Baltimore Bankruptcy Chapter 13 Lawyer
Debts have a way of spiraling out of control. You miss one house payment and the next month you are stuck trying to figure out where to get the money for two mortgage payments plus penalties. How do you ever catch up? Moreover, what do you do when the bank is demanding its money NOW?
At the Law Office of David W. Cohen, I help individuals in and around Baltimore, Maryland, explore Chapter 7 and Chapter 13 bankruptcy as an option to digging out of money problems. With 25 years of experience in this area of the law, I can help you make smart, well-informed choices related to debt relief.
What Will Chapter 13 Bankruptcy Do for Me?
In a Chapter 13 bankruptcy, I will work with you to restructure your debt with your creditors and set up a repayment plan for your obligations. The goal of a Chapter 13 bankruptcy is to give you a manageable way to catch up on payments that you missed because of a period of illness or unemployment.
Unlike a Chapter 7 bankruptcy, in a Chapter 13 bankruptcy you make monthly payments for a period of 3-5 years to satisfy your debt, usually for a fraction of the amount owed on credit cards or other unsecured debt. The plan makes those payments more affordable because they are stretched out over several years. I will act as your liaison in any negotiations with creditors and bill collectors to ensure that any agreement you make will be an agreement that you can keep.
This might be a good option for you if you want to keep and continue to make payments on your home and car.
Relief From Repossession, Foreclosure and Creditor Calls
When you file for bankruptcy, the bankruptcy court will issue what is known as an automatic stay. This prevents your creditors from contacting you to collect a debt. It does not allow you to stop making payments on your mortgage or car unless you intend to give them up. Any foreclosure sales or pending repossessions are immediately halted but instead the Chapter 13 plan will take those payment into account when developing a plan to pay off your unsecured debt.
It also puts a stop to threatening letters and harassing phone calls. You have agreed to work out a plan to pay your creditors. The law requires that they leave you alone while you develop your plan.
Call to Learn More
If you have questions about filing a personal bankruptcy, speak directly with an experienced and well-respected attorney. Contact me to schedule a free initial consultation. Sunday appointments are available upon request.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
