Chapter 13 Bankruptcy Attorney in Clinton, MD
Chapter 13 Bankruptcy Attorney in Clinton, MD
Navigate Your Financial Future with Chapter 13 Bankruptcy
At the Law Office of Rowena N. Nelson, LLC, located in the heart of Clinton, MD, we provide comprehensive legal assistance for individuals considering Chapter 13 bankruptcy. Our goal is to help you understand and navigate this financial restructuring process effectively.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy, also known as a wage earner’s plan, enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
The Benefits of Filing for Chapter 13 Bankruptcy
- Debt consolidation. Chapter 13 consolidates your debts into a single repayment plan.
- Asset protection. This bankruptcy type can help protect your home from foreclosure and allow you to catch up on missed mortgage payments.
- Flexible payment terms. Based on your income, expenses, and types of debt, the payment plan is tailored to your unique financial situation.
The Chapter 13 Bankruptcy Process: How We Help
- Initial consultation. Our attorneys will review your financial situation to determine if Chapter 13 bankruptcy is your best option.
- Filing the petition. We assist in preparing and filing your bankruptcy petition along with supporting documents.
- Developing a repayment plan. Our team works with you to create a feasible repayment plan that meets court approval.
- Confirmation hearing. We represent you at the hearing where the judge will approve your repayment plan.
- Making payments. Once the plan is approved, you’ll start making payments to a bankruptcy trustee.
- Completion of plan. Upon completion of the repayment plan, remaining eligible debts are discharged.
Why Choose Law Office of Rowena N. Nelson, LLC for Chapter 13 Bankruptcy?
- Personalized legal assistance. Every client receives tailored guidance based on their financial situation.
- Comprehensive legal support. From filing to plan completion, we offer complete legal support.
- In-depth understanding of local laws. We have a deep understanding of Maryland bankruptcy laws and procedures.
Rebuilding After Chapter 13 Bankruptcy
Filing for bankruptcy is not the end of your financial journey. We provide guidance on rebuilding your credit score and managing finances post-bankruptcy.
Frequently Asked Questions about Chapter 13 Bankruptcy
Q: Will I lose all my assets in Chapter 13 bankruptcy?
A: No, Chapter 13 bankruptcy focuses on reorganization and typically allows you to keep your assets.
Q: How long does a Chapter 13 bankruptcy remain on my credit report?
A: It can stay on your credit report for up to seven years.
Q: Can Chapter 13 stop a foreclosure?
A: Yes, it can stop foreclosure proceedings and give you a chance to catch up on mortgage arrears.
Your Partner in Financial Recovery
Filing for Chapter 13 bankruptcy can seem daunting, but with the right legal guidance, it can be a viable path to financial stability. If you are in Clinton, MD, and facing financial challenges, the Law Office of Rowena N. Nelson, LLC is ready to assist you—contact us today.
