Langley Park, Maryland Chapter 13 Bankruptcy Lawyer

Caring Chapter 13 Bankruptcy for Clients in Langley, MD

Debts that start out as manageable can quickly spiral out of control. One financial emergency can lead to you falling behind on payments, leaving you vulnerable to aggressive debt collection efforts. If you need financial relief from your debts, you could consider filing for Chapter 13 bankruptcy with the help of a Langley, Maryland bankruptcy lawyer.

At The Law Office of Donald L. Bell, we are here to assist you through your struggles with debt. When you work with our firm, you will not be treated as just another client, but as an individual. Past clients in testimonials have praised our professional service and caring ethic, as we always strive to do right by the people who come to us for help.

Why Consider Chapter 13 Bankruptcy?

When filing for bankruptcy, many consumers are faced with the choice of Chapter 7 or Chapter 13. Between the two, there is no one right answer to address every financial situation.

In Chapter 7 bankruptcy, you can liquidate certain non-exempt assets to pay off your unsecured debts—meaning debts not secured by collateral. The main benefit of this form of bankruptcy is that it can be completed in as little as a few months.

However, not everyone qualifies for Chapter 7 bankruptcy. In order to petition for Chapter 7 bankruptcy, you must submit to a means test to determine your monthly income. If you earn above a certain amount, you may not be eligible for Chapter 7. This is in direct contrast to Chapter 13, which is more widely accessible and does not involve liquidating assets to satisfy creditors.

How Does Chapter 13 Bankruptcy Work?

In Chapter 13 bankruptcy, all of your debts will be restructured into a single repayment plan. This prioritizes your most urgent debts first, such as late alimony payments or tax obligations, while also working down other debts like your mortgage or car loans. Agreeing to a repayment plan is a long-term commitment of anywhere from three to five years, as it is primarily intended for people with stable employment and a consistent income.

When you complete your repayment plan under Chapter 13 bankruptcy, a good majority of your unsecured debts can be discharged. This means that you will be free of those debts, allowing you to start with a clean slate. At The Law Office of Donald L. Bell, we can help you draft a repayment plan that works within your means.

Can I Keep My Home in Chapter 13 Bankruptcy?

One of the most significant benefits of Chapter 13 bankruptcy is the control it gives you over your assets. As soon as you file for Chapter 13 bankruptcy, an automatic stay will be issued against your creditors to halt all collection efforts while your bankruptcy is in effect. This can allow you to stave off foreclosure while you take the time to catch up on late payments.

At The Law Office of Donald L. Bell, we believe that preserving generational wealth is not the exclusive privilege of the wealthy. Our firm can help you take steps to protect your home for future generations by filing for Chapter 13 bankruptcy. Additionally, we can also help you petition for a modification of your mortgage if necessary or look for ways to remove a second mortgage on your home to ease your financial burdens.

Meet With a Langley Park Chapter 13 Bankruptcy Attorney

Do you need help dealing with multiple sources of secured and unsecured debts? At The Law Office of Donald L. Bell, our Langley Park, MD bankruptcy lawyer can lend qualified legal assistance to help you take control of your financial situation. Call us at 301-614-0535 or contact us online to schedule a consultation today. We offer free consultations to consumers.