Debt relief can take many forms. Chapter 13 bankruptcy can provide needed relief for people who have assets they wish to protect from their creditors, and who have a regular source of income such as wages or Social Security, and who may otherwise not qualify for Chapter 7 protection. Generally in a Chapter 13 case, you can keep your property and reorganize your debts according to a payment plan lasting three to five years. Whether filing for Chapter 13 reorganization is the right choice, depends on your particular circumstances. It is important to speak to a knowledgeable bankruptcy lawyer before you make decisions that can impact you for years to come.
At Edwards Phillip Amourgis, PC, our experienced lawyers represent clients in Maryland, Virginia and Washington, D.C., in bankruptcy matters. To schedule a free initial consultation to discuss your financial situation, call 301-328-1243, toll free at 877-593-5219 or contact us online.
Chapter 13 Stops your Creditors
In many cases, people file for Chapter 13 protection when they want to protect their home from foreclosure or their car from repossession. Filing for chapter 13 bankruptcy generally stops or "stays" any collection activities against you or your property. Unlike a Chapter 7 bankruptcy case, a Chapter 13 bankruptcy can be effective to:
- Stop a home foreclosure.
If your mortgage is delinquent, we can stop a foreclosure immediately and save your home. - Save your car.
We can prevent the bank from repossessing your car, and even recover it after the bank has repossessed it in some cases. - Protect your cosigners.
If your family or friend cosigned a loan on your behalf, we can shield them from your creditors. - Consolidate your debt.
A Chapter 13 Plan acts like a loan consolidation. You can pay off your credit cards, medical bills and other debts with a single payment plan that you can afford. - Remove or strip off junior liens
If you have more than one mortgage on your house, and your house is worth less than these mortgages, it may be possible to remove or "avoid" the second mortgage lien or judgments on your home so that you are no longer personally liable on these mortgages.
Chapter 13 - Paying your Debts over Time
When you file for Chapter 13 protection, you will be able to repay your debts over a period of time, without fear that your home or car will be taken from you. You will be required to file a chapter 13 plan which will determine which of your creditors get paid, how much they will be paid, and what property or properties you intend to keep and which you will give up. The lawyers at Edwards Phillip Amourgis, PC will help you come up with a Chapter 13 plan to repay your debt, stop foreclosures, and keep the property that means so much to you.
The terms of your chapter 13 plan depend on your financial situation and on your attorney's ability to present your case. The Bankruptcy Court must approve your chapter 13 repayment plan before you can see your Chapter 13 bankruptcy case to completion. In a Chapter 13 case, you do not get an immediate discharge, like a Chapter 7 debtor. Rather, your discharge comes at the successful conclusion of your chapter 13 plan, which may be as long as 5 years. The experienced bankruptcy lawyers at Edwards Phillip Amourgis, PC will prepare your chapter 13 plan so that it can be approved by the Bankruptcy Court.
Offices in Rockville, Washington, D.C., and McLean
With offices in McLean, Rockville, Columbia, Frederick, Baltimore and Washington, DC, the Chapter 13 attorneys at Edwards Phillip Amourgis, PC assist clients all over the Baltimore, Northern Virginia and Washington, DC metro area. We offer the skill and knowledge you need to help you navigate the bankruptcy process. Call 301-328-1243, toll free at 877-593-5219 or contact us to schedule your free initial consultation.