Riverdale Park, Maryland Foreclosure Defense Attorney

Knowledgeable Bankruptcy Lawyer for Foreclosure Defense in Riverdale Park

As a homeowner, you may have several different financial obligations that you need to juggle, such as a car loan, insurance payments, alimony, child support, credit card bills, and more. Keeping up with all of your dues can be difficult, and even the most shrewd homeowners may end up missing a payment during a rough patch. However, if you fall behind on payments for your home, you could be threatened with foreclosure.

To address your sources of outstanding debt and stop the foreclosure proceedings, you could consider filing for bankruptcy. At The Law Office of Donald L. Bell, our Riverdale Park foreclosure defense lawyer can explore your options to take care of your financial obligations. We provide personalized, hands-on support during bankruptcy petitions, giving each client our full attention.

Can I Keep My Home by Filing for Bankruptcy?

Many people view bankruptcy in a purely negative light, treating it as something to be avoided at all costs. However, filing for bankruptcy can give you the resources you need to get back on your feet while also keeping your home in the family. This, in turn, can allow you to maintain generational wealth and safeguard your financial future.

When you file for bankruptcy, it puts an immediate stop to the foreclosure proceedings. That being said, it is often better to file for bankruptcy before you receive notice of foreclosure so that you have more time to plan ahead. At The Law Office of Donald L. Bell, we can meet with you in a one-on-one meeting to discuss your financial situation and see what steps should be taken.

Chapter 13 Bankruptcy for Riverdale Park Homeowners

According to state authorities, Prince George's County has the most foreclosure filings in all of Maryland. Not only that, but the state of Maryland is the third highest in the country for foreclosure filings. For homeowners in Riverdale Park, we offer a potential solution in the form of a Chapter 13 bankruptcy petition.

Chapter 13 bankruptcy does not immediately discharge you of all your debts. Instead, the focus is on paying off your secured and unsecured debts gradually. For this reason, Chapter 13 bankruptcy is often called the "wage earner's plan." In Chapter 13 bankruptcy, your financial obligations will be reorganized into a repayment plan that accounts for your disposable income. Debts will be paid off in order of priority and importance, and at the end of your plan, the leftover unsecured (non-collateral) debts can be discharged.

Keep in mind, however, that your repayment plan must be approved by the courts before you can start making payments.

What Steps Do I Have to Follow for Chapter 13 Bankruptcy?

Filing for Chapter 13 bankruptcy is not something that can be easily completed without an acute knowledge of the law. As such, it is highly advisable to have an attorney at your side to make sure you file your petition correctly and in a timely manner.

At The Law Office of Donald L. Bell, we have assisted many clients in consumer bankruptcy cases. The process of filing begins with attending a mandatory credit counseling course to make sure you understand your options. After that, you must compile various financial documents and paperwork to file your petition with the court. This starts the automatic stay, which stops creditor collection actions.

Once you have submitted the petition, we can help you create a repayment plan. This repayment plan will be reviewed by the bankruptcy trustee (and potentially your creditors) before it goes to bankruptcy court. We will represent you at the confirmation hearing to get your repayment plan approved by a judge.

Contact a Riverdale Park, MD Foreclosure Defense Attorney Today

Do you need help filing for Chapter 13 bankruptcy to protect your home? Contact The Law Office of Donald L. Bell today to set up your free consultation. You can reach us at 301-614-0535 or by contacting our Riverdale Park foreclosure defense lawyer online.