So, with the help of your trusted legal counsel, you have decided to file for a Chapter 13 as the best possible solution for your financial situation.
With this set, you may now know what to do, but do you have an idea of how things will proceed from here on out?
We made a briefer of highlights at The Mercy Law Firm LLC to make the picture simpler to navigate for you. Having a clear idea is especially important because your situation may require that you coordinate with a family lawyer in Maryland or other types of legal professionals. Take a look below:
- Payments and duration
You repay your credits either fully or in part through a Chapter 13 repayment plan. Depending on your income, this plan may last 3-5 years. That said, most of your unsecured debt balances will be discharged provided that it is below $419,275 (as of 2020).
Through a Chapter 13 bankruptcy, no property of yours will be liquidated.
- Mortgages and foreclosures
A Chapter 13 bankruptcy can give you an opportunity to make up past due mortgage payments and stop an ongoing foreclosure.
- Filing complexity
Chapter 13 bankruptcies almost always require an attorney because you need to submit a repayment plan, something that would be quite impossible to create without legal foresight and expertise.
We hope the list helped! For more like this, be sure to stay updated. We are the leading law firm in Laurel, Maryland, that is always ready to help you fight for your rights and get you in the most advantageous situation possible through a client-focused, forward-thinking, and innovative approach.