Chapter 13 Bankruptcy Maryland
Chapter 13 (Reorganization)
Many of our clients don’t yet fully understand the options at their disposal, including chapter 13 bankruptcy in Maryland. Here, we’ll offer an overview to help provide you with the information you need to make the right decision.
In a chapter 13 case you file a “plan” showing how you will pay off some of your past-due and current debts over three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable property–especially your home and car–which might otherwise be lost, if you can make the payments which the bankruptcy law requires to be made to your creditors. In most cases, these payments will be at least as much as your regular monthly payments on your mortgage or car loan, with some extra payment to get caught up on the amount you have fallen behind.
You should consider filing a chapter 13 plan if you:
- Own your home and are in danger of losing it because of money problems;
- Are behind on debt payments, but can catch up if given some time;
- Have valuable property which is not exempt, but you can afford to pay creditors from your income over time.
You will need to have enough income during your chapter 13 case to pay for your necessities and to keep up with the required payments as they come due.
When you’re ready to take the first step towards a brighter financial future, call Goren & Tucci at 301-977-4300 today. We’ll provide you with a free consultation to discuss your case and how we may be able to help as your Maryland bankruptcy chapter 13 lawyer.