Stop the Financial Harassment and Contact a Chapter 13 Bankruptcy Attorney in Frederick

Harassing telephone calls and the threat of losing everything can be stopped. In certain situations, garnishments, lawsuits, repossessions and foreclosures can be stopped by filing for bankruptcy. The best way to make this determination is by speaking with a chapter 13 bankruptcy attorney in Frederick.

Although parts of the economy are doing very well, there are many individuals who have not recovered from the deep recession. Bankruptcy is a legal way to eliminate the debt and have a fresh start. It’s never too late to file bankruptcy or to discuss the option with a bankruptcy attorney.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a three to a five-year repayment plan to the creditors of all or part of the debts. Chapter 13 is a reorganization of the debt. In many circumstances, chapter 13 bankruptcy allows an individual to maintain most of their assets.

This type of bankruptcy is used by individuals who want to keep their assets like their house and car. Chapter 13 allows a debtor to make up their overdue payments and reinstate their loan agreements.

Requirements to File Chapter 13 Bankruptcy

An individual must have a regular source of income and some disposable income to apply for a chapter 13 bankruptcy. A Maryland Means Test must be performed to determine the amount that must be repaid. The amount paid to the creditors must be as much as the creditors would receive for payment if an individual filed chapter 7 bankruptcy.

The only way to determine if an individual should file bankruptcy is by speaking with a chapter 13 bankruptcy attorney in Frederick. They will help an individual determine which type of bankruptcy can be filed.

Chapter 7 Bankruptcy

Another type of bankruptcy that is used frequently is chapter 7. Chapter 7 is considered a fresh start and is a complete liquidation of any assets that are not exempt from the bankruptcy. A trustee will be appointed to sell the nonexempt property.

There is no reason an individual has to be financially burdened because of a job loss, divorce, death, or overspending. Contact us to learn more about bankruptcy options.

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