Germantown Chapter 13 Bankruptcy Attorney

Experienced Lawyer Helping Clients Petition for Chapter 13 Bankruptcy in Germantown, Maryland

In times of financial hardship, you may end up falling behind on loans and other financial obligations like child support and alimony. These late payments can add up quickly, and you may find creditors knocking at your door to collect payments or seize your assets. By filing for Chapter 13 bankruptcy, you can get some much-needed relief from your creditors as you work towards paying off your debts.

At The Law Office of Donald L. Bell, we proudly represent residents of Germantown in petitions for Chapter 13 bankruptcy. When you work with our firm, you will receive legal counsel and advocacy to help you regain control of your finances, no matter how dire your situation may seem.

What Is Chapter 13 Bankruptcy?

Unlike Chapter 7 bankruptcy, which discharges all unsecured debts in a relatively short amount of time, Chapter 13 bankruptcy lets you set up a repayment plan to pay off your most pressing debts while chipping away at the less urgent ones. The advantage of Chapter 13 bankruptcy is that you will not have to turn over your assets or property to satisfy your creditors.

Chapter 13 bankruptcy is ideal if you have a consistent, stable income that you can put towards your debts. Your repayment plan will be calculated based on your needs and your disposable income, giving you some flexibility in how your debts are paid off.

Secured vs. Unsecured Debts

Knowing the difference between secured and unsecured debts is important when filing for Chapter 13 bankruptcy. Secured debts are loans covered by collateral, such as your house in a mortgage or your car in a vehicle loan. On the other hand, unsecured debts consist of loans or obligations without collateral, like credit card bills.

In Chapter 13 bankruptcy, you will be expected to continue paying your secured debts while making up for any missed payments. In addition, you will have to put money towards your unsecured debts in your repayment plan. Once the payment plan is completed, however, any leftover unsecured debts will be discharged. This can set you up for financial success, ensuring that you will be able to make steady payments on your home loan or other remaining debts.

Chapter 13 for Asset Protection

If you are facing foreclosure, filing for Chapter 13 bankruptcy can allow you to keep your home. As soon as you file for Chapter 13 bankruptcy, your creditors are legally prohibited from seizing your property or garnishing your wages to collect on a debt.

Since repayment plans under Chapter 13 can last around three to five years, this can give you a lot of time to catch up on missed mortgage payments without getting harassed by your creditors.

Filing for Chapter 13 Bankruptcy

Getting approved for Chapter 13 bankruptcy is a complicated process. At The Law Office of Donald L. Bell, we can help you through all the required steps, including compiling your financial documents, filing a petition with the court, drafting a repayment plan, and more.

Additionally, Attorney Donald Bell can speak on your behalf in meetings with your bankruptcy trustee and in the confirmation hearing in court. With over 20 years of experience in bankruptcy law, Donald Bell has the legal acumen to advocate for your best interests.

Contact a Germantown, MD Chapter 13 Bankruptcy Lawyer Today

If you are struggling to keep up with payments on your secured and unsecured debts, The Law Office of Donald L. Bell can help you find financial relief. Our Germantown bankruptcy lawyer will provide you with individualized legal services instead of passing off your case to another attorney. We will keep you informed of your options and pursue an efficient, long-term solution to your debts.

Your financial well-being matters to us. Call us at 301-614-0535 or contact us online to schedule an initial consultation.