Severn Chapter 13 Bankruptcy Lawyer

Supportive Attorney Helping Clients File for Chapter 13 Bankruptcy in Severn, Maryland

When your debts begin to pile up, you may become too overburdened to pay them all off within a reasonable timeframe. Aggressive collection efforts by creditors may only exacerbate this issue. To remedy your financial troubles, you could consider filing for Chapter 13 bankruptcy to work out a realistic repayment plan. A Severn debt relief attorney can assist you in this endeavor, breaking down the complicated process of filing for bankruptcy step-by-step.

At The Law Office of Donald L. Bell, we have represented clients in bankruptcy concerns for over 20 years. We can guide you through your petition for Chapter 13 bankruptcy, working with you to protect your assets and property from seizure.

Avoiding Foreclosure by Filing for Chapter 13 Bankruptcy

Falling behind on your mortgage can have dire implications for your ownership over your home. If you are already swamped with other bills, it may be difficult to prioritize payments on your home. This can lead to the bank or your lender foreclosing on your house. However, you may have a legal recourse to avoid foreclosure by filing for Chapter 13 bankruptcy.

When you file for bankruptcy, a stay will be issued against your creditors. This means that they cannot seize your property or harass you with phone calls or other contact methods. Since Chapter 13 bankruptcy can last between three to five years, this can give you the time you need to take care of any overdue payments on your mortgage.

At The Law Office of Donald L. Bell, we believe that preserving your house is a pathway to generational wealth. When you work with our firm, we can help you take steps to avoid foreclosure on your home.

How Does Chapter 13 Bankruptcy Work?

When you hear the word "bankruptcy," you might think of something closer to Chapter 7 bankruptcy, which involves liquidating your properties and assets. Chapter 13 bankruptcy involves a completely different approach. Rather than letting go of certain non-exempt properties, you can roll all of your debts into a repayment plan that orders debts from high to low priority.

Priority debts in Chapter 13 bankruptcy may include certain non-dischargeable debts, like tax obligations and alimony payments. Priority will also be given to certain secured debts that involve collateral property, like your mortgage or a car loan. At the end of your repayment plan, any remaining non-priority, unsecured debts can be discharged. The purpose of Chapter 13 bankruptcy is to give you the resources and time you need to become financially stable.

How Can I File for Chapter 13 Bankruptcy?

Before you can apply for Chapter 13 bankruptcy, you will have to attend a credit counseling course to ensure that you fully understand your options. After that, you will have to prepare different financial documents to be sent to the court, which may include pay stubs, bank statements, tax returns, and a detailed accounting of your debts.

Once you have compiled all of the relevant information, you can submit your bankruptcy petition to the court and start working on your repayment plan. We can help you come up with a suitable repayment plan within your means. You must then attend a meeting with your bankruptcy trustee presiding over your case and present your completed repayment plan to a judge in bankruptcy court. At The Law Office of Donald L. Bell, we can assist with every step of this process and represent you in all of the hearings and meetings.

Meet With a Severn, MD Debt Relief Attorney

At The Law Office of Donald L. Bell, we can work with you individually to help tackle your debts. To schedule a free initial consultation with an experienced Severn bankruptcy lawyer, call our offices at 301-614-0535 or reach out to us online today.