While browsing the web, I came upon an article that I found pretty interesting. It deals with the idea of bankruptcy protection which, simply defined, is the process by which a debtor is "protected" by a court while they reorganize their finances. Below is a synopsis of the article:
UPPER MARLBORO, Md. — A Prince George’s County church led by Maryland Sen. C. Anthony Muse has filed for bankruptcy protection.
The Washington Post (http://tinyurl.com/czcdjpb ) reports that the Ark of Safety Christian Church in Upper Marlboro made the move this month due to an inability to keep up with mortgage payments and other debts. Muse, whose title at his church is bishop, says the church’s 2,000 members are facing financial challenges, which has strained the church’s resources.
Muse characterized the filing in U.S. Bankruptcy Court in Greenbelt as “simply reorganizing and restructuring our debt” and says the church is strong and growing. The filing lists nearly $1.8 million in debts owed to the church’s largest 20 creditors.
Source: Washington Post
I just thought this was a cool, relevant story dealing with bankruptcy in the area. As always, if you have any questions and are considering filing Chapter 7 or Chapter 13 bankruptcy in Maryland, and are looking for a lawyer to help, call or e-mail us today.
David L. Ruben, Esquire
Owner, Maryland Bankruptcy Center
