MARYLAND AND VIRGINIA BANKRUPTCY LAWYERS

If you are having trouble meeting your financial obligations, or feel like you'll never be able to get out of debt, filing for Chapter 13 bankruptcy may be a wise choice for you. Chapter 13 bankruptcy, also known as the wage earner's plan, allows people who have a regular source of income create a financial plan for eliminating debt.

At SRIS, P.C., our experienced bankruptcy lawyers help people in Maryland and Virginia restructure their debts using the Chapter 13 bankruptcy process. Contact us today to discuss your concerns.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a type of bankruptcy that allows individuals to create a debt restructuring plan. If you cannot qualify for Chapter 7 bankruptcy based upon your income or the means test, you may still be able to create a more manageable financial plan by filing Chapter 13.

Unlike Chapter 7 bankruptcy, where your assets are liquidated and many of your debts are discharged, under Chapter 13 bankruptcy you will be required to repay some of your financial obligations from your future income. However, you will also generally be able to maintain more of your possessions - Chapter 13 bankruptcy may allow you to stop foreclosure on your home.

With a Chapter 13 bankruptcy, you agree to pay your creditors some portion of the money that you owe them over a three to five year period. Frequently, this agreement will include a reduced interest rate for these debts or even eliminate interest entirely. The precise amount you have to repay will be determined by your disposable income, and your other financial obligations.

The entire process will be overseen by the bankruptcy courts, and creditors are not allowed to attempt to collect from you outside of this agreement.

Contact Our Bankruptcy Attorneys Today

If you are considering bankruptcy, our experienced bankruptcy lawyers can help you determine what type of bankruptcy will work best for you. In Maryland or Virginia, contact us to discuss your concerns. Call us at 888-437-7747 or complete our online intake form today.

We Are a Designated Debt Relief Agency under Federal Law. We Provide Legal
Assistance to Consumers Seeking Relief Under the Bankruptcy Code.