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Chapter 13 Bankruptcy — Personal Reorganization

Resourceful Flint bankruptcy lawyers helping you to keep your home

Chapter 13 is especially helpful for those who have significant equity in a home or other property and want to keep it. This form of bankruptcy is designed for individuals with a regular income who want to pay off their debts but are unable to do so according to the terms demanded by their creditors.

The attorneys at the Bankruptcy Law Office can propose a repayment plan the bankruptcy court will approve to allow you to pay your creditors over a three- to five-year period. During this time, your creditors are generally prohibited from continuing collection efforts. Our lawyers safeguard you through the Chapter 13 bankruptcy filing process from start to finish.

What Chapter 13 bankruptcy means to you

Things you should know about filing for Chapter 13 bankruptcy include:

  • It offers you an opportunity to save your home from foreclosure.
  • If you have a regular income, it is an opportunity for you to adjust your relationship with creditors while retaining your property.
  • It permits you to file a plan agreeing to pay a certain percentage of your future income to the trustee for payment to creditors.
  • You can reschedule secured debts — other than a mortgage for a primary residence — and extend them over the life of the Chapter 13 plan, which may lower your monthly payments.
  • You have the protection of the bankruptcy court during the period you are repaying your debts.
  • Creditors are prohibited from taking any action to collect their debts or seize your property.
  • Creditors are not allowed to seek to collect their claims from co-debtors.
  • You can discharge a broader variety of debts than you could under Chapter 7.
  • The term of the payment plan can be no more than 60 months.
  • The amount paid over the term of the plan must be enough to pay certain debts in full.

Filing Chapter 13 bankruptcy in Flint, Michigan

If you need help filing a Chapter 13 bankruptcy in Flint, contact the Bankruptcy Law Office to set up a free initial consultation.