Why You Need the Support of the Best

Chapter 13 Bankruptcy Lawyer MD to Plan

Your Debt Repayment

Chapter 13 bankruptcy is one of the two common options available to you when filing for bankruptcy – the other one being Chapter 7. Chapter 13 bankruptcy can be used to reorganize your debts. This makes it possible for you to hold on to some assets. Under this bankruptcy law‚ you are required to pay a specific amount every month for a specific amount of years under the rescheduled repayment process. At the end of the allotted time period, all remaining balances will be discharged by the creditor. You will have to find the best Chapter 13 bankruptcy lawyer MD to help you get the best deal under this bankruptcy law.

Understand the Terms and Conditions

It is important to note that you cannot simply choose to declare Chapter 13 Bankruptcy and create your own payment reschedule. There is a testing process that you will be subjected to for confirming if this type of financial relief will work for your current situation and circumstances. There are many terms and conditions that the government agencies generally enforce and which must be stringently complied with before your case for Chapter 13 bankruptcy is even considered. Your chapter 13 bankruptcy lawyer MD will be able to provide you with the right guidance.

Do You Have a Steady Income?

A regular and solid income flow is imperative for those who want to qualify for Chapter 13 bankruptcy. The agencies will take a close look at your debt margin which is different for various states. The top bankruptcy lawyers in Baltimore MD will know best about the existing terms and conditions applicable in Maryland for qualifying under Chapter 13 bankruptcy. That’s why you must consult an expert bankruptcy attorney at the earliest to help you get the best repayment plan that you are comfortable with considering your current and future income situation.

How Your Income Is Computed

You will have to start repaying the debts as soon as possible and for that you must show substantive evidence that you have enough money. Your income from all sources is computed and allowable expenses deducted to find out your repayment capability. While filing for bankruptcy, in most cases‚ the income proceeds from a working spouse are also taken into account even if the spouse has not filed for bankruptcy.

Priority of Payment

Your proposed repayment plan must take care of all required liabilities. There will be a list of priority of payment that follows the rule applicable to that particular state. Individuals who are filing for Chapter 13 should have been paying tax for the last four years and must furnish proof of the same to be eligible for relief under Chapter 13 bankruptcy laws.

To Enhance Chances of Approval You Would Need the Best Lawyer

While some people may opt for filing for bankruptcy Chapter 13 on their own without the assistance of a lawyer; it might not be a sensible thing to do because bankruptcy laws are complex, and hence difficult to comprehend. The chances of getting approval under Chapter 13 without a lawyer are extremely low as past records have shown. Using the services of the leading Chapter 13 bankruptcy lawyer MD can significantly improve the chances of getting approved. Of course‚ you will have to spend money on lawyer fees but it is a small price to pay for getting long term relief from your hassling and embarrassing debt situation.

Finding the right lawyer is a major part of your move to get relief from your debt situation. Look for a lawyer specializing in bankruptcy law MD and with years of experience in handling various types of bankruptcy cases. Competency‚ rate of success, and pricing are other factors to consider while choosing a good Chapter 13 bankruptcy lawyer.

Law Office Of Rowena N.Nelson, LLC

1801 McCormick Drive Suite 150Largo Maryland, 20774Office - 301.358.3271

Fax - 877.728.7744http://www.rnnlawmd.com/