Severna Park Chapter 13 Bankruptcy Attorney

Reliable Lawyer Assisting Clients With Chapter 13 Bankruptcy in Severna Park, Maryland

The combined weight of a mortgage, car loan, credit card payments, student loans, medical bills, personal loans, and other debts can be a massive burden, especially when you need to save money for necessary expenses like groceries or utilities. If you need help addressing your debts, Chapter 13 bankruptcy can give you a pathway to a stable financial future.

A skilled Severna Park bankruptcy lawyer can help you file for Chapter 13 bankruptcy, providing you with guidance and representation throughout the process. At The Law Office of Donald L. Bell, we have more than two decades of practical experience in consumer bankruptcy law, so you can rest assured that we will handle your case with confidence.

Requirements for Chapter 13 Bankruptcy

Before your application for Chapter 13 bankruptcy can be approved, you will have to meet several requirements. One of the most important steps in your application is being able to prove that you have the ability to make payments toward your debts for a certain period of time. This is why Chapter 13 is often called "the wage earner's plan," as opposed to Chapter 7, which involves liquidating your assets and quickly discharging your unsecured debts.

Among other requirements, you will have to participate in a credit counseling program intended to inform you about your options. Additionally, you will have to provide documentation about your finances, such as your previous tax returns, bank statements, and pay stubs. When you work with our firm, we can assess whether or not you are eligible for Chapter 13 bankruptcy, and we will help you take the next steps to financial stability.

Asset Protection in Chapter 13 Bankruptcy

Filing for Chapter 13 bankruptcy has immediate benefits. As soon as you submit your petition to the bankruptcy court, an automatic stay will be issued against your creditors. This means that your creditors cannot harass you over late payments or attempt to seize your property for as long as your bankruptcy is in effect.

If your repayment plan is approved by the court, you could be protected from creditor collection efforts for three to five years. This can give you some much-needed breathing room to make contributions toward your mortgage, for example, or get up to speed on missed payments on a car loan.

It can be difficult to work down your debts while your important assets like your car or your home are being threatened. At The Law Office of Donald L. Bell, we can help you get relief from your creditors while you make contributions toward your repayment plan.

How Do Repayment Plans Work?

A repayment plan is a mechanism to restructure your secured (collateral) and unsecured (non-collateral) debts. In your repayment plan, you will have to pay back your secured debts in full, while still making incremental contributions towards your unsecured debts. At the end of the repayment plan, your remaining unsecured debts may be discharged, with some exceptions like alimony and tax obligations.

At The Law Office of Donald L. Bell, we have years of experience drafting sensible repayment plans on behalf of our clients. We will take your economic circumstances into account so that your repayment plan will be affordable, making sure that you have enough income to cover your ongoing expenses.

Contact a Severna Park, MD Chapter 13 Bankruptcy Lawyer Today

Are you struggling to make ends meet due to your debts? If so, a Severna Park bankruptcy attorney may be able to help. At The Law Office of Donald L. Bell, we are sympathetic to people who are going through financial hardship, and we will do everything we can to help you take control of your debts.

Attorney Donald Bell can assist you from start to finish in a Chapter 13 bankruptcy case. Call us at 301-614-0535 or reach out to us online to schedule a free initial consultation today.