Pikesville, Maryland Chapter 13 Bankruptcy Attorney

Supportive Lawyer Helping Clients File for Chapter 13 Bankruptcy in Pikesville

When your debts begin to spiral out of control, you may face significant pressure from creditors harassing you and threatening to take away your assets. However, you do not have to confront your debts by yourself. With legal counsel and representation from a Pikesville Chapter 13 bankruptcy lawyer, you can take legal action to preserve your assets and work down your debts to a manageable amount.

At The Law Office of Donald L. Bell, we are here to provide you with clear guidance to help you file a petition for bankruptcy. Attorney Donald Bell has over 20 years of proven experience assisting clients with their debts, giving him a clear perspective on how to effectively strategize in consumer bankruptcy cases.

Can I Keep My Home Through Chapter 13 Bankruptcy?

If you are facing foreclosure, the threat of homelessness can be harrowing to think about. However, when juggling other necessary expenses like food and utilities, you might not have the money on hand to pay off your mortgage arrearages as the deadline draws near.

Filing for Chapter 13 bankruptcy can allow you to delay foreclosure proceedings for up to three to five years. When you file for bankruptcy, a stay will be issued against your home lender, preventing them from harassing you about late payments. While your bankruptcy is in effect, you can make consistent payments toward your overdue mortgage until you are fully caught up, allowing you to keep your home.

Preserving your house can allow you to pass down generational wealth to your family. At The Law Office of Donald L. Bell, we can work with you to develop a strategy to prevent foreclosure on your home.

How Are Debts Reorganized in Chapter 13 Bankruptcy?

A repayment plan under Chapter 13 bankruptcy restructures your debts in order of priority. Debts are usually given priority in the following order:

• Secured Debts: These are debts that involve physical collateral, like your mortgage or car loan.
• Priority Unsecured Debts: These are debts that are not backed by collateral and cannot be discharged, such as tax obligations, criminal fines, or child support payments.
• Non-Priority Unsecured Debts: These consist of all other debts that are not backed by collateral, such as credit card bills, personal loans, or medical expenses. These debts can be discharged at the end of your repayment plan.

You do not have to pay off your secured debts in full, but you will have to make up for any late or missed payments until you are fully caught up.

Most importantly, a repayment plan should fit within your monthly budget. At The Law Office of Donald L. Bell, we can help you create a plan that covers your monthly needs.

Steps to Take Before Filing for Bankruptcy

Before you submit your petition for bankruptcy to the courts, you will have to take certain steps. First, you will have to go through a credit counseling course to determine your financial situation and make you aware of your options to take care of your debt.

After you have attended the credit counseling course, you will have to prepare a number of different documents for the court to reference. Aside from a detailed accounting of all of your secured and unsecured debts, you may have to attach past pay stubs, tax returns, and bank statements.

Contact a Pikesville, MD Chapter 13 Bankruptcy Lawyer Today

If you are struggling to pay off your debts, petitioning for bankruptcy can help you reassert control over your finances. At The Law Office of Donald L. Bell, our Pikesville, Maryland Chapter 13 bankruptcy lawyer can guide you through your case from start to finish while looking out for your well-being. Contact our offices at 301-614-0535 or contact us online to schedule a free initial consultation.