Livonia Michigan Bankruptcy - Michigan Bankruptcy Blog

Livonia Michigan Bankruptcy

Michigan Bankruptcy Blog

What is a Chapter 13 Bankruptcy?

A Fresh Start…Through an Affordable Payment Plan Congress created a legal way to start over by paying off overwhelming bills with easier payments.

Benifits of a Chapter 13 Bankruptcy:

  • You can Makes Affordable Payments Based on Future Disposable Income to Pay Off Creditors
  • Applies to people with Regular Income Who Can Afford to Pay at Least a Nominal Monthly Amount to Their Creditors
  • Your payment is based on what you can afford to pay, NOT HOW MUCH DEBT YOU HAVE!
  • Payment Plans End In Only 3 to 5 Years
  • Entire Process Carried Out Under Supervision of Courts – Your Interests are Safeguard by Your Lawyer
  • Chapter 13: Allows debtor opportunity to repay some or all their debt under better terms.

Are you ready for a fresh start?  Then call us.

Frequently Asked Questions

How does Chapter 13 Bankruptcy work?

  • You Can Keep All of Your Property
  • Court Approves New, Interest-Free Plan for Repayment
  • Written Plan Created Giving Details of All Transactions & Duration
  • Repayment Must Begin Within 30 Days After Case Filed
  • Creditors Must Strictly Adhere to the Approved Payment Plan – Creditors Cannot Collect Any Claims From Debtor Outside of the Court-approved Payment Plan
  • Lawyer Prepares New, Affordable Repayment Plan Suited to Your Unique Financial Situation

What are the advantages of Chapter 13 over Chapter 7 Bankruptcy?

  • Broader Discharge
  • Modify Some Secured Debts and Still Keep the Property
  • The Court Can Approve a Repayment Plan Even if Creditors Disagree
  • You Can Remove a Second Mortgage or Home Equity Line from Your Home
  • You Can Get Current on Mortgage or Car Payments You Are Behind On

 

Who can file for Chapter 13 Bankruptcy?

  • Individual With Regular Income
  • Meet Other Criteria – Peter and Jeri Will Explain this with you during your Free Consultation!

 

How can I file for Chapter 13 Bankruptcy?

  • Determine that Chapter 13 Is Best Solution – Need Help, Contact Us.
  • Prepare Budget
  • Evaluate Your Unique Case – Determine If It Requires Filing Chapter 13 or If It Can Be Managed Some Other Way
  • Determine & Implement Methods To Deal With Secured Creditors
  • Devise Chapter 13 Plan – Fill Out Forms
  • Pay Filing Fee (Only $381.00) – Complete Process of Filing Forms & Pleadings
  • Attend Meetings You Are Required To Attend – Creditors, Court Hearings, Etc.
  • Obtain Discharge Once All Payments Have Been Made – Terminate Plan