Facing overwhelming debt can be a stressful and challenging situation. Fortunately, for individuals who find themselves in financial distress, Chapter 13 bankruptcy can offer a fresh start and a chance to reorganize their finances. In this step-by-step guide, we’ll walk you through the process of applying for Chapter 13 bankruptcy in 2024 with the assistance of a Baltimore Bankruptcy Attorney.
A Guide to Applying for Chapter 13 Bankruptcy in 2024 with a Baltimore Bankruptcy Attorney
Step 1: Assess Your Financial Situation
Before taking any legal action, it’s crucial to assess your financial situation thoroughly. Make a list of all your debts, assets, income, and expenses. This will help you determine whether Chapter 13 bankruptcy is the right option for you. Ensure that you are eligible for Chapter 13 bankruptcy based on your income and the amount of debt you owe.
Step 2: Find a Baltimore Bankruptcy Attorney To Work With
Choosing the right bankruptcy attorney is a critical step in the process. Seek recommendations from friends or family, or use online resources to find qualified bankruptcy attorneys in Baltimore. Schedule consultations with a few attorneys to discuss your situation, their experience, and fees. Select an attorney you feel comfortable with and who has a good track record in handling Chapter 13 cases.
Step 3: Attend a Credit Counseling Course
Before you can file for Chapter 13 bankruptcy, you must complete a credit counseling course from an approved provider. This course will help you explore alternative solutions to bankruptcy and assess your financial situation. Your attorney can provide you with a list of approved agencies.
Step 4: Work With Your Bankruptcy Attorney to Prepare The Necessary Documents
Your attorney will guide you through the preparation of the necessary documents for your Chapter 13 bankruptcy case. These documents may include:
- Schedules of assets and liabilities
- Current income and expenditures
- A statement of financial affairs
- A proposed repayment plan
Ensure that you provide accurate and complete information to your attorney to avoid potential complications in your case.
Step 5: File Your Chapter 13 Bankruptcy Petition
Once all the necessary documents are prepared, your attorney will file your Chapter 13 bankruptcy petition with the U.S. Bankruptcy Court for the District of Maryland. Pay the required filing fees unless you qualify for a fee waiver or installment plan.
Step 6: Automatic Stay
Filing for Chapter 13 bankruptcy triggers an automatic stay, which stops creditors from pursuing collections, foreclosure, or repossession actions against you. This protection gives you time to work on your repayment plan with the help of your attorney.
Step 7: Attend the Meeting of Creditors
You will be required to attend a meeting of creditors, also known as the 341 meeting, where you’ll answer questions under oath about your financial situation. Your attorney will accompany you to this meeting and help you prepare for the questions.
Step 8: Confirmation of Your Repayment Plan
Work closely with your attorney to create a feasible repayment plan that outlines how you will pay off your debts over three to five years. The court will review and approve your plan, provided it meets the requirements of Chapter 13 bankruptcy.
Step 9: Make Regular Payments
Once your repayment plan is confirmed by the court, you must make regular payments to the Chapter 13 trustee, who will distribute the funds to your creditors as per the plan. Your attorney will ensure that you adhere to the plan’s terms.
Step 10: Complete the Plan and Receive Discharge
After successfully completing your repayment plan, the court will grant you a discharge, which means your remaining eligible debts are forgiven. Congratulations, you have successfully navigated Chapter 13 bankruptcy and are on the path to financial recovery.
Need Help Applying for Bankruptcy in 2024? Contact Nick Del Pizzo Today!Â
If you’re facing the complexities of bankruptcy and considering a move to another state, seeking legal counsel is crucial. At The Law Offices of Nicholas J. Del Pizzo, III P.A. in Baltimore, Maryland, our dedicated attorney, Nick Del Pizzo, is here to assist you with your legal needs, even outside regular business hours. We offer personalized attention and strive to find the best resolution for your situation, whether it involves bankruptcy, foreclosure, personal injury, or medical malpractice. Contact us seven days a week, and let us help you navigate your path to financial recovery. Your case becomes our cause, and we’re committed to achieving the best possible outcome for you.