Macomb County Chapter 13 Bankruptcy Lawyer
Chapter 13 bankruptcy protection is often a good option for people who have the desire and ability to pay all, or a large portion, of their debts, as it allows certain debts to be pooled together and paid off in monthly installments over a five year period.
Gudeman & Associates, P.C., in Warren assists clients with Chapter 13 bankruptcy proceedings throughout the state of Michigan.
What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy, sometimes called the “wage-earner plan,” is most often utilized by working people, who have the desire and ability to pay all, or a large portion, of their debts. Chapter 13 bankruptcy is a good option for individuals whose debt may not be discharged through Chapter 7 bankruptcy, such as student loans, or for those who earn too much money to qualify. The key to Chapter 13 reorganization plans is that they are based upon your ability to pay – not the demands of your creditors. Upon completion of the plan, the debts are discharged even if the full amount was not paid back. As with Chapter 7 bankruptcy, when you file for Chapter 13 bankruptcy, the court imposes an automatic stay upon your creditors, preventing them from taking further action to collect from you.
Contact us at Gudeman & Associates, P.C. to schedule an appointment to discuss your situation. An attorney will review your credit history, assets, and liabilities in order to determine whether you are eligible for Chapter 13, and if it is the best option available to you.