Pasadena, MD Chapter 13 Bankruptcy Lawyer

Caring Attorney Representing Clients in Pasadena Chapter 13 Bankruptcy Cases

When your debts begin to pile up, you may feel as though the walls are closing in on you. If you have debts backed by collateral, your creditors might harass you to collect what is owed. To protect your assets from repossession and get your finances back on track, you may consider filing for Chapter 13 bankruptcy.

With assistance from a skilled Pasadena bankruptcy attorney, you can take steps to restructure your debts into a more manageable plan. At The Law Office of Donald L. Bell, we are here to help you petition for Chapter 13 bankruptcy, guiding you through the process and representing you in bankruptcy court.

Why Consider Chapter 13 Bankruptcy?

There are many benefits to filing for Chapter 13 bankruptcy, such as:

• Avoiding Foreclosure: Filing for Chapter 13 bankruptcy can allow you to keep your house in the event of foreclosure, giving you time to catch up on any missed mortgage payments.
• Keeping Your Property: Aside from avoiding foreclosure, Chapter 13 bankruptcy can let you hold property that serves as collateral in secured loans, like your vehicle. This can be critical for preventing disruptions to your everyday life.
• Protection From Creditors: As soon as you file for Chapter 13 bankruptcy, all creditors are required by law to stop trying to seize your assets or harass you for money. This can last through the entire duration of your repayment plan, which may continue for three to five years.
• Restructuring Debts: A repayment plan under Chapter 13 bankruptcy can sort out your debts in order of priority, paying off your most pressing loans first, then your secured debts, followed by your unsecured debts. At the end of your repayment plan, most or all of your remaining unsecured debts may be wiped out.

If you have the ability to make continuous contributions towards a repayment plan, then Chapter 13 bankruptcy may be right for you.

The First Steps to Apply for Chapter 13 Bankruptcy

Petitioning for Chapter 13 bankruptcy requires more than just filling out paperwork. Your attorney can assist with your application, making sure that you have met all of the required steps.

To begin the process, you will have to participate in a credit counseling course so that you get a full picture of your options. Once you complete the course, you will have to compile and prepare documents pertaining to your financial history, such as pay stubs, bank statements, tax returns, and a list of your debts. This information will be sent along with your bankruptcy petition, and after you file for bankruptcy, your creditors must cease all collection efforts.

Developing a Repayment Plan

One of the most important steps is developing a repayment plan to address your outstanding secured and unsecured debts. At The Law Office of Donald L. Bell, we can assess your financial circumstances and help you create a smart plan to address your needs. Finally, you will have to present this repayment plan to your bankruptcy trustee as well as any interested creditors before taking your petition to bankruptcy court.

If the judge finds that your petition is realistic and fair to all parties, your petition may be granted. Afterwards, you will start making contributions to your negotiated repayment plan. If you have any issues making regular payments, you should contact your attorney to discuss your options at the earliest opportunity.

Meet With a Pasadena, Maryland Chapter 13 Bankruptcy Attorney

At The Law Office of Donald L. Bell, we provide skilled representation and in-depth legal advice for clients who are considering bankruptcy. Our Pasadena Chapter 13 bankruptcy lawyer can meet with you one-on-one to make sure you understand your options, advising you on the best ways to take care of your debts while protecting your property.

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