Legal Question in Bankruptcy in Maryland

Re: filing for re-organization

Your mortgage payments will have to be made as usual unless you have less than 5 years left on the loan, in which case you can pay the balance in full through your plan and spread it out over 5 years. You can also pay your car loan through your plan over 5 years, with the added advantage that if your loan balance is more than the car is worth, you can treat the excess debt as unsecured and pay less than 100% on it. You may also be able to reduce the interest rate. We handle Chapter 13 bankruptcies throughout DC, MD, and most of VA; if you do not yet have a lawyer, feel free to contact us.