While Chapter 7 bankruptcy (straight bankruptcy) eliminates unsecured debt, Chapter 13 bankruptcy is a reorganization of debt. While many think that they will have to pay their outstanding debts in full, a Chapter 13 bankruptcy filing actually allows individuals to repay their debts for [literally] pennies on the dollar. At Great Lakes Bankruptcy Center, PLLC, our experienced attorneys work with you to establish a repayment plan that will help you achieve freedom from your debt over a period of three to five years.
At the Great Lakes Bankruptcy Center, PLLC in Mount Clemens, Michigan, we work closely with our clients to help determine if filing a Chapter 13 bankruptcy is a viable option. If so, our bankruptcy lawyers will help create a plan of repayment that paves the way for a financial future that is free from the pressure of debt. Contact us today to find out how Chapter 13 can help you.
Chapter 13 offers individuals a way to repay debt within a five-year period (although some plans may be designed to help clients pay debts within a three-year period). Repayment of debt is commensurate with the debtor’s ability to do so. During our initial consultation, we are able to gain an understanding of the client's financial situation. Our lawyers work with our clients to devise a Chapter 13 bankruptcy repayment plan that is tailored to protect their assets and meet their specific needs.
One of the most significant advantages of filing for Chapter 13 bankruptcy (as opposed to Chapter 7 bankruptcy) is the ability to protect assets that would not be afforded protection under Chapter 7 of the Bankruptcy Code. Although you may be required to pay the value of the asset (vacation home, collector car, motorcycle, boat, RV, etc.), you will be able to make payments to your creditors over time. The Chapter 13 bankruptcy rules will allow you to keep the property that you have worked so hard for, even if your creditors don't like it —the federal law [Bankruptcy Code] is on your side.
To find out if Chapter 13 bankruptcy is right for you, we encourage you to contact Great Lakes Bankruptcy Center, PLLC. Together we can discuss your debts, your assets and your financial affairs so that we may tailor a repayment plan that fits your individual financial needs. Contact us today for a no-cost, no-obligation consultation.