For Chapter 13, Bankruptcy Lawyer For Chapter 13, Bankruptcy Lawyer MD Offers The Best Reorganization MD Offers The Best Reorganization

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Many individuals in financial distress would like to know whether bankruptcy is a good idea or not.

If you are struggling with debt, bankruptcy can be a good answer.

But before you file for bankruptcy, it makes sense to explore other alternatives.

These include:

Getting creditors off your back by leveraging federal and state debt collection laws that safeguard you from unlawful and abusive harassment from debt collectors.

Negotiating with your creditors for mutually acceptable ways to settle the debt.

Getting help from credit counseling agencies. Such agencies are experienced in helping financially distressed individuals repay

The two main kinds of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 lets you get rid of debts you cannot pay. Chapter 13 allows you to keep your property and pay your debts.

Which is a better option - Chapter 7 or Chapter 13?

This depends on each individual’s financial status, including all liabilities.

For any specific case, Bankruptcy lawyers in Baltimore MD can answer this question in detail.

However, as a generalized answer, Chapter 7 works for some and Chapter 13 for others.

In many cases, Chapter 13 can be a better option.

It allows you to repay some or all of your debts in a manner you can afford, and lets you keep your assets.

The repayment has to be according to an approved plan.

The process can last 3-5 years.

How does Chapter 13 help?How does Chapter 13 help?

It allows you time to reorganize your finances by reducing your monthly payment to creditors

It stops foreclosure of your home and gives you an opportunity to catch up with missed payments

It stops repossession of car or any other assets It stops harassment from creditors

However, keep in mind that Chapter 13 cannot:

Free you from liabilities of certain dischargeable debts such as child support, property taxes, student loans, and IRS debts

Safeguard you from criminal charges, and put aside criminal fees, fines, and penalties

Free you from liabilities that arise after bankruptcy has been filed Eliminate creditors’ rights to your secured property like home mortgages

and car loans if you fail to make payments as per plan.

The most important part of your Chapter 13 paperwork is your repayment plan.

The repayment plan will describe how and how much you will pay towards each of your debts

There is no approved plan, but many courts have structured their own forms

For exhaustive details on forms for chapter 13, bankruptcy lawyer MD can provide you with the required information

To qualify for Chapter 13, you must have:To qualify for Chapter 13, you must have:

Regular source of income to make repayments Regular income, including wages, social security, and disability benefits

In Chapter 13, a bankruptcy trustee is appointed to evaluate your finances and make certain that the plan is fair, attend to your creditor’s claims, and make repayment according to the plan.

Your payment installment goes to the trustee, who keeps a percentage as fee and then sends the rest to the creditors.

At the culmination of Chapter 13, the balance of unsecured debts will be discharged.

What happens if I am unable to make the What happens if I am unable to make the payments?payments?

If you are not able to make payments for reasons such as loss of job, the trustee can modify your plan or the courts may allow you to discharge your debts on the basis of hardship.The Chapter 13 case comes to an end when you complete your repayment plan.

All your remaining debts that are eligible for discharge will be written off.

Before you receive a discharge from the court you must show that you have completed a budget counseling course with a bureau approved by the United States Trustee.

If you searching for a chapter 13 bankruptcy lawyer, MD has several experienced attorney offices that can provide you with the right assistance.

Law Office Of Rowena N.Nelson,LLC

1801 McCormick Drive Suite 150Largo Maryland, 20774Office - 301.358.3348Fax - 877.728.7744