Are you considering Chapter 13 bankruptcy? If your answer is yes, you must first decide if Chapter 13 is appropriate for you and get a proper understanding of how to keep your valuable assets and discharge your unsecured debts. Regarding Chapter 13 bankruptcy, Maryland lawyers have answers for some of your key questions. What is Chapter 13 bankruptcy all about? Chapter 13 Bankruptcy is for people who earn a good income and want to safeguard their property. It is unlike Chapter 7 Bankruptcy, where the trustee sells some of your property to repay debts. How much of my debt do I have to repay in a Chapter 13 case? This depends on the types of debts you have.
I am facing foreclosure. Will Chapter 13 keep my home? If you ask a chapter 13 bankruptcy lawyer in Maryland, he or she will say Chapter 13 is a good option. Chapter 13 offers an excellent opportunity to pay off a mortgage over a length of a re-arranged payment plan. The duration is usually between 3 and 5 years. But for this plan to be workable, you must have a strong enough income that meets your current mortgage payment plus the amount you need to pay off the arrearage. A good feature about Chapter 13 is once you file the petition; the “automatic stay” immediately comes into effect and halts foreclosure proceedings until a repayment plan is approved. What if my only source of income is retirement benefits? In that case you need to prove to the judge that your retirement income is adequate to meet your payment obligations. Keep in mind that Chapter 13 allows you to use income from many sources to fund your plan. What about the taxes I owe to the IRS? You can manage tax debt with Chapter 13. You must repay 100% of your tax debts over the duration of your Chapter 13 repayment plan. Remember, if you are filing for chapter 13 bankruptcy Maryland has several good lawyers. Getting the right help is crucial to your success. A good lawyer will not only provide counsel but also handle your case from start to finish.
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