Lanham, MD Chapter 13 Bankruptcy Attorney

Lawyer Helping You Restructure Debts Through Chapter 13 Bankruptcy in Lanham

When your budget is stretched to the limit, you may have tough choices to make. You may have to prioritize some bills over others. Late and missed payments can result in fees, higher interest rates, and creditors threatening to take legal action against you. The stress may seep into every facet of your life, and it can be overwhelming. You can choose to keep falling further behind, or you can take decisive action to regain control. Bankruptcy is a powerful form of debt relief that has multiple benefits, and it may be the best solution for you.

Filing for bankruptcy is a major decision, and you need a skilled attorney's guidance. Bloc One Services, LLC has extensive experience, legal and financial knowledge, and the determination to protect your interests and see you succeed. There is no judgment here, only high-quality legal services with reasonable fees. When you need effective relief from your debts, we will discuss your situation with you before offering customized guidance. The same solution is not right for everyone, and we will help you decide which path makes the most sense for you.

Determining Whether Chapter 13 Bankruptcy Is the Right Fit for You

Chapter 13 bankruptcy is not the only debt relief option, although it may be the best for you. Chapter 7 is often referred to as liquidation bankruptcy, and while it will allow most of your debts to be completely forgiven, you may forfeit some of your assets. Your income must be below a certain level to file for Chapter 7.

Debt settlement involves asking your creditors to make adjustments to the terms of your debts, such as lowering your monthly payments or giving you more time to repay your balance. This option could work well if your debt load is only temporarily unmanageable, but it does not provide the legal protections offered by bankruptcy.

Explaining Chapter 13 Bankruptcy

Chapter 13, like other forms of bankruptcy, includes an automatic stay. This is a court order that notifies your creditors that they must stop pursuing debt collection, which could include contacting you, asking for payment, or pursuing garnishments, repossessions, or foreclosures.

Most people considering bankruptcy have too many monthly payments to make, which causes them to fall behind. With Chapter 13, your debts will be consolidated and given an order of priority. Debts like taxes, student loans, and secured debts come first, with unsecured debts like credit cards, personal loans, and medical bills being paid last.

Before your bankruptcy filing, you may have had several separate payments. After your Chapter 13 repayment plan is confirmed, you will only have a single monthly payment. The amount of that payment will be decided according to your income and other expenses, and it will be outlined in your repayment plan for the court's approval. Making your payments on time is very important, as late or missed payments to the bankruptcy trustee could result in your case being dismissed. The trustee will pay your creditors, using the prioritized creditor list as a guide.

A credit counseling course is part of your bankruptcy requirements. When you have satisfied your payment obligations, which usually takes three to five years, your case will be formally discharged. If any of your included debts are still unpaid, the balances will be eliminated, meaning you will no longer owe them.

Call Our Lanham Chapter 13 Bankruptcy Lawyer

Choosing Bloc One Services, LLC to help with debt relief is the last choice related to your finances that you will need to make alone. You can rely on us to provide skillful guidance and representation at every step of your case, beginning with your complimentary 30-minute consultation. Contact us online today to schedule yours, or you can call us at 240-200-0076.