Linthicum Heights, Maryland Chapter 13 Bankruptcy Attorney

Skilled Lawyer Representing Clients in Chapter 13 Bankruptcy Cases in Linthicum Heights

If you are burdened with debt, becoming financially stable may feel close to impossible. Worse, you may be dealing with aggressive debt collection efforts by creditors who threaten to seize your property or call you at all hours of the day. However, you have options to take control of your finances. A Linthicum Heights debt relief attorney can help you file for Chapter 13 bankruptcy to protect your assets.

Filing for Chapter 13 bankruptcy is a complex, multi-step process. At The Law Office of Donald L. Bell, we can provide you with legal advice and representation to suit your needs, clarifying any questions you may have throughout your case. As a legal professional with over two decades of experience, Attorney Donald Bell is here to help you tackle your debt.

What Is Chapter 13 Bankruptcy?

Bankruptcy is a legal way to rid yourself of outstanding debts. In most cases, consumers can file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. While Chapter 7 bankruptcy involves discharging your debts by letting go of certain assets, Chapter 13 bankruptcy involves drafting a long-term repayment plan to satisfy your creditors.

The main benefit of Chapter 13 bankruptcy is that it allows you to retain ownership of your property. Many people use Chapter 13 bankruptcy as a means of avoiding foreclosure by catching up on mortgage arrears, potentially allowing homeowners to preserve real estate for generations.

Before you can file for Chapter 13 bankruptcy, you will have to attend a credit counseling course. At The Law Office of Donald L. Bell, we can advise you of your options to address your outstanding debts.

How Are Debts Addressed in a Repayment Plan?

When you draft a repayment plan through Chapter 13 bankruptcy, certain debts will be given priority over others. You may encounter the following terms while creating your plan:

• Secured Debt: These are debts enforced by collateral property that your creditors can seize. Car loans and mortgages are some of the most common secured debts.
• Unsecured Debt: These are debts that do not involve physical collateral. Examples of unsecured debt include student loans, credit card debt, and medical bills. Some, but not all unsecured debts can be discharged by filing for Chapter 13 bankruptcy.

In your monthly repayment plan, the highest priority debts are the ones that cannot be discharged, like tax obligations and alimony payments. Your other debts will follow in order of importance. If you have any remaining unsecured debts when your repayment plan ends, they can be discharged, leaving you in a much stronger financial position.

Important Steps in Filing for Chapter 13 Bankruptcy

As part of the process for filing for Chapter 13 bankruptcy, you will have to attend a meeting with the authority presiding over your case, known as the bankruptcy trustee. The trustee will assess your proposed repayment plan to see if it is viable. Your creditors will also be invited to this meeting, though they are not required to appear.

After the meeting with your trustee and creditors, you will have to present your case in bankruptcy court. At this confirmation hearing, a judge will review your plan and give final approval or denial. At The Law Office of Donald L. Bell, our attorney can represent you at all required meetings and hearings, addressing any questions or concerns leveled at your repayment plan.

Contact a Linthicum Heights, MD Chapter 13 Bankruptcy Attorney

If you need help dealing with outstanding debts, consider working with The Law Office of Donald L. Bell. Our firm is equipped to assist with consumer bankruptcy cases in an efficient manner.

Take your first step to financial stability today. To schedule a free initial consultation with our Linthicum Heights Chapter 13 bankruptcy lawyer, call our offices at 301-614-0535 or reach out to us online.