Chad Edward Cos LLC
A Baltimore bankruptcy, divorce and personal injury attorney with more than 18 years of experience.
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Think about how bankruptcy can help your finances

Bankruptcy is something that shouldn't be taken lightly, but it isn't something that you should ignore if you need to seek financial relief. There are many reasons why you might need to file for this protection. One is that you can rest easier when you check the mail or answer the phone because the court issues an automatic stay when you file your bankruptcy petition.

Repayment is part of a Chapter 13 bankruptcy

Filing for Chapter 13 bankruptcy means that you are going to have to make regular payments to a bankruptcy trustee who will divide those between your creditors. The payments will last three to five years. For the duration of the case, you will have to live off only the remaining income you have because you can't take on new credit while you are in the midst of a bankruptcy.

Choosing bankruptcy when you need financial security

Bankruptcy is something that many people look at with disdain, but the reality is that it can be beneficial to those with no other options. Before you look into bankruptcy, though, you should consider other options. Consolidating your debts, negotiating with your creditors and even getting a second job could help you get back on track without having to go into bankruptcy.

Is bankruptcy an option for school loans?

According to statistics, around 19 percent of people who file for bankruptcy are college students. It's a normal way of life in America to take out student loans, but those loans cost what a student would pay for college many times over by the time they're paid in full. It's no surprise that around one out of five people who file for bankruptcy are living the college life where incomes are scarce and costs are high.

Sometimes, student loans can be dismissed during bankruptcy

In many cases, student loans drag down the very people they were meant to help. Combined with the rising cost of school and lower-than expected wages, individuals are hit with the realization that their loans are higher, and more difficult to pay, than they expected.

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