Columbia, MD Chapter 13 Bankruptcy Attorney

Skilled Lawyer Helping Clients in Columbia Address Debts Through Chapter 13 Bankruptcy

It is very easy for good, hard-working people to get saddled with unreasonable amounts of debt. When debt threatens to ruin you financially, disrupt your family's living situation, or strip you of valuable property, you should strongly consider filing for Chapter 13 bankruptcy. An experienced bankruptcy attorney can help you establish a repayment plan that will protect your long-term interests.

At The Law Office of Donald L. Bell, we represent Columbia residents who are dealing with financial troubles. Attorney Donald Bell provides clients with hands-on assistance, providing comprehensive legal assistance with the end goal of reaching a solution to debt. Our firm will carefully assess your needs before making a plan of action to file for Chapter 13 bankruptcy.

Why File for Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is often referred to as a "wage earner's plan," as it is intended to provide relief for people who have a reliable source of income. This kind of bankruptcy restructures your debt to fit within a more viable payment plan for your financial situation. It can also potentially reduce your unsecured debts, including credit card balances and medical bills.

While you are expected to make regular payments toward your debts during Chapter 13 bankruptcy, any collateral you may have will be protected from repossession. This can allow you to prevent an imminent foreclosure on your home, provided that you continue to make regular mortgage payments and catch up on missed payments through your repayment plan. A Chapter 13 bankruptcy will usually last for three to five years, which can give you time to catch up on late payments and reach financial stability.

How Can I Petition for Chapter 13 Bankruptcy?

Filing for Chapter 13 bankruptcy is a multi-step process that requires both planning and negotiation. The process begins after you file a petition with the court, after which your creditors must stop all efforts to collect payments or seize collateral. At The Law Office of Donald L. Bell, we can quickly and efficiently file a petition on your behalf so that you can get immediate protection from creditors.

We will then begin drafting a repayment plan based on your disposable income, working out a sustainable model for you to address your debts. We will present this payment plan to your creditors and the court, securing approval to enact the payment plan. For the next three to five years, you will be responsible for making payments, ensuring that you can avoid foreclosure and the repossession of your assets. Once the plan is successfully completed, your unsecured debts will be wiped away, giving you a clean slate to work with.

Other Bankruptcy Considerations

First and foremost, you should know that filing for bankruptcy will show up on your credit report for years, which may affect your ability to take out loans. Furthermore, your bankruptcy may appear in background checks conducted by present and future employers. You should be prepared to answer questions about filing for Chapter 13 bankruptcy, and in some cases, you may even be able to turn it into a narrative about overcoming hardship.

Every household has unique circumstances, and there are many reasons why you may need relief from your debts. During your initial meeting, our attorney can discuss all of your options with you and make a recommendation based on your present financial circumstances.

Meet With a Columbia, Maryland Chapter 13 Bankruptcy Lawyer Today

Filing for Chapter 13 bankruptcy can help you conquer debt and reach a point of financial stability. At The Law Office of Donald L. Bell, we will handle your case with the care and attention it deserves, as we know just how delicate these matters can be. As a member of the National Bar Association, Attorney Donald Bell is qualified to handle your concerns related to bankruptcy law. To schedule a free consultation, call our offices at 301-614-0535 today or reach out to us online.