Baltimore Chapter 13 Bankruptcy Lawyers
If you are struggling with overwhelming debt but have a steady income, Chapter 13 bankruptcy may be the right solution for you. At LeViness, Tolzman & Hamilton, our experienced Baltimore Chapter 13 bankruptcy lawyers help individuals and families restructure their debt into a manageable repayment plan. With decades of legal experience, we provide personalized legal strategies to protect your assets and get you back on firm financial footing.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy, also known as a wage earner’s plan, allows individuals with a regular income to reorganize their debt into a repayment plan spanning three to five years. Unlike Chapter 7, which involves liquidating assets to pay off creditors, Chapter 13 enables debtors to retain their property while making scheduled payments to creditors under court supervision.
Key benefits of Chapter 13 bankruptcy include:
- Preventing foreclosure and allowing homeowners to catch up on missed mortgage payments.
- Consolidating and reducing unsecured debts like credit card bills and medical expenses.
- Halting creditor harassment, wage garnishments, and lawsuits.
- Offering an opportunity to pay non-dischargeable debts, such as tax obligations, over time.
Who Qualifies for Chapter 13 Bankruptcy?
To file for Chapter 13 bankruptcy in Baltimore, you must meet the following requirements:
- Regular Income: You must have a steady source of income that allows you to make consistent payments.
- Debt Limits: Your secured and unsecured debts must fall within the limits set by the Bankruptcy Code.
- No Recent Bankruptcy Discharge: You cannot have received a Chapter 7 discharge within the last four years or a Chapter 13 discharge within the last two years.
- Filing Requirements: You must provide complete and accurate financial disclosures, including tax returns, income records, and a proposed repayment plan.
If you are unsure whether you qualify, our skilled Baltimore bankruptcy lawyers can assess your financial situation and determine the best path forward.
How Does the Chapter 13 Bankruptcy Process Work?
- Filing the Petition: The process begins when you file a Chapter 13 petition with the U.S. Bankruptcy Court for the District of Maryland. This filing triggers an automatic stay, which immediately stops creditor collection efforts.
- Creating a Repayment Plan: You must propose a repayment plan outlining how to repay creditors over three to five years. The plan is based on your disposable income and must be approved by the bankruptcy court.
- Meeting of Creditors: Approximately four to six weeks after filing, you must attend a 341 Meeting of Creditors, where creditors may raise objections. Our lawyers will prepare you for this meeting and represent you throughout the process.
- Confirmation Hearing: A bankruptcy judge reviews your repayment plan to ensure it meets legal requirements. If approved, you begin making scheduled payments through a court-appointed trustee.
- Completing the Plan: If you successfully complete all payments, the remaining eligible debts may be discharged, giving you a fresh financial start.
Can Chapter 13 Bankruptcy Stop Foreclosure?
Yes, filing for Chapter 13 bankruptcy immediately stops foreclosure proceedings through the automatic stay. This gives homeowners time to catch up on missed mortgage payments while maintaining current ones. Our legal team can help you develop a plan to protect your home and eliminate debt burdens.
What Debts Are Covered in Chapter 13 Bankruptcy?
Chapter 13 bankruptcy can help reorganize the following types of debt:
- Secured Debts: Mortgage arrears, car loans, and home equity loans.
- Unsecured Debts: Credit cards, medical bills, and personal loans.
- Priority Debts: Certain tax obligations, alimony, and child support.
Certain debts, such as student loans and criminal fines, are generally not dischargeable under Chapter 13 but can be included in your repayment plan.
What Happens if I Miss a Chapter 13 Payment?
Missing a Chapter 13 payment can jeopardize your bankruptcy case. If you are struggling to make payments due to unexpected financial hardship, you may be able to:
- Modify your repayment plan.
- Request a hardship discharge under certain conditions.
- Convert your case to Chapter 7 bankruptcy.
Our lawyers will work with you to explore your options and ensure you remain compliant with bankruptcy requirements.
Why Choose LeViness, Tolzman & Hamilton for Chapter 13 Bankruptcy
Navigating bankruptcy laws can be overwhelming, but our Baltimore Chapter 13 bankruptcy lawyers provide dedicated support throughout the process. Here’s why clients trust us:
- Decades of Experience: We have helped thousands of clients successfully reorganize their debt.
- Personalized Attention: Every case is unique, and we tailor our legal strategies to fit your financial needs.
- Aggressive Advocacy: We fight to protect your assets, reduce creditor pressure, and secure the best possible outcome.
- Comprehensive Financial Guidance: Beyond bankruptcy, we offer legal debt management and financial recovery insights.
Contact Our Baltimore Chapter 13 Bankruptcy Lawyers at LeViness, Tolzman & Hamilton Today for Crucial Information
If you are overwhelmed with debt and seeking a structured way to regain financial stability, Chapter 13 bankruptcy may be the right solution for you. At LeViness, Tolzman & Hamilton, our skilled Baltimore Chapter 13 bankruptcy lawyers are ready to guide you through the process. Call 800-547-4LAW (4529) or contact us online for a free consultation.
We have offices in Baltimore and Owings Mills, allowing us to represent clients in Maryland, including those in Anne Arundel County, Baltimore County, Carroll County, Harford County, Howard County, Montgomery County, Maryland’s Western Counties, Prince George’s County, Queen Anne’s County, Southern Maryland, and the Eastern Shore, as well as the communities of Catonsville, Essex, Halethorpe, Middle River, Rosedale, Gwynn Oak, Brooklandville, Dundalk, Pikesville, Nottingham, Windsor Mill, Lutherville, Timonium, Sparrows Point, Ridgewood, and Elkridge.