Bowie, MD Chapter 13 Bankruptcy Attorney

Debt Relief Lawyer Helping You File for Chapter 13 Bankruptcy in Bowie, Maryland

You have been trying hard to provide for yourself and your family. You may own a home, work a steady job with decent pay, and manage your budget as frugally as you can. However, a sudden illness or injury, layoff, or another unexpected event can make your careful planning obsolete. You may not have much money in savings, so you could be forced to miss payments or go into deeper debt to try to make ends meet. When your debt becomes unmanageable, you may need to file for bankruptcy.

Bloc One Services, LLC is dedicated to helping our clients find the debt relief they need through a variety of effective solutions. Our extensive preliminary work includes gaining a complete understanding of your finances, circumstances, and goals. Armed with that knowledge, we will tailor our recommendations to suit your needs. "The people's attorney," Hope Blocton, understands that bad things can happen to good people, so do not worry about being judged for your financial position. She truly cares and offers her highly effective legal services at reasonable prices. She will fiercely safeguard your best interests as you begin to rebuild your future with Hope.

Exploring Chapter 13 Bankruptcy in Bowie, Maryland

There are several forms of debt relief available. Deciding which is best for you means considering several factors, such as the types of debt you have, how your income compares to Maryland's median amount, your expenses, and your objectives.

Right now, you probably have multiple open accounts, with each requiring a minimum or set payment every month. Chapter 13 bankruptcy allows you to consolidate and restructure those debts. All of your creditors will be given notice that you have filed for bankruptcy. At that point, the bankruptcy automatic stay will prevent most of them from taking action against you. The notice also gives each creditor a deadline for affirming the debt you owe.

Your lawyer will examine your finances closely to determine a reasonable amount you can pay each month toward your debts. Your repayment plan will be presented to the court for approval. Instead of making multiple payments to various creditors, you would make only one payment to the bankruptcy trustee. The funds you provide will then be distributed according to your approved plan. Some debts are prioritized, meaning they will be paid first. Those include things like taxes and secured debts.

You usually need to make your payments to the trustee for three to five years. When you have satisfied all your obligations under Chapter 13 bankruptcy, which include mandatory credit counseling and making on-time payments, any eligible balances that are left unpaid will be eliminated.

One of the primary advantages of Chapter 13 is that you can include past-due mortgage balances in your repayment plan to avoid foreclosure. Most creditors must also stop wage garnishments and other collection actions. Unlike Chapter 7, your assets will not be subject to seizure and liquidation.

Considerations in a Maryland Chapter 13 Bankruptcy

Most people considering bankruptcy wonder about two things: how it will impact their credit and who will know. Bankruptcy does cause an immediate drop in your credit score. A Chapter 13 bankruptcy will usually stay on your credit report for seven years, but the adverse effects will lessen as time passes. Your credit may already be affected by late payments and a high debt-to-income ratio, so the impact may not be as bad as you think.

Bankruptcy involves court orders, which are public records. However, your friends and family probably do not make a habit of searching court records, so unless you tell them, they will likely never know you filed for bankruptcy. Employers and others may run background checks on you, and your bankruptcy may appear. Your attorney can advise you on the best ways to address that possibility.

Call Our Bowie Chapter 13 Bankruptcy Lawyer

When your financial burden is too heavy to bear, Bloc One Services, LLC is here to help you receive the debt relief you so desperately need. We offer complimentary 30-minute consultations to clients in Maryland and Washington D.C. Schedule your appointment today by contacting us online or by calling 240-200-0076.