Hyattsville Chapter 13 Bankruptcy Lawyer

Bankruptcy Attorney Helping You Reorganize Your Debts Through Chapter 13 in Hyattsville, MD

When times are tough, your debts can build gradually, or an unexpected event may pile a massive amount of debt onto your already full plate. However it happened, coping with too much debt and not enough funds to repay it can be overwhelming. You need some form of debt relief to end the constant struggle. Bankruptcy could be your best solution.

When you choose Bloc One Services, LLC, we will do a lot of preliminary work to ensure that our recommendations are based on the specifics of your situation. We will ask about what types of debt you have, your income and expenses, and your goals. Then, we will help you explore your options to determine the best way to proceed. You can expect unparalleled legal services without judgment or ridiculously high legal fees. We understand how challenging it is to live with a heavy financial burden, so we will give you Hope for a better future.

Exploring Debt Relief Options in Hyattsville, Maryland

We know you are seeking relief from your debts, but there is more than one way to achieve that goal:

• Debt settlement: This may be a good choice if you expect your financial strain to be temporary, and minor adjustments could make your debt load manageable. Our attorney can negotiate with your creditors and seek better terms, but there is no guarantee that they will agree. After fulfilling your part of the agreement, your debts should be reported as settled to the credit bureaus. This can impact your score, but usually not as severely as bankruptcy.
• Chapter 7 bankruptcy: This option is often best for people who have a lower income and unsecured debts, such as medical bills, credit card balances, and personal loans. After around six months, eligible debts will be wiped clean. However, the trustee may seize and sell some assets to pay creditors. A credit report will retain a Chapter 7 bankruptcy filing for up to ten years, but the impact will decline over time.
• Chapter 13 bankruptcy: If your income is steady and you have secured debts, but you are unable to cover all of your monthly payments, this could be your best bet.

Understanding Chapter 13 Bankruptcy in Hyattsville, Maryland

Unlike Chapter 7, Chapter 13 bankruptcy does not require a means test, and your assets are not in danger of being taken away as long as you meet your bankruptcy obligations. Upon receipt of your petition for bankruptcy, an automatic stay will take effect. This is a court order that requires creditors to stop pursuing debt collections. It can halt garnishments, foreclosures, and repossessions. Most filers say the relief provided by the automatic stay is immeasurable.

Before filing, your financial strain was probably caused by having too many monthly payments. Chapter 13 bankruptcy will consolidate and restructure your debts. Attorney Blocton will work with you to determine how much you can realistically pay towards your debts every month, and she will submit your repayment plan to the court for approval. Instead of having to pay each bill individually, you make one payment to the bankruptcy trustee.

The trustee will have a list of all your creditors and debts. This list will be prioritized to pay certain debts first, with unsecured debts at the end of the line. When your payment is received, the money will go to your creditors in accordance with the prioritized list. It is very important to make on-time payments. If you do not, the court may dismiss your bankruptcy case. You will also be required to take a credit counseling course. If there are still unpaid debts that were included in your filing, they will be erased when your bankruptcy case is closed.

It typically takes three to five years to finish a Chapter 13 bankruptcy repayment plan. This type of bankruptcy drops from your credit history after seven years.

Contact Our Hyattsville, Maryland Chapter 13 Bankruptcy Attorney

If you are considering filing for bankruptcy, the attorney you choose needs to be meticulous, experienced, and knowledgeable. Contact Bloc One Services, LLC online or call 240-200-0076 today to get started on your path to a promising financial future. Your first consultation is free of charge.