CHOOSING CHAPTER 7 BANKRUPTCY

Chapter 13 bankruptcy (also called a "repayment plan") is generally used for individuals that have an income that can generally cover most expenses on a monthly basis and in some instances, have money left over after paying their monthly bills. In a chapter thirteen filing, your income will need to exceed certain guidelines. For people who are behind on mortgage or car payments, or have both secured and non secured assets they wish to retain, a Chapter 13 reorganization can facilitate improved cash flow and potentially reduce both the monthly payments owed and the total balances owed on secured obligations. Learn more by contacting our offices at (301) 816-9550 or use our online form to Inquire about a Chapter 13 petition in Maryland.

A Chapter 13 reorganization can help people who have debts that would not be exempt in a Chapter 7. An attorney with the Law Office of Timothy J. Sessing can go over the Process of Bankruptcy filings and what potential repayment plan you can expect. As part of a Chapter 13 petition, the consumer must make payments to a Trustee, who distributes the money to the creditors according to a Chapter 13 plan. The payments can continue for upwards of five years.

A Chapter 13 plan is based on the consumer's monthly income, monthly expenses, debt, and property. Depending on these factors, consumers who qualify pay back either part or all of their debts. As long as Chapter 13 consumers keep up with the plan, they are able to keep their property. At the Law Office of Timothy J. Sessing, our Legal Services are designed with you in mind. To learn more, or for a free consultation, contact our offices today at (301) 816-9550.

PLEASE NOTE: BOTH A CHAPTER 7 AND CHAPTER 13 BANKRUPTCY WILL PUT A STOP TO ANY CREDITOR HARASSMENT, LAWSUIT, WAGE GARNISHMENT, OR FORECLOSURE.

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The Law Office of Timothy J. Sessing is experienced in helping you eliminate your debt.  Contact us now for a free initial consultation at 301-816-9550 in Rockville and Frederick, Maryland.

If you would like help in deciding whether filing for Bankruptcy is the right course for you, visit the Bankruptcy Info Sheet.

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