You might experience severe financial difficulties resulting from various life circumstances. But just because your debts are piling up doesn’t mean you have to sell everything and pay your creditors. Specific bankruptcy alternatives and programs may be appropriate for your situation. If you live in Rockville, Maryland, and are considering filing for bankruptcy, contact the best Chapter 13 bankruptcy lawyers in the area to help you decide which options are best for your financial situation.
If you don’t want to liquidate all of your assets and reserve some spare cash for the future, Chapter 13 bankruptcy may be the best option for you. This type of bankruptcy is also known as a repayment or reorganizational plan because rather than liquidating assets, you can extend your payment plan for up to five years.
Hiring the right lawyer can have a significant impact on your future. Kurland Law Group is a well-known bankruptcy firm that assists clients in filing for bankruptcy relief under the Bankruptcy Code.
Consider a situation in which you are concerned about your finances. To make matters worse, your credit, personal loans, and mortgages are piling up, and some creditors are even harassing you for payment.
We completely understand your situation. At Kurland Law Group, we are committed to providing the best service and previous case experience to help you understand your circumstances. We can assist you throughout the process, from filing for bankruptcy to running errands for the necessary paperwork.
A wage earner’s plan is another name for a Chapter 13 bankruptcy. It enables people with a steady income to create a plan to repay all or part of their debts. Debtors propose a repayment plan to creditors in installments over three to five years under this chapter.
If the debtor’s current monthly income is less than the applicable state median, the plan will last three years unless the court grants an extension “for cause.” If the debtor’s current monthly income exceeds the applicable state median, the plan must generally last five years. A plan may not provide for payments made for more than five years. During this time, creditors are not permitted to begin or continue collection efforts.
In a Chapter 13 bankruptcy, individuals have several advantages over liquidation under Chapter 7. Here are the following advantages:
There are numerous steps in filing for bankruptcy. It may be a long process, but with the advice of an efficient Chapter 13 bankruptcy attorney, you will get through it efficiently. These are the following steps:
Filing for bankruptcy necessitates completing paperwork outlining your current debts, assets, income, and expenses, as well as your intentions regarding loans secured by collateral, such as a mortgage or car loan.
To get ready, make sure you have complete information about the following:
For married people, even if you plan to file alone, you’ll need this information for your spouse.
You can prepare your bankruptcy forms if you’re the attentive, organized type, but this is one area where you’ll probably appreciate professional legal assistance.
You must file your petition in the appropriate district court in Maryland after completing it and submitting the supporting documentation. Our Kurland Law Group Chapter 13 bankruptcy lawyers in Rockville, Maryland, will provide you with information about your local bankruptcy court, including local rules and requirements.
Unless you apply for a fee waiver or payment in installments, you must pay the filing fee in cash or money order when you file your petition.
You will be required to attend a 341 hearing, also known as a “creditors meeting,” several weeks after filing for bankruptcy. The meeting will be led by the bankruptcy trustee assigned to your case, who may question you about the information you’ve provided on your bankruptcy forms. Creditors may also attend the hearing to interview you.
The bankruptcy trustee will tell you what to bring to the meeting, but you should take the following items:
Our Chapter 13 bankruptcy lawyer will also explain in detail how to prepare and what to expect at a 341 hearing.
You may never need to worry about this, but there’s a chance you’ll want to file additional paperwork after filing your bankruptcy petition. For example, you may wish to file a request (referred to as a motion) to have creditors’ claims (liens) against your property removed. Alternatively, if a creditor claims that you owe more than you believe, you may wish to file an objection with the court.
Depending on the complexities of your situation, you may need the legal advice and assistance of an experienced bankruptcy lawyer here too.
You must complete a debt management course within 45 days after your creditors’ meeting. This is not the same as the credit counseling class you take before filing. The class costs from $0 to $75, depending on your financial situation. If you do not attend it and do not submit your certificate of completion on time, your case may be dismissed by the bankruptcy court. You must take the class from a court-approved provider.
After completing the steps to this point and meeting all the requirements of your bankruptcy filing-if you’ve filed under Chapter 13, this means making all the payments under your agreed-upon plan-it’s finally time for the court to erase your dischargeable debts.
Not everyone qualifies for Chapter 13 bankruptcy. First and foremost, you must have sufficient disposable income to support your repayment plan. In some cases, the bankruptcy court or the court of trustees will not allow larger companies to file under Chapter 13, but they can file under Chapter 11. Here are some other requirements to determine if you are eligible for Chapter 13 bankruptcy:
Thousands of people from Rockville, Maryland, have been assisted by Kurland Law Group to restructure their debt and loan payments. The attorneys at the firm will work with you to develop a structured repayment plan that is both convenient for you and acceptable to your creditors and the bankruptcy courts. Your reliable Chapter 13 Bankruptcy attorney will handle everything from negotiating better payment options with your lenders to structuring a plan and representing you in court.
Schedule a free phone consultation with us now! Call our law office now to help you win back your financial freedom.
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