Upper Marlboro Chapter 13 Bankruptcy Attorney

Chapter 13 Bankruptcy Lawyer Serving Clients in Upper Marlboro, MD

For people in Upper Marlboro, Maryland who are facing large amounts of debt, Chapter 13 bankruptcy can provide an ideal solution. Through Chapter 13, you can reorganize your debts, allowing you to keep your home, vehicles, and other valuable possessions while making structured payments over three to five years. With over 20 years of experience providing debt relief services, The Law Office of Donald L. Bell can guide you through the detailed process of Chapter 13 bankruptcy successfully.

Determining Whether Chapter 13 Is the Right Option

One of the main reasons you may opt for Chapter 13 is the protection that it provides for your assets. Unlike Chapter 7, where certain assets may be sold to repay some of the debts owed, Chapter 13 will allow you to avoid the loss of property while addressing missed payments and other debts through a structured repayment plan. If you are behind on mortgage payments or car loans, you can take steps to avoid foreclosure or repossession. With Chapter 13, you can gradually pay back the overdue amounts while continuing to make regular payments toward your secured debts.

Another important reason to choose Chapter 13 is that it provides greater flexibility in debt repayment. Your debts will be grouped into one monthly payment. The amount you pay will be based on your income, living expenses, and the types of debt you owe. This flexibility helps you create a manageable payment plan that will allow you to become current on secured debts, while also addressing unsecured debts like personal loans, credit cards, and medical bills.

Chapter 13 provides a structured and realistic approach to debt repayment, allowing you to regain control of your finances without the constant pressure of creditor harassment.

Benefits of Chapter 13 Bankruptcy

One of the most significant benefits is the automatic stay that goes into effect as soon as you file. This legal protection immediately stops all creditor actions, including wage garnishments or lawsuits. With the automatic stay in place, you will no longer have to worry about losing your home or being harassed by creditors while you focus on your repayment plan.

With a Chapter 13 bankruptcy, you will be able to restructure and repay debts over a longer period of time that can range from three to five years. This extended time frame makes it easier to address missed payments on a car loan or mortgage, unpaid child support, and even tax debts, which may be spread out over the duration of the repayment plan. By the end of your repayment plan, the remaining balances on unsecured debts can be discharged, offering you a fresh financial start without the weight of lingering debt.

Another key benefit is the ability to protect co-debtors. If a friend or family member co-signed a loan with you, Chapter 13 bankruptcy will protect them from being pursued by creditors as long as the debt is being repaid through your repayment plan. This protection can alleviate the stress of worrying about your co-signer being held responsible for your debts.

In addition to debt discharge and asset protection, Chapter 13 can also allow for the "cramdown" of certain secured debts, such as car loans. In a cramdown, the court may reduce the amount of a loan to the current value of the asset rather than the original loan amount. This can significantly reduce your monthly payments and help you better manage your debts. While not all debts are eligible for a cramdown, this can be a valuable tool in certain situations, such as if you owe more on a car loan than your vehicle is worth.

Chapter 13 also provides a way to resolve priority debts such as taxes, child support, or alimony, which cannot be discharged in bankruptcy. Delinquent amounts can be repaid over the course of your repayment plan without the risk of collection actions. This gives you time to resolve these obligations without the threat of legal penalties or the accumulation of additional interest.

Working With an Experienced Bankruptcy Attorney at The Law Office of Donald L. Bell

Filing for bankruptcy requires careful preparation, a thorough understanding of the law, and the ability to create a viable repayment plan that is acceptable to both the court and creditors. At The Law Office of Donald L. Bell, we can ensure that your case will be handled correctly from start to finish. With over 20 years of experience in bankruptcy law, we know how to tailor a repayment plan to fit your specific situation while maximizing your protections under the law.

We will guide you through the entire process, from determining your eligibility for Chapter 13 to representing you during court hearings or other proceedings. We will help you gather and submit all necessary documentation, ensuring that your case is filed accurately and efficiently.

Contact Our Upper Marlboro Chapter 13 Bankruptcy Lawyer

Whether Chapter 13 bankruptcy or other options may be right for you, The Law Office of Donald L. Bell can provide the legal guidance needed to make sure you receive a fresh financial start. Our attorney has 20+ years of experience helping clients with debt relief solutions, and we are dedicated to helping you achieve financial stability. Contact us by calling 301-614-0535 to arrange a complimentary consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.