Hagerstown, MD Chapter 13 Bankruptcy Attorney
We Help Clients With Chapter 13 Bankruptcy in Hagerstown and Throughout Washington County
With a population of nearly 40,000, Hagerstown is the largest city in Western Maryland. Sometimes called the “Hub City” due to the large number of railroads that have historically run through the heart of Hagerstown, the city has a deep history. Today the city is home to many attractions, including the C&O Canal Trust, Hagerstown Suns Municipal Stadium, Discovery Station at Hagerstown, the Maryland Theatre, and Jonathan Hager House.
At Hinkle Law, PLLC, our Hagerstown, MD Chapter 13 bankruptcy lawyer has assisted local families in getting out of millions of dollars in debt. Our firm is devoted to helping people find long-lasting financial security. If you or your loved one is considering filing for Chapter 13 bankruptcy, we are here to walk you through every step of the process. To arrange a no cost, fully private case evaluation with a Maryland bankruptcy attorney, please get in touch with our legal team today.
What to Know About Chapter 13 Bankruptcy in Maryland
Are you dealing with an overwhelming and/or unsustainable level of debt? If so, it is entirely normal to feel frustrated, stressed out, and even physically ill. Financial problems can take a serious toll on a person’s health. Debt is a burden. When it becomes too heavy, it is time to consider relieving yourself of some of the burden. Chapter 13 bankruptcy may be the right answer. As described by the United States Bankruptcy Court for the District of Maryland, Chapter 13 bankruptcy is a wage earner’s bankruptcy. It is designed to let people who have monthly income create a repayment plan that actually fits into their budget. Here are three key things to know about Chapter 13 bankruptcy:
- A Successful Chapter 13 Petition Results in a Repayment Plan: First and foremost, it is important to emphasize that Chapter 13 bankruptcy is not a liquidation bankruptcy. Unlike with Chapter 7, Chapter 13 bankruptcy results in a repayment plan instead of a full discharge. With a Chapter 13 repayment plan, many (or all) of a petitioner’s outstanding debts are rolled into a single monthly payment that is actually affordable given their income level. This means that penalties, interest, and even some principal may be forgiven outright.
- A Chapter 13 Repayment Plan is Limited at Five Years: The duration of a Chapter 13 bankruptcy repayment plan depends on the specific circumstances of the case. That being said, these plans usually last between two years and five years. Under federal law, repayment plans are capped after five years. A bankruptcy court will not make you pay for more than five years.
- A Chapter 13 Plan May Be Modified With Good Cause: Once a Chapter 13 repayment plan is confirmed, it is important to make timely payments. Of course, financial circumstances sometimes change. If you cannot make your scheduled Chapter 13 bankruptcy payments, a Hagerstown, MD attorney can help you take action to get the terms of your plan modified to reflect your current financial situation.
Alternative Option: Chapter 7 bankruptcy (liquidation bankruptcy) may be an alternative option if you satisfy Maryland’s “means test.” To find out more about this option, please reach out to our Hagerstown Chapter 7 bankruptcy attorney for assistance.
What Documents Should I Gather When Filing for Chapter 13 Bankruptcy?
There is a significant amount of paperwork involved with the Chapter 13 bankruptcy process. To put yourself in the best position to navigate your bankruptcy filings, it is best to start getting your financial records in order as soon as possible. Relevant information includes:
- Recent pay stubs (6+ months);
- Recent bank statements (6+ months);
- State and federal tax information (2+ years);
- Paperwork regarding other key financial assets (401(k), IRA, etc);
- Mortgage and automobile loan statements; and
- A record of all of your outstanding debts.
Getting a handle on your financial situation can be overwhelming. You may not even know where to start looking for these documents. The good news is that you do not have to do it alone. Our Hagerstown, MD bankruptcy attorney will guide you through every step of the process.
How Western Maryland Bankruptcy Attorney David J. Hinkle Can Help
There are many people and families dealing with the stress and headaches caused by debt. The COVID-19 pandemic has created and exacerbated many financial problems. Our founding attorney David J. Hinkle has assisted thousands of people achieve a better financial future. We believe that financial problems are simply something that needs to be solved. Everyone deserves financial security. More specifically, our Hagerstown Chapter 13 bankruptcy attorney will:
- Hear your concerns and answer your questions about Chapter 13 bankruptcy;
- Help you determine if Chapter 13 bankruptcy is truly the best option;
- Work with you to gather all of the financial documents, records, and information you need;
- Assist you with all of the bankruptcy paperwork—guiding you through the process; and
- Craft a plan to help you repair your credit—with a focus on long-term financial stability.
We are committed to making the debt relief and bankruptcy process as easy and stress-free as possible for our clients in Hagerstown and throughout all of Western Maryland. Chapter 13 bankruptcy is not the right option for every situation—but it could be the right approach for you and your loved ones. Our Hagerstown, MD bankruptcy lawyer will review your personal situation and help you craft a plan to regain control of your finances.
Schedule a Confidential Consultation With a Hagerstown Chapter 13 Bankruptcy Attorney
At Hinkle Law, PLLC, our Hagerstown bankruptcy attorney is a compassionate, experienced advocate for consumers. If you have questions about filing for Chapter 13 bankruptcy, we are here to get you answers. Get in touch with us by phone or send us a direct message to schedule your free, no commitment initial legal consultation. We provide Chapter 13 bankruptcy representation and Chapter 7 bankruptcy representation throughout Western Maryland, including in Williamsport, Boonsboro, Middletown, Half Way, Smithburg, Clear Spring, and Fountainhead-Orchard Hills.