Laurel, Maryland Chapter 13 Bankruptcy Lawyer

Skilled Attorney Helping Clients in Laurel, MD File for Chapter 13 Bankruptcy

When you are working to keep the lights on at home, the threat of foreclosure or repossession can be a major source of stress. If you fall behind on your debts, you might face harassment from unsympathetic creditors who will not let up until they have taken everything they can. When your debts become unmanageable, a Laurel bankruptcy lawyer can help you take action to protect your assets while paying off your loans.

At The Law Office of Donald L. Bell, we provide representation and counsel for people looking to file for Chapter 13 bankruptcy. When you work with our firm, we will assess your needs and work towards a solution that addresses your outstanding debts.

What Is Chapter 13 Bankruptcy?

Filing for Chapter 13 bankruptcy is a legal way to restructure your debts and protect your assets from repossession. Essentially, it halts all collection efforts by your creditors while you pay off some of your debts through a comprehensive repayment plan.

This repayment plan will be negotiated between you and the trustee assigned to your case. Payments you make toward this plan will be allocated to your debts, with the most urgent debts getting paid off first. Generally, a repayment plan will last three to five years, and when you complete it, your unsecured debts like credit card bills will be eliminated.

At The Law Office of Donald L. Bell, we can help you file for Chapter 13 bankruptcy and work out a repayment schedule that takes your financial circumstances into account. Attorney Donald Bell will give your case his full attention, providing individualized legal services tailored to your needs.

The Process of Filing for Chapter 13 Bankruptcy

Filing a bankruptcy petition and receiving approval for a Chapter 13 repayment plan is a complex, multi-step process, best undertaken with the assistance of a skilled bankruptcy attorney.

The process begins with completing a credit counseling course designed to educate you about your options. Upon completing the course, you will have to assemble paperwork for your petition, including bank statements and pay stubs from the last six months, your last four tax returns, and a list of all of your current debts.

Once you have all the necessary paperwork, you can submit your petition to the court. After this point, your creditors have to stop all of their efforts to seize your assets, including wage garnishment and harassing phone calls. Then, you will be tasked with developing a repayment plan that shows how you will pay off all of your secured (collateral-based) debts while also making payments toward your other debts.

The trustee presiding over your case will review your repayment plan in a "341 meeting," and they may ask questions about your financial circumstances and your ability to pay off your loans. Finally, you will have to attend a confirmation hearing where a judge will approve your repayment plan, after which it will go into effect.

Will Filing for Chapter 13 Bankruptcy Affect My Credit Score?

Chapter 13 bankruptcy will show up on your credit history for a few years, but for most people, this hurdle can be overcome. You should also be aware that employers who run background checks on you can see your bankruptcy. If this question ever comes up in an interview, be sure to have an answer prepared—you could use it as a story of overcoming financial adversity and taking responsibility for your debts.

Meet With a Laurel Chapter 13 Bankruptcy Attorney

You do not have to fight debt by yourself. At The Law Office of Donald L. Bell, our Laurel bankruptcy lawyer can inform you of your options regarding Chapter 13 bankruptcy and help you work toward financial freedom. To schedule a consultation today, call us at 301-614-0535 or contact our office online.