9:00 am- 5:00 pm

Hours Mon. - Fri. (Sat. & Sun. by appt. only)

Facebook

Twitter

Search
 

Bankruptcy Attorneys Serving Jessup, Maryland

GeorgetteMillerLaw.com > Locations  > Howard County Maryland Bankruptcy & Real Estate Attorney > Bankruptcy Attorneys Serving Jessup, Maryland

Bankruptcy Attorneys Serving Jessup, Maryland

Bankruptcy Attorneys Serving Jessup, MarylandThe loss of a job, unexpected medical bills or a reduction in overtime hours are all that it takes sometimes to push even the most conscientious person into financial difficulty.

When things happen that cause a drop in income or expenses that are beyond the scope of your income, you may be facing debt collectors calling all day and night or letters threatening lawsuits, wage garnishment or property liens.

Your mortgage payment may be behind and you could be concerned about foreclosure. When the stress becomes too much to bear, you may want to consider discussing your options with our bankruptcy attorneys.

Liquidation Bankruptcy Lawyers Serving Jessup, Maryland

A Chapter 7 bankruptcy attorney can help you with what is known as a liquidation bankruptcy. In a Chapter 7 bankruptcy, certain property, such as your home, your vehicle and tools necessary to perform your job, may be exempt. All unsecured debt, such as medical bills and credit card debt are eliminated. This type of bankruptcy is best for someone with little or no income and those who have no equity in their home or other property of value. As soon as you file Chapter 7, an automatic stay goes into effect. This stops creditors from trying to collect what is owed, which means they cannot garnish your wages, freeze your bank account or cut off your utilities. However, Chapter 7 does not eliminate child support, alimony, tax debts or student loans.

Reorganization Bankruptcy Lawyers Serving Jessup, Maryland

A Chapter 13 bankruptcy, also known as a reorganization bankruptcy, is recommended for people who may own property, such as a home with equity, and who earn a regular income. In Chapter 13, a trustee will review your income as well as the debts that you owe in order to arrange a repayment plan that lasts between three and five years. First, the trustee will determine what debts you have that are priorities, such as child support, alimony, tax liens and others that cannot be discharged through bankruptcy. They will then compute your secured debt payments, such as your house and vehicle. Any income left after those debts are paid is divided up to pay your unsecured debts. You may not be required to pay these debts in full and some creditors will not require repayment at all. If you are behind in your mortgage or car loan, the trustee can develop a plan that includes any arrearages on those debts so that you bring them up-to-date through your bankruptcy.

Loan Modification Lawyers  Serving Jessup, Maryland

If you are behind on your mortgage payments, you may be able to undergo a loan modification in order to bring your mortgage up-to-date and lower your payment. It is recommended that you discuss the steps for a modification with real estate attorneys who specialize in helping homeowners remain in their home as it is sometimes difficult to work with banks in order to get a modification that meets the needs of the homeowner. You may only modify your loan once in a 24-month period and there are specific financial eligibility requirements in order for you to qualify for a modification.

If you are facing financial difficulty, you may be able to find relief by discussing your circumstances with real estate attorneys or a bankruptcy lawyer who can explain what rights you may have under federal bankruptcy protections or mortgage modification requirements. Fill our our contact form or call us to schedule a consultation to learn what rights you may have.