Frederick, Maryland Chapter 13 Bankruptcy Lawyer

Empathetic Attorney Helping Residents of Frederick, MD With Chapter 13 Bankruptcy

If you need a reprieve from your debts, filing for Chapter 13 bankruptcy can help you sort out your late payments and take control of your finances. However, petitioning for this type of bankruptcy requires meticulous planning and careful attention to the steps that must be followed. A knowledgeable Frederick bankruptcy lawyer can break down the process for you, acting in your best interests all the while.

At The Law Office of Donald L. Bell, we understand how urgent a petition for bankruptcy can be. That is why we give our clients our undivided attention, providing professional legal guidance suited to your situation. We will pursue an efficient, long-term solution to take care of your debts, making sure that nothing is overlooked in your petition.

Why File for Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is unique compared to other types of bankruptcy in that it does not discharge your debts immediately. Instead, it restructures all of your collateral and non-collateral debts (or "secured" and "unsecured" debts) into a repayment plan that is based on your disposable income. Debts in your repayment plan will be paid off in order of priority. These priority debts typically include child support, tax obligations, alimony, and criminal fines, among others.

Though Chapter 13 bankruptcy comes with more responsibility, it also gives you more control over your assets. As long as you continue making regular payments to the bankruptcy trustee, you can hold onto your assets and avoid major disruptions to your daily life. As such, Chapter 13 bankruptcy can be a useful method to avoid foreclosure on your home.

Protections in Chapter 13 Bankruptcy

If you are late on paying your debts, your creditors may take action to seize your property or assets to make up for the amounts owed. Losing your home or your vehicle can further inhibit your ability to pay off those debts, leading to a downward spiral.

However, Chapter 13 bankruptcy can protect you from your creditors. As soon as you file your initial bankruptcy petition with the court, your creditors must cease their collection efforts immediately. This includes harassing phone calls or e-mails to get you to pay, as well as attempts to physically repossess your property. This automatic stay will last for the duration of your bankruptcy, which may range from three to five years.

Chapter 13 bankruptcy can allow you to protect your property so that it can be passed down to your children or relatives, paving the way for generational wealth. At The Law Office of Donald L. Bell, we will fight to help you preserve your assets for the future.

The Process of Filing for Chapter 13 Bankruptcy

Before you can proceed with a Chapter 13 bankruptcy, you will be required to go through a credit counseling course. The next step is filing your bankruptcy petition, which involves compiling financial documents, including your tax returns, pay stubs, and bank statements. After submitting this petition to the court, the automatic stay goes into effect. Attorney Donald Bell can walk you through these initial steps, clarifying any points of confusion.

Next, you will draft a repayment plan that shows how you will pay off your most urgent debts. The bankruptcy trustee will arrange a meeting where your creditors can attend and ask questions about your financial situation and the repayment plan. If all goes well at this meeting, then a final hearing will be held in bankruptcy court to approve or deny the proposed repayment plan.

At The Law Office of Donald L. Bell, we can answer questions posed by your creditors, your bankruptcy trustee, and the judge presiding over your case.

Contact a Frederick Chapter 13 Bankruptcy Attorney Today

The Law Office of Donald L. Bell stands as an advocate for people who are experiencing financial hardship due to debts. To schedule a consultation with our Frederick bankruptcy lawyer today, call our offices at 301-614-0535 or reach out to us online. All consumer consultations are free of charge.