Types of Debt

Debt Relief Solutions From Greenbelt Bankruptcy Attorney Donald Bell

Debt can quickly become overwhelming, especially when financial hardships make it difficult to keep up with payments and other ongoing obligations. If you are facing mounting debts bankruptcy may offer a solution to regain control of your finances and get a fresh start. At The Law Office of Donald L. Bell, we help people and families address a wide range of debt-related issues. We can provide the legal guidance needed to navigate your bankruptcy cases and help your family find the best path forward.

Attorney Donald Bell works with our clients to determine which types of debts can be eliminated or reorganized through bankruptcy. Whether you are considering Chapter 7 or Chapter 13 bankruptcy, we can help you take the necessary steps to resolve your financial challenges and protect your assets.

Credit Card Debt

Credit card balances are one of the most common forms of unsecured debt that people struggle with. High interest rates, late fees, and over-the-limit charges can quickly cause credit card debt to spiral out of control. Fortunately, credit card debt is typically dischargeable through bankruptcy. By filing for bankruptcy, you can eliminate or restructure your credit card debt, giving you a fresh financial start without the burden of high-interest balances.

Foreclosure

If you fall behind on mortgage payments, you may risk losing your home to foreclosure. Bankruptcy can be a powerful tool for defending against foreclosure. With a Chapter 13 bankruptcy, you can create a repayment plan that will allow you to catch up on missed mortgage payments over time, while Chapter 7 can provide a temporary halt to foreclosure through the automatic stay. At The Law Office of Donald L. Bell, we can help you protect your home by filing for bankruptcy or exploring other legal solutions.

Repossessions

If you are behind on payments for a vehicle or other secured loans, creditors may attempt to repossess your property. Filing for bankruptcy can stop repossession efforts through the automatic stay, and Chapter 13 bankruptcy can allow you to reorganize your debts and catch up on missed payments. In some cases, you may even be able to recover property that has already been repossessed. Our firm can help you prevent or reverse repossession while addressing secured debts through bankruptcy.

Medical Debt

Medical emergencies can lead to significant financial strain, particularly for those who do not have health insurance or have insurance policies with high deductibles. Medical debt is often a large portion of the debt that people discharge in bankruptcy. Both Chapter 7 and Chapter 13 bankruptcy can provide relief from medical bills, allowing you to eliminate or reorganize these debts and focus on your health and recovery.

Student Loans

Student loan debt is one of the most challenging types of debt to discharge in bankruptcy. While federal and private student loans are typically not dischargeable through Chapter 7 or Chapter 13, exceptions exist for cases involving undue hardship. Our attorney can help you understand whether you qualify for a student loan discharge, and we can also help you explore alternative options for managing your student loan debt alongside other financial obligations.

Tax Debts

Under certain circumstances, income taxes and some other tax debts can be discharged through bankruptcy. For income taxes to be eliminated, they must meet specific criteria, such as being from returns filed at least two years before the bankruptcy filing. Chapter 13 bankruptcy may also provide an opportunity to reorganize and pay off tax debts over time. Our firm helps clients in Greenbelt navigate the rules around discharging tax debts, and we can work with federal or state tax authorities to resolve these financial challenges.

Property Tax Liens

Unpaid property taxes can result in property tax liens, which may eventually lead to foreclosure. Filing for bankruptcy can temporarily stop foreclosure efforts, and Chapter 13 bankruptcy may allow you to repay past-due property taxes over time while keeping your home. At The Law Office of Donald L. Bell, we work with homeowners to address property tax liens, defend against foreclosure, and explore legal solutions to resolve tax debts.

Payday Loans

High-interest, short-term loans can create a cycle of debt for borrowers who are unable to repay them on time. In bankruptcy cases, payday loans are typically treated as unsecured debts, making them eligible for discharge through both Chapter 7 and Chapter 13. If payday loan debt is overwhelming your finances, filing for bankruptcy can help eliminate this burden and provide you with long-term relief.

Personal Loans

Unsecured personal loans, whether from banks, credit unions, peer-to-peer lending platforms, individuals, or businesses, can be discharged through bankruptcy. If you are struggling to repay personal loans due to financial difficulties, bankruptcy can eliminate these obligations or allow you to restructure them into a manageable payment plan. Our attorney can help you understand how bankruptcy can address personal loans and other unsecured debts.

Past Due Rent

For renters who have fallen behind on payments, bankruptcy can help stop eviction proceedings and eliminate past-due rent. While bankruptcy can discharge unpaid rent up to the date of the filing, it will not necessarily allow you to remain in the rental property if the lease is terminated. However, Chapter 13 bankruptcy can provide a way to catch up on rent payments over time, allowing you to stay in your home. Our firm helps renters in Greenbelt and the surrounding areas navigate the complexities of past-due rent and evictions when addressing issues related to bankruptcy.

Addressing Debt in Elder Bankruptcy

When seniors file for bankruptcy, they may face unique financial challenges due to fixed incomes, medical expenses, and limited savings. Many seniors rely on Social Security and retirement income, and their debts may include medical bills, credit card balances, and unpaid property taxes. Elder bankruptcy can provide a path to relief from overwhelming debt while also protecting seniors' most important assets.

Some of the key concerns seniors may face when filing for bankruptcy include:

• Preserving Retirement Accounts: Bankruptcy laws generally protect certain retirement accounts, such as 401(k)s and IRAs, from being seized by creditors. Our lawyer can help seniors understand which assets are protected and how to maximize these protections during the bankruptcy process.
• Medical Debt and Long-Term Care Costs: Seniors often face high medical costs due to aging and long-term care needs. Bankruptcy can provide relief from significant medical bills, allowing seniors to focus on their health without the burden of insurmountable debt.
• Protecting the Family Home: Many seniors rely on the equity in their homes as their primary financial asset. Our attorney works with seniors to protect their homes from foreclosure and resolve unpaid property taxes, ensuring they can maintain stable housing.

Contact Our Greenbelt Bankruptcy Lawyer for Help With Debt Relief

If you are struggling with overwhelming debt, bankruptcy may provide the relief you need to regain control of your finances. At The Law Office of Donald L. Bell, we help our clients address multiple different types of debts by filing for bankruptcy and taking other steps to protect their financial interests. Contact us by calling 301-614-0535 to set up a free consultation.

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