Chapter 13 Bankruptcy? Contact a Maryland Attorney
Chapter 13 bankruptcy is often referred to as the debt restructuring bankruptcy. In a Chapter 13 bankruptcy, your debts are not automatically discharged as with a Chapter 7 bankruptcy. Rather, you the consumer propose a repayment play that may stretch over 3 to 5 years. You may end up paying only a percentage of your current debt load, with interest rates lowered or eliminated.
The first step in a Chapter 13 bankruptcy is of course to determine whether Chapter 7 (debt discharge) or Chapter 13 is right for you. Contact a bankruptcy lawyer at the law offices of Joseph, Greenwald & Laake, P.A. to discuss what you need to know about Chapter 13 bankruptcy such as:
- How to prepare the required list of income and expenses, assets, debts, and property transactions.
- How to devise a reasonable, workable proposed repayment plan describing how you intend to repay your debts.
- How a Chapter 13 bankruptcy may be able to stop home foreclosure.
For more than 40 years, Joseph, Greenwald & Laake, P.A. has been helping clients in Maryland and the Washington, D.C., metro area deal with legal challenges such as Chapter 13 bankruptcy and foreclosure. We realize that your time and resources are valuable. We understand that if you are considering filing Chapter 13 bankruptcy, it is in an attempt to emerge on stronger financial footing after a time of monetary crisis brought on by any number of factors such as the following:
- Job loss: was your job one of millions that have been lost in recent years throughout America? Keep in mind that you will need some income to qualify for Chapter 13 bankruptcy. Perhaps you have a new job but the salary is much lower than was true at your previous position. Chapter 13 may be just right for you.
- Medical bills: a diagnosis of cancer or heart disease is not only a personal trial; it often spells economic disaster for an entire family in today's world where health insurance and health care are out of reach of many. If your family was caught in a financial trap as a result of medical needs of someone in the family. Chapter 13 bankruptcy may allow you to deal with those overwhelming debts honestly and efficiently.
- Overextension of consumer debt: yes, you used credit cards to get by so your actions had something to do with your current financial crisis. But remember that those same creditors enticed you to overextend your debt load with offers of 0% interest, free balance transfers and a new credit card every few months. If you are unable to repay these debts under the new terms of those credit cards, a plan to file Chapter 13 may be the best way to confront the problem and put it behind you.
Talk to one of our bankruptcy lawyers about your individual circumstances if you are unable to repay your debts and wonder where to turn. Our good name in the community is an indication of the dedication and respect that you can expect from Joseph, Greenwald & Laake, P.A. Call or e-mail the law firm.
