Chapter 13 Bankruptcy Attorney in Fort Washington, MD
Chapter 13 Bankruptcy Attorney in Fort Washington, MD
Understanding Chapter 13 Bankruptcy
At the Law Office of Rowena N. Nelson, LLC, we recognize the challenges you face when dealing with overwhelming debt. Chapter 13 bankruptcy, often referred to as a wage earner’s plan, allows individuals with regular income to develop a plan to repay all or part of their debts.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a reorganization bankruptcy. It’s designed for debtors with regular income who wish to pay off their debts over a period of three to five years. This option can help you keep your home, stop foreclosure, and reorganize your financial life.
The Chapter 13 Process
- Initial consultation. Our first step is understanding your financial situation to provide tailored advice.
- Filing the petition. This includes submitting detailed documentation about your debts, income, and assets.
- Repayment plan proposal. We’ll help you develop a feasible repayment plan for your debts.
- Automatic stay. Filing triggers an automatic stay that halts most collection actions against you.
- Creditors meeting and confirmation hearing. Creditors can voice their concerns, and the court will approve your repayment plan.
- Making payments. You’ll start making payments according to the plan.
- Completion of plan. Upon successful completion, remaining eligible debts are discharged.
Benefits of Chapter 13 Bankruptcy
- Avoid foreclosure. Halt foreclosure proceedings and make up overdue mortgage payments over time.
- Debt consolidation. Consolidate your debts into a single, manageable payment.
- Protection of assets. Keep your property while reorganizing your finances.
- Debt discharge. At the end of the plan, most of your remaining debts are discharged.
Eligibility for Chapter 13
To be eligible, you must have regular income and your unsecured and secured debts must be below certain limits. Our team will help you understand these requirements and assess your eligibility.
Tailored Financial Solutions
Every financial situation is unique. We provide personalized strategies to meet your specific needs and help you achieve long-term financial stability.
Life After Chapter 13
Completing a Chapter 13 plan is a significant accomplishment. We provide guidance on rebuilding your credit and maintaining a financially stable life post-bankruptcy.
Why Choose the Law Office of Rowena N. Nelson, LLC?
- Personalized attention. Every case is unique, and we give each client the attention they deserve.
- Comprehensive legal support. From filing to plan completion, we’re with you every step of the way.
- Focused on your financial recovery. Our goal is to help you achieve a fresh financial start.
Frequently Asked Questions about Chapter 13 Bankruptcy
Q: How long does Chapter 13 bankruptcy stay on my credit report?
A: Chapter 13 bankruptcy can remain on your credit report for up to seven years.
Q: Can I keep my property in Chapter 13 bankruptcy?
A: Yes, Chapter 13 bankruptcy allows you to keep your property while you make payments under the plan.
Q: What happens if I can’t make my plan payments?
A: If you’re unable to make payments, we can help explore options such as plan modification or conversion to Chapter 7 bankruptcy.
Ready to Take Control of Your Financial Future?
If you’re in Fort Washington, MD, and considering Chapter 13 bankruptcy, the Law Office of Rowena N. Nelson, LLC is ready to help. Contact us today to schedule a consultation and take the first step toward financial recovery.
