Landover, MD Chapter 13 Bankruptcy Lawyer

Compassionate Bankruptcy Attorney for Chapter 13 Cases in Landover

Debts can pile up quickly, causing payments to become overwhelming. If you fall behind on a repayment schedule, creditors may come knocking at your door or leave threatening messages stating that they plan to seize your property or garnish your wages. When your financial situation seems dire, a Landover bankruptcy attorney can help you determine the best strategy that will help you reach a place of financial stability.

At The Law Office of Donald L. Bell, we stand ready to defend you against foreclosure and other debt collection efforts. We can assist you in filing for Chapter 13 bankruptcy, providing a more sustainable model for repayment of your debts. Attorney Donald Bell has over two decades of experience in bankruptcy law, so when you work with our firm, you can rest assured that your case will be in good hands.

Petitioning for Chapter 13 Bankruptcy

Filing for Chapter 13 bankruptcy is a complex legal process that is best done with the help of an attorney. To be considered for this type of bankruptcy, you must have a consistent source of income, and your debts must not add up to more than $2,750,000 in secured and unsecured debts. "Secured debts" refer to debts with collateral that can be seized by a creditor, like your house or car.

If you meet the requirements to file for Chapter 13 bankruptcy, you must then file a petition with the court. This petition will include detailed information about your finances, including your disposable income and your assets and liabilities. You will also be required to attend a credit counseling course before you can move forward with bankruptcy.

Why Should I Consider Chapter 13 Bankruptcy?

One of the main reasons people file for Chapter 13 bankruptcy is to protect their property. Once you file a petition with the bankruptcy court, all of your creditors must cease their collection efforts immediately. This means that your assets or collateral cannot be seized to pay off a debt while you are under bankruptcy. In many cases, people are able to avoid imminent foreclosure on their homes by filing for Chapter 13 bankruptcy, giving them breathing room to catch up on mortgage payments.

During your Chapter 13 bankruptcy case, you will have to create a new repayment plan, which is subject to court approval. Your new repayment plan can allow you to catch up on your secured debts while also chipping away at your unsecured debts. This payment plan typically lasts from three to five years depending on your disposable income, and once you finish making payments, you will be discharged of your obligation to pay any remaining unsecured debts.

Is Chapter 13 Bankruptcy Right For Me?

There is no single solution for every household's financial needs. Before you file for Chapter 13 bankruptcy, you should consider your income. Are you able to hold down steady employment? Will you still have your job in three to five years, and if not, can you quickly transition into another role?

You should be prepared to speak honestly about your situation, as you may be asked questions under oath before your petition can be approved. The bankruptcy attorney at The Law Office of Donald L. Bell can help you prepare for a meeting with the trustee presiding over your case and speak on your behalf as needed.

Meet With Our Landover, Maryland Bankruptcy Attorney Today

Whether you are burdened by a mortgage, car loans, or other debts, our Landover bankruptcy attorney can provide you with legal counsel and representation to help you regain control of your finances. At The Law Office of Donald L. Bell, we will thoroughly examine your circumstances to see if Chapter 13 bankruptcy is the best fit for you.

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