Gaithersburg Chapter 13 Bankruptcy Lawyer

Experienced Attorney Helping Clients With Chapter 13 Bankruptcy in Gaithersburg, Maryland

If you are faced with an overwhelming amount of debt, you might be worried about having to turn over your assets and property to satisfy your creditors. However, if you earn consistent wages, filing for Chapter 13 bankruptcy can help protect your property, including your home. A knowledgeable Gaithersburg bankruptcy attorney can facilitate this process, assessing your eligibility and walking you through the required steps.

When your assets and property are on the line, having a seasoned lawyer at your side can make a difference. At The Law Office of Donald L. Bell, we have more than 20 years of legal experience, having helped many clients keep their homes over the years. When you work with Attorney Donald Bell, you will receive his undivided attention to address your financial concerns.

How Chapter 13 Bankruptcy Can Help You

Chapter 13 bankruptcy is an ideal option for wage earners who can support themselves with a consistent income. Instead of liquidating your assets, you can roll your secured and unsecured debts into a manageable repayment plan that lasts over three to five years. During this time, you will be protected from collection efforts by your creditors, which means no harassing phone calls or attempts to seize your property.

You may be eligible for Chapter 13 bankruptcy if you can supply proof of your income. Additionally, you will have to attend a credit counseling course before you can file for Chapter 13 bankruptcy. Our attorney can meet with you one-on-one to better understand your financial situation and see if Chapter 13 is the best fit for you.

The Difference Between Secured and Unsecured Debts

Knowing the difference between your secured and unsecured debts is important when filing for Chapter 13 bankruptcy. Secured debts are backed by collateral that can be seized by creditors if you fail to pay, like a house in your mortgage. On the other hand, unsecured debts do not have tangible collateral, consisting of debts like credit card bills or personal loans.

In a Chapter 13 repayment plan, your most pressing debts will be given priority, such as child support, tax obligations, government fines, or money you owe due to a personal injury claim. When you reach the end of your repayment plan, the remainder of your unsecured debts may end up discharged, meaning that you will no longer be financially responsible for them. At The Law Office of Donald L. Bell, we can help you sort through your secured and unsecured debts with a realistic repayment plan.

The Confirmation Hearing

Getting approved for Chapter 13 bankruptcy requires several steps. After filing your petition and drafting a repayment plan, you will have to attend a meeting of creditors with your bankruptcy trustee. During this meeting, the people or parties you owe money to can ask questions about your ability to pay back your debts. After that, you will have to attend a confirmation hearing in bankruptcy court.

At the confirmation hearing, the court will review your repayment plan to ensure that it is feasible. If the judge approves your petition, you can start making payments to the bankruptcy trustee presiding over your plan. At The Law Office of Donald L. Bell, we can represent you in the meeting of creditors and in court, answering any questions from the judge and the bankruptcy trustee.

Meet With a Gaithersburg, MD Chapter 13 Bankruptcy Attorney Today

Chapter 13 bankruptcy can allow you to tackle your debt while retaining control over your assets. At The Law Office of Donald L. Bell, our Gaithersburg bankruptcy lawyer is here to assist with your case from start to finish, compiling all necessary documents and preparing for legal proceedings.

We offer free consultations for consumer bankruptcy cases. Call us at 301-614-0535 today or contact us online to get started.