Best Foreclosure Lawyers in Ellicott City, MD

Most Chapter 13 bankruptcy filings are made by those whose income is too high to be eligible for Chapter 7, although Chapter 13 can also be made by those with lesser incomes. Your income, assets, and debt will all go into the Chapter 13 bankruptcy payment amount that you must make. In a Chapter 13 bankruptcy, certain debts, such as certain taxes, arrears on secured loans (such as a mortgage or auto loan), and arrears on child support obligations, must be fully repaid. With the help of a three to five year payment plan, you can pay off these debts over time. Benefits that are not offered by Chapter 7 bankruptcy may be accessible under Chapter 13. In some cases, Chapter 13 bankruptcy enables debtors to permanently eliminate a second mortgage on their property, reduce the amount of a tax lien, cut the interest rate on a car loan, and lower the total amount owing on a car loan. You may be able to prevent the liquidation of your non-exempt property by filing for Chapter 13 bankruptcy. As well as allowing you to catch up on missed payments (arrears) on the secured debt over a three to five-year period, Chapter 13 can stop foreclosure or repossession. Contact our experienced Glen Burnie, Maryland Bankruptcy attorney for a free consultation! Robert Siegel with ZSTS Empire Towers 7310 Ritchie Hwy Suite 1001 Glen Burnie, MD 21061...