Crofton Chapter 13 Bankruptcy Lawyer

Supportive Bankruptcy Attorney Representing Clients in Chapter 13 Cases in Crofton, Maryland

When debts start to pile up, you may have concerns about whether you will be able to retain your assets or avoid the foreclosure of your home. By filing for Chapter 13 bankruptcy, you can break down your debts into a manageable repayment schedule and potentially eliminate some debts. A skilled Crofton bankruptcy lawyer can help you when you are in the midst of a financial crisis, ensuring that you take the right steps to protect your future.

At The Law Office of Donald L. Bell, we have the experience and legal knowledge to plan and execute petitions for Chapter 13 bankruptcy. Attorney Donald L. Bell has over 20 years of experience in bankruptcy law, working with clients on an individual basis to assess their needs and find positive solutions.

Avoiding Foreclosure With Chapter 13 Bankruptcy

The threat of foreclosure can be a terrifying prospect for those with late mortgage payments. Fortunately, Chapter 13 bankruptcy can be used to prevent a foreclosure on your home by restructuring your existing debts. After a meeting with your creditors and a hearing with a judge, you can opt into a new repayment plan to take care of your late payments, continue making ongoing mortgage payments, and address other debts.

A repayment plan under Chapter 13 bankruptcy typically lasts three to five years. After completing the repayment plan, you can continue to pay off your mortgage on schedule or sell the property at your discretion. By keeping the home in your family, you can lay the foundations for generational wealth. At The Law Office of Donald L. Bell, we can help you come up with a plan to prevent foreclosure, taking swift action to lift some of the pressure off of you.

Asset Security With Chapter 13 Bankruptcy

Many loans are backed by collateral that can be seized if you do not pay back what you owe. If you rely on that property on a daily basis, a sudden repossession can leave you in a bad position. For instance, if you fall behind on car payments, your creditor might seize your family's only vehicle.

By filing for Chapter 13 bankruptcy, you can hold on to your valuable property without fear of repossession. As long as your bankruptcy is in effect, you are protected from collection by creditors, giving you some breathing room to focus on becoming current on high-priority debts like child support or tax burdens. However, your repayment plan must be approved by the bankruptcy court. At The Law Office of Donald L. Bell, we can help you negotiate a fair repayment plan that lets you keep your property.

Debt Management With Chapter 13 Bankruptcy

In general, debts are considered either secured or unsecured. Secured debts involve tangible assets that can be seized if you default on them, like car or home loans. By contrast, unsecured loans refer to debts with no clear collateral, like credit card bills or medical debt.

When dealing with multiple sources of debt, it can be difficult to figure out which payments should be given priority. By filing for Chapter 13 bankruptcy, you can safely catch up on late payments for your secured debts, whereas you may only have to pay back a portion of your unsecured debts. By negotiating a new repayment schedule, you can work out a financial solution within your means, and once your bankruptcy is complete, you can eliminate the remaining unsecured debts and move forward into a more stable future.

Meet With a Crofton, MD Chapter 13 Bankruptcy Attorney

If you need relief from pressing debts, Chapter 13 bankruptcy may be your best option. At The Law Office of Donald L. Bell, our Crofton bankruptcy attorney can work with you to reach a realistic repayment schedule that allows you to tackle your debt while protecting your personal property.

When you work with our firm, you will receive individual legal services from a sole practitioner. To schedule a free consultation, call our offices at 301-614-0535 or reach out to us online.