With Chapter 13, Protect Your Car & House from Creditors Deciding on bankruptcy can be a tormenting situation in one’s life. It severely impacts your credit and reputation. In such situations it makes sense to consult a bankruptcy attorney. Fortunately, if you are looking for a Chapter 13 bankruptcy lawyer, Maryland has several good ones. A professional legal counsel can greatly improve the chances of your making a new start in life. When the term bankruptcy props up, most of us think of Chapter 7 and Chapter 13. Here is a rundown on both these types of bankruptcies. Chapter 7 bankruptcy In Chapter 7, the trustee cancels all or most of your debts. Concurrently, the trustee may liquidate some of your property to pay off debts or repay creditors. Before you jump in to file for Chapter 7, ask yourself the following key questions. Will it be required for you to give up property you really want to keep? Will the bankruptcy discharge enough debts to make it worthwhile? You must keep in mind that Chapter 7 has a list of non-dischargeable debts like alimony obligations, income taxes less than 3 years, student loans, and some more. Chapter 13 bankruptcy can be an appropriate option for you if you want to keep your property. But remember, not all are eligible for Chapter 13. Chapter 13 stipulates that you must use your income to pay off some or all of your debts. Moreover, businesses cannot file for Chapter 13 bankruptcy. According to a Chapter 13 bankruptcy lawyer in Maryland, the individual is required to prove in court that he or she will be able to meet their outstanding obligations. Therefore, it makes sense to ensure you have sufficient disposable income after allowing for certain expenses and setting aside payments on secured debts. “I advise my clients to plan properly to pay back certain debts in full”, says a Maryland based bankruptcy lawyer. “Else, the judge may not approve their filing”. Individuals desirous of filing for Chapter 13 can use income from several sources to fund their Chapter 13 plan. • Pension payments • Regular salary • Social security benefits • Money received as alimony • Rents • Proceeds from sale of property You must bear in mind that money from a working spouse can also be used as a source of income. Further, you must submit proof that you have filed your income tax returns for 4 years prior to filing for bankruptcy. With Chapter 13, you have excellent chances of wiping out debt. You will be able to avoid foreclosure, stop debt collectors, prevent car seizure, and remove legal claims on your home. It is possible that for some reasons you may fall behind on your Chapter 13 payment schedules. In such a situation, the trustee or creditors will persuade the court to dismiss your bankruptcy case. According to a %0A» rel=»nofollow»>Chapter 13 bankruptcy lawyer Maryland, this is no cause to worry.
The attorney can brief you on various other options available to you.
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