Chapter 13: Developing A Repayment Plan That Works For You
Filing for bankruptcy can be a complex, confusing process, and there is a lot of bad information out there that can make you hesitant to move forward. When filing for bankruptcy, you would benefit from the help of a knowledgeable Chapter 13 lawyer from The Law Office of Ronald L. Schwartz serving Montgomery County and Prince George’s County. Attorney Schwartz helps negotiate a three- or five-year repayment plan for your debt, depending on your income and the needs of you and your family.
The Advantages Of Filing For A Chapter 13 Bankruptcy In Maryland
A Chapter 13 bankruptcy, also sometimes called “a wager earner plan”, simplifies your repayment options and allows you to protect your most important assets. Generally, you’re eligible for a Chapter 13 bankruptcy if you have less than $360,475 in unsecured debt, such as credit cards or medical bills, and no more than $1,081,400 in secured debt from mortgages, car loans and other sources. The following are among the advantages of filing bankruptcy with a Chapter 13 lawyer:
- Rescheduling current debts – A Chapter 13 bankruptcy typically allows you to extend payments for secured debt over the life of your repayment plan, which can reduce your monthly payments.
- Stopping foreclosure – Although you cannot reschedule your mortgage debt on your primary residence, filing for Chapter 13 does stop foreclosures and may allow you to pay off delinquent mortgage payments over time.
- Using a trustee – Once you have settled on a repayment plan, it is the trustee’s responsibility to pay back your creditors. All your debt is treated like a consolidated loan. You pay the trustee, and the trustee pays your creditors.
Working With A Skilled Attorney Can Save You Time, Money And Peace Of Mind
Bankruptcy can be a stressful process, but having the help of The Law Office of Ronald L. Schwartz can make you feel more secure. Attorney Schwartz is an accomplished Chapter 7 and Chapter 13 bankruptcy lawyer with the knowledge and experience to help you through a difficult time in your life.
Call For An Appointment With A Chapter 13 Bankruptcy Attorney Today
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.