Chapter 13 in Maryland
Under a Maryland Chapter 13 bankruptcy, a debtor proposes a three-to-five-year repayment plan to the creditors offering to pay off all or part of the debts from future income. The amount to be repaid is determined by several factors, including the disposable income of the debtor and the results of a means test. To file under Chapter 13 in Maryland you must have a regular source of income and have some disposable income.
An automatic stay
The filing of Chapter 13 bankruptcy automatically stops all creditors in their tracks. This protection is called an automatic stay. You can use Maryland Chapter 13 for such things as stopping a house foreclosure, catching up on mortgage payments, lowering a car payment, and paying off your car over the course of the plan. Under Chapter 13 bankruptcy in MD you can pay off back taxes and stop interest from accruing on your debts. Chapter 13 bankruptcy in Maryland allows consumers to restructure their debt payments and keep assets.
Chapter 13 bankruptcy is different from Chapter 7 bankruptcy which will discharge most debt, but requires liquidation of assets. Under Chapter 13 bankruptcy a debtor enters into a repayment plan to resolve debts.
The Chapter 13 repayment plan
Under Chapter 13 bankruptcy a debtor enters into a repayment plan to resolve debts. Hiring a Maryland bankruptcy attorney that is highly skilled in bankruptcy laws and in Chapter 13 is a wise decision to help you in determining if this is the appropriate route to take. In addition, your Maryland Chapter 13 bankruptcy lawyer can guide you through the complex legal process of filing for MD Chapter 13 bankruptcy
Contact us for skilled legal guidance
A skilled MD Chapter 13 bankruptcy lawyer at the law firm of Goren, Wolff & Orenstein, L.L.C. can offer advice and answer all your questions about bankruptcy.in Rockville, Montgomery County and Frederick. Our has years of experience representing corporations and individuals in all types of Maryland bankruptcy proceedings and litigation. Our attorneys can help. To schedule a free consultation to discuss your case with us, contact us today.
