Marlow Heights, Maryland Foreclosure Defense Lawyer

Supportive Attorney for Foreclosure Defense in Marlow Heights

When your debts begin to accumulate, you may struggle to stay current on your mortgage. Eventually, you may face pressure from your lender to cure your arrears or lose your home. This can serve as a major stressor to homeowners who may be juggling multiple obligations at once. If you need help catching up on your mortgage, get in contact with a Marlow Heights foreclosure defense attorney who can explore solutions through bankruptcy.

At The Law Office of Donald L. Bell, we have the resources and legal knowledge to help homeowners address multiple sources of debt. Many of our previous clients have come forward in testimonials, praising our informative counsel and exceptional representation in debt-related issues.

Chapter 13 Petitions for Wage-Earning Homeowners

Homeowners in Marlow Heights who earn steady paychecks yet face the threat of foreclosure may find Chapter 13 bankruptcy to be an effective remedy. Chapter 13 is available only to individuals whose secured and unsecured debts do not exceed federal limits and who demonstrate sufficient regular income to fund a repayment plan. As a wage-earning homeowner, you must show the bankruptcy court that your monthly take-home pay exceeds your necessary living expenses, so that you have disposable income to address past-due mortgage arrearages.

Filing a Chapter 13 petition begins with submitting detailed schedules of income, assets, liabilities, and monthly expenses. The court evaluates your documentation to confirm eligibility and to determine whether your proposed plan is feasible. Maryland law provides exemptions that may protect a portion of your home equity, so you can potentially shield more of your investment than liquidation under Chapter 7 bankruptcy. By choosing Chapter 13, you take proactive steps to retain ownership of your residence and to restore financial stability.

A Chapter 13 petition immediately triggers the automatic stay, which halts foreclosure actions and most creditor communications. This breathing room allows you to craft a repayment strategy without the pressure of an impending auction. With the guidance of our experienced foreclosure defense attorney, you can navigate the filing process and present a plan that gives both you and your lender a clear path forward.

Steps Involved in Filing for Chapter 13

The process of filing for Chapter 13 bankruptcy involves several key steps, including:

• Participate in a mandatory credit counseling course 180 days before filing
• Gather required documentation, including recent mortgage statements, pay stubs, tax returns, and a detailed budget of living expenses
• Prepare and file the Chapter 13 petition, schedules, and a proposed repayment plan in the federal bankruptcy court serving Maryland
• Attend the meeting of creditors where the trustee and any creditor may inquire about your financial affairs and proposed repayment plan
• Await plan confirmation by the court after any objections are resolved, and begin making monthly payments to the Chapter 13 trustee according to the confirmed plan

Each stage demands careful attention to deadlines and procedural rules. Our attorney will ensure that all filings are accurate and timely, and we will represent you at hearings and meetings to protect your rights.

Building a Repayment Plan to Pay Off Mortgage Arrears

Constructing a repayment plan is the centerpiece of Chapter 13 relief for homeowners. Your plan must cure mortgage arrearages by dividing past-due amounts into installments that you can afford in addition to ongoing mortgage payments. The proposed plan typically spans three to five years, depending on your income level and the amount of debt.

When drafting your plan, we will calculate your disposable income after subtracting necessary living expenses. That figure determines the monthly payment to the trustee, who distributes funds to mortgage creditors in accordance with your plan. If you fall behind on post-petition mortgage payments, the lender may seek relief from the automatic stay. To prevent that, it is essential to remain current with all payments under your plan.

Once the court confirms your repayment proposal, you must adhere to its terms until completion. At the end of the plan period, eligible unsecured debts are discharged, and you emerge with a clear record, as long as you have maintained all required payments. A confirmed Chapter 13 bankruptcy plan not only addresses arrearages, but also sets the stage for long-term homeownership.

Contact a Marlow Heights, MD Foreclosure Defense Attorney

At The Law Office of Donald L. Bell, we understand the stakes involved for homeowners facing foreclosure. Call 301-614-0535 or contact our Marlow Heights, MD foreclosure defense attorney to learn how Chapter 13 may help you halt foreclosure and rebuild your financial future. We offer free consultations in consumer cases.