Can I File For Chapter 13 Bankruptcy?
In the United States, all citizens are eligible to file for chapter 13 bankruptcy protection. However, you may not file chapter 13 bankruptcy if:
- You have unsecured debts totaling more than $360,475
- You have secured debts totaling more than $1,081,400
You may file even if you are self-employed or operating an unincorporated business. A corporation, however, may not file for chapter 13 bankruptcy protection, nor can a U.S. partnership. If you have a question regarding your eligibility to file chapter 13 bankruptcy in Maryland, you can get the professional advice of a Maryland bankruptcy attorney.
Once you file for chapter 13 bankruptcy in Maryland, you will be able to devise a repayment plan to satisfy your outstanding debts. You can structure this plan to make your payments over a period of 3 – 5 years. Once you have entered into bankruptcy protection, then your creditors will no longer be permitted to contact you about your outstanding debts. If fact, you will not be allowed to have any contact with your creditors whatsoever. Instead, you will make your payments to a bankruptcy trustee, and the trustee will distribute the money to your creditors and financial institutions.
If you have insurmountable debts and are considering Chapter 13 bankruptcy protection, you may want to know what the process involves. To learn more, read our article Bankruptcy: An Overview of Chapter 13
If you are facing a personal financial crisis such as the need to declare bankruptcy in Maryland, don’t exacerbate the problem by seeking the services of a so-called bankruptcy “sweatshop” or bankruptcy mill. The Maryland bankruptcy attorney team at Vijayan Law Group isn’t interested in churning out as many cases in a month as possible. Instead, we focus on providing personalized bankruptcy help that is unique to your situation and needs. Contact us today for a free 30 minute consultation – 410-449-0893.
Related posts:
- How Do I File For Chapter 13 Bankruptcy?
- Bankruptcy: An Overview of Chapter 13 (Part A)
- Reasons to Use Chapter 13 Bankruptcy Instead of Chapter 7 Bankruptcy
