Chapter 13 Bankruptcy Lawyer – Detroit – Southfield

Filing Chapter 13 Bankruptcy – Lawyers in Detroit, Southfield

Chapter 13 Bankruptcy : “Reorganization” for “Wage Earners” – Detroit Lawyers

medical bill lawyerChapter 13 bankruptcy is officially referred to as “Adjustment of Debts of an Individual with Regular Income” because it is designed for an individual debtor who has a regular source of earnings, or other income.

Chapter 13 Bankruptcy: Payment Plans Lawyers

Instead of requiring the debtor to sell his or her property to pay creditors (as in Chapter 7) Chapter 13 allows the debtor to propose a “plan” to repay creditors over time – usually three to five years.

Under Chapter 13 bankruptcy the debtor usually remains in possession of the property of his/her “estate” (house, car, property) and makes regular payments to creditors, through the trustee, based on the debtor’s anticipated income over the life of the plan.  The debtor must complete the payments required under the plan before the discharge is received.

Chapter 13 Bankruptcy Can Save Your Home from Foreclosure– Detroit Lawyers

Chapter 13 offers individuals an opportunity to save their homes from foreclosure – even if they have “equity” in the home. By filing Chapter 13 Bankruptcy, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time.

Chapter 13 also allows individuals to reschedule other secured debts (other than a mortgage for their primary residence) and extend them over the life of the Chapter 13 plan. Doing this may lower the payments.

Chapter 13 Stops Garnishments & Lawsuits– Detroit Lawyers

Additionally, a debtor is protected from lawsuits, garnishments, and other creditor actions while the plan is in effect. When you hire an experienced bankruptcy lawyer to file Chapter 13 bankruptcy for you, the collection actions and harassing phone calls stop immediately! Many debtors especially like the fact that they will have no direct contact with creditors while under Chapter 13 protection.

The best way to determine whether filing a Chapter 13 Bankruptcy is right for your unique individual situation is to consult with a qualified bankruptcy attorney. Our experienced bankruptcy lawyers have helped thousands of men and women get the fresh start they deserve. They can help you, too.

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