Skip to Content


A Chapter 13 bankruptcy is a debt reorganization of your financial situation. You will work with a Maryland Chapter 13 bankruptcy lawyer and Chapter 13 bankruptcy trustee to create an agreement to repay your creditors a certain amount each month during a certain time period. The Chapter 13 bankruptcy filing stays on your credit report for less time than other filings so that you can rebuild your credit score quickly.

The main purpose of a Chapter 13 bankruptcy is to enable you to retain certain assets that would otherwise be liquidated in a Chapter 7 bankruptcy. Under either a Chapter 7 or Chapter 13 filing, you may be able to keep your home or your car. Under a Chapter 13, you could also keep your rental properties and other valuable collections. In order to file a Chapter 13 bankruptcy, you must have a regular income and no less than $250,000 in unsecured debt and less than $750,000 in secured debt.

The debts must be for a certain mixed amount and not subject to any conditions. You may be able to discharge certain debts under Chapter 13 filing that would be non-dischargeable under other filings. Your payments would be reduced so that you would have the opportunity to repay your debts over a certain period of time.

Your payment plan is determined by the amount you can afford after your necessary living expenses have been determined. You will have between 36 months and 60 months to make a payment plan. At the end of the term, your unsecured debts would be discharged, regardless of how much your creditors have received. Your secured debts will have to be paid in full.

Our Waldorf Chapter 13 Bankruptcy Lawyer Will Determine Your Eligibility

A Chapter 13 bankruptcy is primarily for homeowners who have become delinquent in their mortgage payments and want to keep their homes. They usually have fallen behind on their mortgage for a variety of reasons and are now in a better place to stay current on their mortgage and catch up based on the arrangements through a payment plan. If you cannot qualify for a Chapter 7 bankruptcy then you should consider filing a Chapter 13. Regardless, you should discuss your options with an experienced bankruptcy attorney. We have offices in Waldorf, Laurel and Leonardtown. 

Contact us today at the Law Office of Thomas E. Pyles, P.A. so that we can pick the right solution for you.