Greenbelt Chapter 13 Bankruptcy Lawyer

Attorney for Chapter 13 Bankruptcy in Greenbelt, Maryland

If your family is facing financial difficulties, you may be concerned about how you will pay the debts you owe and avoid the loss of your home or other assets. Fortunately, Chapter 13 bankruptcy offers a path to regain control and financial stability. Unlike other forms of bankruptcy, Chapter 13 may allow you to keep your home while restructuring debts and developing a manageable repayment plan. At The Law Office of Donald L. Bell, we are dedicated to helping clients understand the complexities of Chapter 13 bankruptcy and providing compassionate support throughout the entire process.

Understanding Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a debt reorganization plan, commonly referred to as a "wage earner's plan." This option is designed for people who have a steady income but are struggling to manage their debt payments. One of the most significant advantages of Chapter 13 bankruptcy is the ability to keep your family home, which is an asset that may have sentimental importance to your family as well as financial value that can help you build generational wealth. By working with Attorney Donald Bell, you can rest assured that you have an advocate on your side who cares about your long-term financial health and your family's ongoing success.

The Benefits of Chapter 13 Bankruptcy

The key benefit of bankruptcy is the ability to eliminate the debts you owe. However, Chapter 13 bankruptcy offers several key advantages when compared to Chapter 7 bankruptcy, which involves the liquidation of assets. With Chapter 13, you may have the opportunity to:

• Avoid Foreclosure: One of the most notable benefits of Chapter 13 bankruptcy is the ability to stop foreclosure proceedings and protect your family home. If you have fallen behind on mortgage payments, you can use Chapter 13 to catch up on missed payments over the course of your repayment plan.
• Restructure Debt: Rather than eliminating all debt, Chapter 13 bankruptcy allows you to restructure your existing obligations into a more manageable repayment plan, typically lasting between three and five years. This plan is designed to fit within your financial means, ensuring that you can keep up with payments without losing essential assets.
• Keep Valuable Property: In addition to preserving your family home, Chapter 13 bankruptcy ensures that you can maintain ownership of other valuable assets, such as vehicles and personal property. This can be especially important if you and your family rely on these items for work or other daily activities.
• Manage Secured and Unsecured Debt: Chapter 13 provides the opportunity to address both secured debts (like car loans and mortgages) and unsecured debts (such as credit cards and medical bills). While secured debts will typically be repaid in full, with a repayment plan allowing you to catch up on missed payments, you may only be required to partially pay off unsecured debts, and the remaining debts may be forgiven after you complete your repayment plan.
• Prevent Wage Garnishment and Collection Efforts: Once a Chapter 13 bankruptcy petition is filed, creditors must cease their collection efforts, including wage garnishment and harassing phone calls. This can give you the breathing room you need to focus on rebuilding your financial life.

By allowing you to keep your property and create a more stable financial future, this form of bankruptcy can lay the foundation for long-term success and stability. Rather than losing your home or other assets, you will have the chance to rebuild and pass these assets on to future generations.

The Chapter 13 Bankruptcy Process

Filing for Chapter 13 is a process that requires careful planning and execution. With the support of Attorney Donald Bell, you can feel confident that you will receive guidance every step of the way. The typical procedure for a Chapter 13 bankruptcy case includes the following:

• Credit Counseling: Before filing for bankruptcy, you will be required to take a course that will examine your financial situation and help you understand your options.
• Preparation of Documents: You will provide us with financial documents to ensure that we can complete the detailed paperwork needed to ensure that the court will accept your filing. These documents will include pay stubs and bank statements for the past six months, tax returns for the past four years, and a list of all debts you owe.
• Filing the Bankruptcy Petition: The bankruptcy process will officially start when we file a petition with the bankruptcy court. Upon filing, an automatic stay will be issued that will halt creditor collection actions.
• Developing a Repayment Plan: The core of Chapter 13 bankruptcy is the creation of a repayment plan that spans three to five years. This plan must demonstrate how you will repay secured debts in full, while also making an effort to pay unsecured debts based on your disposable income.
• Attending the Meeting of Creditors: After filing the bankruptcy petition, you must attend a "341 meeting" or a meeting of creditors. During this meeting, the bankruptcy trustee and creditors will have the opportunity to ask questions about your financial situation and the proposed repayment plan. Attorney Donald Bell will help you prepare for this meeting and provide representation to ensure everything runs smoothly.
• Confirmation Hearing: The bankruptcy court will hold a hearing to review and approve the proposed repayment plan. If the court determines that the plan is fair and feasible, it will be confirmed, and you will begin making payments according to the agreed-upon schedule.
• Making Payments: Once the plan is confirmed, you must begin making regular payments to the bankruptcy trustee. These payments are then distributed to creditors based on the terms of the repayment plan. It is essential to make all payments on time, as failure to do so could result in the dismissal of the case.
• Discharge of Remaining Debts: Upon successful completion of the repayment plan, you will receive a discharge of any remaining unsecured debts. This means that you will no longer be legally obligated to repay these debts.

Frequently Asked Questions About Chapter 13 Bankruptcy

Get ready to ask about things you are wondering about as you arrange to consult with attorney Donald L. Bell in Greenbelt, Maryland. Personalized answers are the most helpful. Below are a few common questions about Chapter 13 bankruptcy.

Contact Our Greenbelt, MD Chapter 13 Bankruptcy Attorney

If you are facing financial difficulties, Attorney Donald Bell can help you determine whether Chapter 13 bankruptcy is the best way to regain control of your finances. Our firm offers free consultations in consumer bankruptcy cases, and we can answer your questions and make sure you are fully prepared for the bankruptcy process. Contact The Law Office of Donald L. Bell today at 301-614-0535 to take the first step toward a brighter financial future.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.