Beltsville Chapter 13 Bankruptcy Attorney

Supportive Lawyer Assisting With Chapter 13 Bankruptcy Matters in Beltsville, MD

Debts can be a major source of stress, especially when creditors threaten to garnish your wages, seize your property, or even foreclose on your home. Whether you are living on your own or providing for your family, dealing with these problems can be overwhelming. A seasoned Beltsville bankruptcy attorney can help address your financial concerns and advise you of your options for debt relief, working towards a solution for your long-term stability.

At The Law Office of Donald L. Bell, we know just how unforgiving creditors can be. Attorney Donald Bell can help you file for Chapter 13 bankruptcy to protect your home from foreclosure and help you avoid the loss of other assets. Attorney Bell is the Chair of the Bankruptcy Law section of the National Bar Association, so you can rest assured that your case will be handled by somebody who knows the law in and out.

Preserving Generational Wealth With Chapter 13 Bankruptcy

One of the main benefits of filing for Chapter 13 bankruptcy is avoiding foreclosure on your home. As soon as you petition for Chapter 13 bankruptcy, all creditors must stop their collection efforts, including contacting you about late payments or proceeding with a foreclosure.

A new repayment plan for your mortgage can allow you to catch up on missed payments with a more feasible schedule, while also working to pay off other lower-priority debts. Once approved by the courts, Chapter 13 Bankruptcy lasts until the repayment plan is completed, typically over the course of three to five years. Once the plan is completed, you can continue paying off your mortgage or sell the house without fear.

At The Law Office of Donald L. Bell, we can help you file for Chapter 13 bankruptcy and establish a workable repayment plan. If necessary, we can also work with you to negotiate favorable terms for a modification of your mortgage.

Secured and Unsecured Debt in Bankruptcy

Chapter 13 bankruptcy can address multiple sources of debt in one comprehensive payment plan. Your secured debts like car loans and mortgage payments will be given priority, as well as certain unsecured debts like child support, alimony, or tax payments.

When you finish making payments to the plan, your outstanding unsecured debts will be discharged. This can let you focus on larger secured debts like your mortgage, allowing you to reach a point of financial stability.

Advantages of Chapter 13 Bankruptcy

When considering bankruptcy, you may be caught between Chapter 7 bankruptcy or Chapter 13 bankruptcy. Chapter 13 bankruptcy is not strictly better or worse than Chapter 7 bankruptcy, but it may be better suited to your financial circumstances.

First, not everyone is eligible for Chapter 7 bankruptcy, as it is typically only available to people who fall below the median income in Maryland. The process of determining eligibility is referred to as a means test, measuring your disposable income and your ability to pay your debts.

Although Chapter 7 bankruptcy discharges you of your unsecured debts, it may not protect you from foreclosure the way Chapter 13 bankruptcy can. With a Chapter 13 bankruptcy, you retain more control over your assets with a clear repayment plan, which gives you greater continuity in your daily life as opposed to the "fresh start" of Chapter 7 bankruptcy. At The Law Office of Donald L. Bell, we can review your circumstances and help you work towards your financial goals.

Meet With a Beltsville, Maryland Chapter 13 Bankruptcy Lawyer Today

If you are struggling to make ends meet as you address unsecured and secured debts, a bankruptcy lawyer can help. At The Law Office of Donald L. Bell, Attorney Donald Bell has over 20 years of proven experience in bankruptcy law, with a long history of helping clients retain ownership of their homes. We can help you start filing for Chapter 13 bankruptcy today. To schedule a free consultation, call our offices at 301-614-0535 or reach out to us online.