Baltimore bankruptcy attorneys voice their concerns about bankruptcy laws
Our Baltimore bankruptcy attorneys continue their pledge to defend and support individuals who may be experiencing financial difficulties. They understand that most individuals file a case with their Baltimore bankruptcy attorneys simply because they may have no other option.
While our Baltimore bankruptcy attorneys concede that more than 1.1 million consumers filed under Chapter 7 in 2004 - double the number who did so in 1994 - they feel it may be also important to note that 90 percent of such cases were for individuals facing overwhelming problems such as enormous uninsured medical bills.
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For these reasons, our Baltimore bankruptcy attorneys agree that it has gotten much more difficult to get out of debt on your own.
Our Maryland bankruptcy attorneys feel that the bankruptcy laws are flawed and may harm small businesses, senior citizens and young families with children. For this reason, they are urging individuals who are experiencing financial problems to contact them.
If you would like to know more, you should contact a Maryland bankruptcy professional near you. All you need to do is call our toll free number, 1 (877) 349-1309. Or, fill out our secure online case evaluation form with a few details about your situation. All information is kept strictly confidential. One of our experienced bankruptcy professionals should contact you to set a convenient time for a free consultation.
Are credit card companies asking for over-protection?
Professionals in the credit card industry have declared that the cost of credit card defaults is passed along to the rest of those who use their cards, in the form of higher interest rates. However, if this was true why has the average interest rate charged on consumer credit cards continued to decline considerably over the last twelve years? Between 1992 and 1995, the spread between the credit card interest rate and the risk-free six-month Treasury bill declined significantly and remained basically constant through 2001. At the same time, the profitability of credit-card-issuing banks remained at a near record high.
Bankruptcy laws may limit your options.
The bankruptcy laws call for financially troubled Americans to be subjected to a "means test" to determine their eligibility for a Chapter 7 filing. Generally, consumers whose incomes are higher than the median income level in their state, and who have disposable income of $100 a month that can be used to repay $6,000 over five years, may be pushed into a repayment plan under Chapter 13.
The means test has been characterized as "over-inclusive" and "painfully inflexible." It follows guidelines set up by the IRS for tax evaders, and imposes severe limits for allowable expenses: about $200 a month for food and less than $800 for housing and utilities, for example. In addition, the means test may subject consumers to lengthy and expensive hearings in the courts.
Click Here For a Free Bankruptcy Evaluation
The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.