Bladensburg, MD Foreclosure Defense Attorney

Skilled Chapter 13 Bankruptcy Lawyer for Foreclosure Defense in Bladensburg

A recent study found that Maryland has some of the highest rates of foreclosure filings in the country. In particular, Prince George's County has the most foreclosures across the entire state. If you need help protecting your home from imminent foreclosure, our Bladensburg, Maryland Chapter 13 bankruptcy attorney is here to assist you.

At The Law Office of Donald L. Bell, we have more than 20 years of legal experience. In that time, we have helped numerous clients protect their homes from foreclosure through strategic planning. When you work with our firm, we will guide you through every step of your case to preserve your home and help you wrest control of your finances.

What Is Chapter 13 Bankruptcy?

If you have become overwhelmed with debts, you might fall behind on your mortgage payments, putting you at risk of foreclosure. As you continue to accumulate debt, taking control of your finances can feel impossible. However, filing for Chapter 13 bankruptcy can allow you to regain agency and potentially avoid foreclosure.

Rather than liquidating your assets as you would in Chapter 7 bankruptcy, Chapter 13 bankruptcy allows you to restructure your debts into a repayment plan to be completed in three to five years. This can give you the opportunity to get up to date on missed payments, including your mortgage. At the end of your repayment plan, many of your unsecured debts can be discharged, freeing you of additional burdens.

How Can Chapter 13 Bankruptcy Help You Avoid Foreclosure?

One of the most effective components of filing for Chapter 13 bankruptcy is the automatic stay. While your bankruptcy is in effect, your creditors must stop all attempts at collecting on your debts, meaning that they will not be able to seize your home or contact you about your mortgage payments. This can put an immediate stop to foreclosure proceedings, allowing you to maintain ownership of your home.

The automatic stay will last for as long as it takes to complete your repayment plan. Additionally, you can use Chapter 13 bankruptcy to remove a second mortgage on your house like a home equity loan. Our attorney can help you make the most out of your Chapter 13 bankruptcy petition, planning carefully to help you preserve your house for future generations.

Filing for Chapter 13 Bankruptcy in Maryland

The process of filing for Chapter 13 bankruptcy is a complex process that will require multiple meetings and a court hearing. A skilled bankruptcy lawyer can help facilitate the process, assisting with all of the mandatory paperwork and working to protect your best interests.

Before you can proceed with a Chapter 13 bankruptcy petition, you will have to take a credit counseling course to make sure that you understand your options. You will then have to prepare various financial documents for your petition, including pay stubs, tax returns, and bank statements.

Once you submit your petition, you can start working on a repayment plan for the court's approval. You will also have to attend a meeting with your bankruptcy trustee to discuss your proposed plan. Your creditors may attend this meeting if they have any concerns about the feasibility of your plan. Finally, a hearing will be held in bankruptcy court, where the judge may approve or deny the repayment plan.

Contact a Bladensburg, Maryland Foreclosure Defense Lawyer

At The Law Office of Donald L. Bell, we know just how stressful foreclosure proceedings can be. We can help you protect your home through careful strategizing, working with you to develop a repayment plan for your mortgage. To schedule a free consultation with our Bladensburg foreclosure defense attorney, call us at 301-614-0535 or reach out through our online contact form.