Chapter 13 is the type of bankruptcy used for individual debt adjustment. Under this type of bankruptcy, the Bankruptcy Code allows debtor to keep his or her property and assets such as a home or a car by gradually paying off debts. This is also known as reorganization bankruptcy, since an individual ends up paying back most of the debts. The payment plan typically spans over the course of three to five years. After the payment plan has been concluded, the remaining debts are discharged. Contact our experienced Chapter 13 Lawyer Detroit, Michigan and received a free information on chapter 13 bankruptcy.
If you are dealing with a difficult financial situation, Chapter 13 bankruptcy might be the answer for you. Chapter 13 bankruptcy can enable you to restructure your debts into a manageable payment plan that will last three to five years. Additionally, you can keep most of your personal property while eliminating your debt. By establishing a new payment structure, you can regain control of your finances.
Stopping a foreclosure – even after the sale date. Paying past due mortgage or car loan payments over time even when the lender will not work with you. Keeping assets you would give up in a Chapter 7 bankruptcy. These are all reasons why a consumer would consider filing a Chapter 13 bankruptcy. Chapter 13 offers a way to catch up on past due amounts and stretch payments out over time to give you breathing room to get back on track.
