Owings Mills, MD Chapter 13 Bankruptcy Lawyer

Experienced Attorney for Chapter 13 Bankruptcy Cases in Owings Mills, Maryland

Taking on debt is often necessary for moving ahead in life. These debts might include student loans, mortgages, car loans, and personal loans, to name just a few. Staying on top of these debts is not always easy, especially if you have other things going on in your life that demand your time, money, and attention. However, if you fall behind on payments, you could be threatened with repossession and seemingly insurmountable interest. An Owings Mills Chapter 13 bankruptcy lawyer can help you develop a strategy to address your financial obligations.

At The Law Office of Donald L. Bell, we have over 20 years of experience supporting clients through consumer bankruptcy cases. We will take the time to understand your circumstances, working with you to develop a highly personalized repayment plan to protect your assets.

The Benefits of Filing for Chapter 13 Bankruptcy

If you are overwhelmed with debt, bankruptcy can alleviate the pressure you are facing from your creditors. In Chapter 13 bankruptcy, you can reorganize your debts into a repayment plan that fits within your monthly budget, without the fear of repossession by your creditors. Chapter 13 bankruptcy is often called "the wage earner's plan" since it is best utilized by people with a consistent source of income.

Chapter 13 bankruptcy is a long-term commitment, typically lasting anywhere from three to five years. However, when you finish your repayment plan, your remaining non-collateral debts can be discharged in full. Upon completion of Chapter 13 bankruptcy, most people are left in a much better position to take care of their remaining debts. At The Law Office of Donald L. Bell, we can meet with you and discuss your options for financial relief.

Asset Protection Through Chapter 13 Bankruptcy

Debts with collateral property are referred to as secured debts. If you fall behind on paying back a secured debt, the creditor could take back that property. In the case of a car loan or a mortgage, repossession can be devastating.

Filing for Chapter 13 bankruptcy can allow you to protect your property from seizure since it issues an automatic stay against your creditors. During this automatic stay, your creditors cannot collect on their loans or even attempt to contact you. If your creditor violates this stay, they could face legal penalties.

Many homeowners turn to Chapter 13 bankruptcy as a defense against foreclosure. During the automatic stay in your repayment plan, you can catch up on missed payments on your mortgage until you are back on track.

What Happens When I File a Petition for Chapter 13 Bankruptcy?

As part of your bankruptcy petition, you will have to develop a repayment plan that clearly shows how you will pay back your debts. Our attorney can assist you in drafting this plan, working within your monthly budget and prioritizing the most pressing debts first. You will then have to present the plan to the bankruptcy trustee presiding over your case. Your creditors will also be invited to ask questions alongside the trustee—this is known as the meeting of creditors, or the 341 meeting.

At The Law Office of Donald L. Bell, we can represent you at a 341 meeting, acting as a confident, informed advocate for your petition. Finally, before your repayment plan is approved, you must attend a confirmation hearing in bankruptcy court in front of a judge. With the court's approval, you can start making payments on your reorganized debts.

Meet With an Owings Mills Chapter 13 Bankruptcy Attorney

If your property is at risk of repossession, you can take legal action to protect yourself. At The Law Office of Donald L. Bell, our Owings Mills, MD Chapter 13 bankruptcy lawyer can help you work toward a long-term solution for debt relief. Call our offices at 301-614-0535 or contact us online to set up a complimentary consultation.