Generally, individuals file a Chapter 13 bankruptcy case to stop foreclosure, repossession, or other collection action against a house, car, or other assets which secure the promise to pay which has not been paid. By filing a Chapter 13 case, individuals can force upon their creditors a plan of reorganization to repay money owed to mortgage companies, car companies, even IRS, and other creditors all while keeping their houses, cars, and other assets. In most cases, an individual can stretch the repayment plan to 5 years so as to make the payments affordable.
At Gilman & Edwards, LLC, by and through our Bankruptcy Assistance Center, our Rockville Maryland Chapter 13 attorneys understand that filing bankruptcy is an important decision, and one that should be made only upon careful review and understanding of today’s federal bankruptcy laws.
Whether you live in Rockville, Greenbelt, Gaithersburg, Temple Hills, Montgomery Village, Silver Spring, Fort Washington, Washington, D.C., we know you are being threatened and concerned about foreclosure and other debt issues. For example, if you have attempted a loan modification and have been turned down, Chapter 13 bankruptcy may be the sensible answer for you. We know you are in need of a solution that brings you debt relief. As experienced lawyers in the area of loan modification, loss mitigation, foreclosure relief, and Chapter 13 Bankruptcy, we can help in choosing the best option.
The goal of every individual who files a Chapter 13 bankruptcy case is to reorganize debt at an affordable monthly amount. Upon completion of a Chapter 13 bankruptcy case, you will have brought your mortgage and car payments current, and receive a discharge of all credit card debt, medical bills, and personal loans, sometimes for pennies on the dollar, all at pace that was tailored to you. Only through the filing of a personal bankruptcy case can an individual receive a discharge from the Federal Bankruptcy Court.
The filing of a Chapter 13 bankruptcy case stops any and all collection efforts against you and your property-hence, the filing of a personal bankruptcy case will stop dead in its tracks, all garnishments, lawsuits, repossessions, and even foreclosure.
At Gilman & Edwards, LLC we are well versed in not only Chapter 13 Bankruptcy cases, but Chapter 7, Chapter 11, and alternatives to bankruptcy-loan modifications, work-outs, debt settlements, IRS offer-in-compromises and mediation. Put our experience and knowledge in your corner, so you are best prepared to file a Chapter 13 bankruptcy case.