Chevy Chase, Maryland Chapter 13 Bankruptcy Attorney

Supportive Lawyer Helping Clients in Chevy Chase, MD Address Debt Through Chapter 13 Bankruptcy

If you are dealing with an unreasonable amount of debt, with creditors threatening to seize your property, filing for Chapter 13 bankruptcy can provide you with a clear path forward. A Chevy Chase bankruptcy lawyer can walk you through the process of filing a petition to get relief from your creditors.

At The Law Office of Donald L. Bell, we know just how overwhelming debt can be. Across his career spanning over 20 years, Attorney Donald Bell has helped numerous clients file for Chapter 13 bankruptcy, giving people the opportunity to restructure their debts in a way that makes sense. When you work with our firm, you will receive one-on-one counsel and representation from our experienced attorney.

Chapter 13 Bankruptcy Can Protect You From Creditors

When you fall behind on your loan payments, your creditors may start to harass you or threaten to seize your assets. This can compound the stress of your situation, especially if your creditors take steps to repossess your car or foreclose on your home. By filing for Chapter 13 bankruptcy, you can get some much-needed relief from these aggressive tactics.

As soon as you petition for Chapter 13 bankruptcy, your creditors can no longer make any attempts to collect on what you owe. This will last until the completion of your repayment plan, which may take anywhere from three to five years. Many people use this as a means to keep their houses, catching up on mortgage payments over the course of a repayment plan.

At The Law Office of Donald L. Bell, we can help you file for Chapter 13 bankruptcy, giving you room to breathe while we help you figure out a sensible repayment plan.

How Chapter 13 Bankruptcy Can Restructure Your Debts

What separates Chapter 13 bankruptcy from other forms of bankruptcy is how you can use it to fold your debts into something more manageable. A negotiated repayment plan will give priority to more urgent debts, like child support, alimony payments, or unpaid taxes, while working to make payments on other outstanding loans.

Your repayment plan can help you tackle both your secured and unsecured debts. Secured debts refer to debts that are backed with collateral, such as your mortgage or a car loan, while unsecured debts refer to debt without collateral, like utility bills or credit card payments. If you successfully complete your repayment plan, your remaining unsecured debts will be eliminated.

When you work with our firm, we will help you draft a repayment plan that fits within your financial means so that you can address the most urgent debts first.

Other Bankruptcy Considerations

Although Chapter 13 bankruptcy is a great way to preserve assets and build generational wealth, you should be aware of what it entails. First, to qualify for Chapter 13 bankruptcy, you must have a regular income. This is because you have to demonstrate to your creditors that you can pay back your debts in your repayment plan. If you do not have a stable job or another source of income, your petition may be denied.

Second, you should know that Chapter 13 bankruptcy will remain on your credit score for years. However, many people are able to build their credit back up and reach a point of financial stability in spite of this.

Meet With a Chevy Chase, MD Chapter 13 Bankruptcy Lawyer Today

At The Law Office of Donald L. Bell, we are here to help you through the process of filing for bankruptcy, providing you with skilled legal counsel from start to finish. Our Chevy Chase bankruptcy lawyer can answer your questions regarding Chapter 13 bankruptcy and provide you with strong representation in court. Call our offices at 301-614-0535 or contact us online to set up an initial consultation.