About Debt Relief Through Chapter 13 Bankruptcy
If you are facing a foreclosure on your home, repossession of your vehicle, or have unpaid tax debt owed to the IRS or state, attorney Donald L. Bell can help you file a Chapter 13 bankruptcy. This process will stop the foreclosure, repossession and any further tax collection enforcement, helping you keep your home and maintain generational wealth. Attorney Donald L. Bell and his staff have assisted thousands of people in Maryland who were financially overwhelmed to put together an effective plan of reorganization through Chapter 13 bankruptcy.
At The Law Office of Donald L. Bell, you will work with Mr. Bell and his staff throughout your case. We provide our clients with a quiet and comfortable space to fully disclose their financial situation. Attorney Donald L. Bell has practiced consumer bankruptcy law for many years and has helped many families resolve extreme financial difficulties.
What To Expect When You File For Chapter 13 Bankruptcy
The legal steps to file for Chapter 13 bankruptcy begin with a thorough analysis of your assets, your debts and your overall financial situation. This analysis determines if filing a Chapter 13 or another type of bankruptcy is your best option. Chapter 13 bankruptcy lawyer Donald L. Bell will meet with you, assist you in prioritizing your financial obligations and develop a plan for reorganization, implemented as follows:
- After a required prefiling credit counseling course, you will provide financial documents — six months of pay stubs and bank statements, four years of tax returns, and a list of all debts you owe. This information allows us to properly complete the detailed paperwork needed to ensure that the court will accept your filing.
- Most importantly, we will create a creditor repayment plan for the court to approve.
- Your repayment plan will last for at least three years, but no more than five years. When you make all of the payments required under your court-approved plan, the unsecured debt remaining will be forgiven.
Chapter 13 involves complex preparations, important deadlines for court filings and court hearings, and ongoing maintenance of your repayment plan. Instead of adding to the pressure and stress you are already experiencing, The Law Office of Donald L. Bell will attend to every legal requirement for a successful outcome to your Chapter 13 bankruptcy case.
Frequently Asked Questions About Chapter 13 Bankruptcy
Get ready to ask about things you are wondering about as you arrange to consult with attorney Donald L. Bell in Greenbelt, Maryland. Personalized answers are the most helpful. Below are a few common questions about Chapter 13 bankruptcy.
What does Chapter 13 mean in bankruptcy?
It is sometimes called a wage earner’s plan because it requires a commitment to steady, affordable repayment installments to cover debts such as overwhelming medical debts, unpaid mortgage premiums, car loan arrearages and back student loan payments. Chapter 13 is also sometimes called debt reorganization because the bankruptcy trustee established priorities for debt settlement during the repayment period.
Does an employer know if I file for bankruptcy?
Unless you tell your employer or unless your employer does a background check on you after your bankruptcy is in public court records, they may not know. Prospective employers may discover the bankruptcy if they conduct background checks on you.
With these possibilities in mind, make a plan of action with the help of your bankruptcy lawyer. For example, prepare a short statement about a medical crisis or job loss that you experienced and how you overcame it and moved forward in life.
Be ready to give an explanatory statement to any employer or potential employer who asks about your bankruptcy history after discovering it through a background check.
How many years can you be in Chapter 13?
The typical time period is three to five years. At the end of this debt repayment period, you may still have some unrepaid unsecured debt (such as credit card balances) remaining. These debts may then be discharged.
Can I keep my home with a Chapter 13 bankruptcy?
For many people, the answer is a resounding yes, if that is one of your goals and if you are able to keep up on the payments after resolving overwhelming debt. Filing for bankruptcy puts a legal protection from creditors known as the automatic stay in place. If the foreclosure process already began, the lender may not foreclose on your house during your three- to five-year debt repayment period. This is provided you keep up with agreed-upon payments. Meanwhile, you may take care of back mortgage payments slowly with little or no interest.
What will I lose in a Chapter 13 bankruptcy?
You may not lose anything except some remaining unsecured debt balances that may be discharged at the end of your three- to five-year debt repayment period. Your bankruptcy will also show up on your credit report for a number of years, but most people who complete Chapter 13 bankruptcies are able to move forward financially in spite of this.
A Free Initial Consultation For Your Bankruptcy Case
Get personalized advice on your individual financial circumstances and Chapter 13 bankruptcy as a form of debt relief. Schedule your free consultation at our Greenbelt, Maryland, office location by filling out this online contact form. You can also contact us by calling 240-624-0748.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.