Olney Chapter 13 Bankruptcy Attorney

Experienced Chapter 13 Bankruptcy Lawyer for Clients in Olney, Maryland

When your debts seem insurmountable, you may feel trapped in your financial situation. By filing for Chapter 13 bankruptcy, you can regain agency over your debts with minimal disruption to your everyday life. An Olney bankruptcy attorney can guide you through this process, protecting your best interests through a combination of qualified legal advice and skilled advocacy in the courtroom.

Trying to make ends meet in the face of overwhelming debt is not easy. At The Law Office of Donald L. Bell, we strongly empathize with people going through rough financial spots in their lives. Attorney Donald Bell has over 20 years of experience practicing consumer bankruptcy law, so you can rest assured that your case will be handled by a real legal professional.

Is Chapter 13 Bankruptcy Right for Me?

Chapter 13 bankruptcy is sometimes called a "wage earner's plan" because it is intended for people who take home a steady income. Unlike Chapter 7 bankruptcy, which involves liquidating your assets to pay off your creditors, debts in Chapter 13 bankruptcy are rolled into a years-long repayment plan.

In general, Chapter 13 is a good option if you have reliable employment that allows you to make consistent contributions toward your repayment plan. If you fall behind on your repayment plan, you could lose your bankruptcy protections. This means that your creditors could resume their collection efforts on your property or assets. At The Law Office of Donald L. Bell, we can represent you in bankruptcy court and request a modification to your plan if you experience an unexpected lapse in income.

Priority Debts in Chapter 13

When you file for Chapter 13 bankruptcy, your debts will be restructured so that you can pay them off in order of priority. But which debts take precedence over others? In general, debts like child support, fines from criminal cases, tax obligations, and alimony must be paid off in full. While many unsecured (non-collateral) debts can be automatically discharged at the end of Chapter 13 bankruptcy, some priority debts may not be able to be discharged.

Secured Debts in Chapter 13 Bankruptcy

Secured debts refer to any debts backed by collateral, with common examples including car loans and mortgages. If you have fallen behind on a secured debt, you may be hounded by debt collectors calling you or knocking at your door.

By filing for Chapter 13 bankruptcy, you can get relief from these collection efforts. After you file your petition, an automatic stay will be issued against your creditors. If your repayment plan is approved in bankruptcy court, this protection could last for as long as you are in Chapter 13 bankruptcy, potentially lasting from three to five years. As such, Chapter 13 bankruptcy can be incredibly helpful for keeping your home in the long term.

What Goes Into a Petition for Chapter 13 Bankruptcy?

Filing for Chapter 13 bankruptcy can be a dense multi-step process, best handled with the assistance of a skilled attorney. To begin, you will have to attend a credit counseling course so that you are fully informed of your options in your current financial situation.

You will also have to come up with a repayment plan that fully addresses how you will pay off your priority debts and catch up on late payments. This step is especially important, as you must demonstrate to your bankruptcy trustee that you are capable of paying off your debts. At The Law Office of Donald L. Bell, we can walk you through every step of this process. We will also represent you in any mandatory court appearances.

Meet With an Olney, MD Chapter 13 Bankruptcy Attorney

If you feel like you are drowning in debt, Chapter 13 bankruptcy can help you resurface. At The Law Office of Donald L. Bell, our Olney bankruptcy lawyer is here to help you through your struggles. We offer free consultations for consumer cases at 301-614-0535.