Ellicott City, Maryland Chapter 13 Bankruptcy Lawyer

Experienced Chapter 13 Bankruptcy Attorney for Clients Who Need Assistance With Debts in Ellicott City

The financial burden of a mortgage, car payments, student loans, and credit card debt can leave you buried in never-ending late payments. Even worse, creditors could come after your property and seize collateral after you default on loans. In these situations, filing for Chapter 13 bankruptcy can provide you with a "soft reset," restructuring your debts in a far more sensible repayment plan. An Ellicott City bankruptcy lawyer can examine your financial situation and advise you of your best course of action.

At The Law Office of Donald L. Bell, we can help you petition for Chapter 13 bankruptcy so that you can reach a point of financial stability. Attorney Donald Bell has over 20 years of legal experience, and his excellence in the field has resulted in him being appointed as Chair for the Bankruptcy Law section of the National Bar Association.

Do I Need a Lawyer to File for Chapter 13 Bankruptcy?

A lawyer can provide you with invaluable assistance when filing for Chapter 13 bankruptcy. At The Law Office of Donald L. Bell, we will sit down with you in a one-on-one meeting so that we can better understand your circumstances and make a recommendation. As part of this initial meeting, we will assess your eligibility for Chapter 13 bankruptcy, taking into account your income and expenses.

Our lawyer can also help enforce your petition for bankruptcy. After filing for Chapter 13 bankruptcy, your creditors cannot harass you or attempt to seize your assets. If these protections are ignored by your creditors, Mr. Bell can help you take legal action and make sure your rights are protected.

The 341 Meeting

After submitting a petition for Chapter 13 bankruptcy, you will be required to attend a meeting with your creditors, known as a "341 meeting." In this meeting, your creditors may ask questions about your financial circumstances and your ability to pay off the debts in the new repayment plan. There is no judge in a 341 meeting, and the process is much more informal.

In a majority of cases, creditors will not make an in-person appearance at the 341 meeting. A court-appointed trustee will ask you questions related to your petition for bankruptcy, which you must answer under oath. This questioning tends to wrap up quickly, and your attorney can help you respond to questions so that the meeting will be completed smoothly and efficiently.

After the 341 meeting, you will have to attend a confirmation hearing in bankruptcy court for final approval of your proposed repayment plan.

The New Repayment Plan

If your repayment plan is approved by the court, then it will be confirmed, and the new schedule will go into effect. Most repayment plans last between three to five years, during which you can keep your house, vehicle, or other property used as collateral for debts.

This new arrangement can restructure your existing debts, allowing you to catch up on missed payments or finish paying off loans. When the payment plan is complete, all of your unsecured debts will be discharged, meaning you will be free of them. Keep in mind that your Chapter 13 bankruptcy will still appear in your credit history and on any background checks by your current or future employers. At The Law Office of Donald L. Bell, we can help you determine the best strategy for your future, and we will always keep you informed of your options.

Meet With an Ellicott City, MD Chapter 13 Bankruptcy Attorney

If your debts have left you in dire straits, you can preserve your home and other important assets by filing for Chapter 13 bankruptcy. At The Law Office of Donald L. Bell, our Ellicott City bankruptcy lawyer can watch out for your best interests and represent you throughout the legal process. To schedule a free consultation today, call our offices at 301-614-0535 or contact us online.