No one wants to be faced with overwhelming debt because it can sometimes feel like they are drowning in the debts they owe. When debt becomes too much to pay, a person needs to be know that there is help available. Meeting with a chapter 13 bankruptcy attorney in Bowie will give individuals the information they need so they can make sound decisions.
What Happens When a Person Files Chapter 13?
When a person is facing the loss of their home or dealing with mostly secured debts, it is crucial for them to meet with a chapter 13 bankruptcy attorney in Bowie. This will allow them to learn if they are a good candidate for bankruptcy.
To apply for chapter 13, a person must have a reliable income because they must make monthly payments to the court that are distributed to those debtors they owe. Individuals are given a period of three to five years to be under the protection of bankruptcy. During this period, their creditors cannot pursue any type of collection activity, including foreclosure or repossession.
It is imperative a person meets with a chapter 13 bankruptcy attorney in Bowie so they can determine if they are a good candidate. The lawyer will help their client draw up a structured repayment plan so it can be submitted to the courts for approval. Once the bankruptcy is in effect, it is vital a person makes their monthly payments on time.
Failure to stick with the repayment plan could result in the bankruptcy being dismissed, which would start collection activity. The court will not approve a bankruptcy repayment plan that does not line up with a person’s income amount and needs for debt repayment.
Schedule a Consultation
Those who are dealing with too much debt need to schedule an appointment with the attorney. A consultation appointment will allow an individual to learn more about their legal rights and what will need to take place for them to be able to pursue their bankruptcy.