, can become overwhelming. Fortunately, credit card debt is typically discharged in Bankruptcy as well.

Advantages of Debt Liquidation

Discharged Debts

One of the most obvious advantages of debt liquidation is having your debt discharged when you declare bankruptcy under Chapter 7. Liquidating your debts can lead to a fresh start, and the ability to rebuild your finances without any burdens such as debt.

Keep your Assets

Another great advantage of debt liquidation is also one of its most common misconceptions. With Chapter 7 debt liquidation, you can keep some or all of your assets.

Many people think that you will lose everything if you liquidate your assets; this couldn’t be more false! Some assets are exempt from loss, and can include your home, car, bank accounts, cash, and even furniture.

Stop Foreclosure instantly

Those filing for bankruptcy are more likely to be struggling paying their monthly mortgage payment. By becoming late on mortgage payments, the banks can start the foreclosure process. After filing for Chapter 7 bankruptcy, the foreclosure process can be put off, and the debtor is given time to deal with, or discharge debts. If the Debtor is behind on the mortgage but wants to keep his home, the Bankruptcy Attorney will recommend a Chapter 13 to repay the mortgage arrears over a 3 to 5 year period, keeping the home for the Debtor and his family. If you successfully get rid of , or discharge, unsecured debts, paying your mortgage will finally be more possible.

To learn more about debt liquidation, contact the Law offices of Daniel J. Guenther today!

 

Dan Guenther

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Bankruptcy Attorney in Southern Maryland Can Help You Get a Fresh Financial Start http://guentherlaw.com/bankruptcy-attorney-in-southern-maryland/ http://guentherlaw.com/bankruptcy-attorney-in-southern-maryland/#respond Tue, 06 Mar 2012 05:00:21 +0000 http://guentherlaw.com/?p=26 Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

Daniel J. Guenther, a bankruptcy attorney in Southern Maryland, is both capable and prepared to represent you in your bankruptcy case, no matter how complex. The Law Offices of Daniel J. Guenther have been providing Southern Maryland constituents with professional legal representation for over 30 years. Our mission is to successfully represent our clients in a kind, […]

Dan Guenther

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Bankruptcy Attorney in Southern Maryland - Waldorf Bankruptcy Attorney

Daniel J. Guenther, a bankruptcy attorney in Southern Maryland, is both capable and prepared to represent you in your bankruptcy case, no matter how complex.

The Law Offices of Daniel J. Guenther have been providing Southern Maryland constituents with professional legal representation for over 30 years. Our mission is to successfully represent our clients in a kind, professional manner and to help them get a fresh financial start.

Filing for bankruptcy can be an overwhelming process, and can take a toll on an individual, family, or business. As a bankruptcy attorney in Southern Maryland, Dan Guenther is more than simply an attorney to clients; he’s their friend. All possible facets are utilized to successfully win your bankruptcy case diligently and professionally.

With offices in Charles, St. Mary’s and Prince George counties in Maryland, Dan has helped hundreds of Maryland residents get out of debt, keep their assets and obtain a fresh start through bankruptcy. Take a minute to meet Dan in this video.

Anyone can find themselves needing debt relief. Unemployment, death in the family, unexpected illness, or divorce are just some of the reasons individuals find themselves in need of debt relief in Maryland. No case is the same, and your options for debt relief or bankruptcy will be tailored to your specific needs. For a confidential and free consultation, call our office to discuss your Chapter 7 or Chapter 13 bankruptcy options, in addition to other bankruptcy alternatives. We will work with you and your specific needs.

For over 30 years, we have successfully helped people in Charles, Calvert, Prince George, and St. Mary counties file for bankruptcy. We make the process as stress free as possible and assure all your needs are met. We are proudly a Debt Relief Agency assisting individuals for Debt Relief through Bankruptcy and Creditor Workouts. If you are seeking legal representation regarding Bankruptcy or a Creditor Workout to resolve your financial burdens, please contact The Law Offices of Daniel J. Guenther to schedule an appointment and receive a free consultation.

Dan Guenther

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