Flint Chapter 13 Bankruptcy Lawyers
If you are swimming in debt but do not qualify for a Chapter 7 liquidation bankruptcy, or you wish to save your home or vehicle, you have the option of filing for Chapter 13. We urge you to reach out to Kostopoulos Bankruptcy Law to speak with one of our attorneys as soon as possible. Time is of the essence, especially if you are facing a potential foreclosure on your home.
At our firm, we put a highly skilled team of professionals led by a Certified Bankruptcy Specialist on your side. That means you will get the benefit of superior training and proficiency in federal and state bankruptcy law. Our team has helped thousands of individuals and couples reduce or eliminate their unsecured debt. Our goal is to ensure you understand your options and, if Chapter 13 is right for you, that you have diligent representation from start to finish to ensure an optimal result.
Chapter 13 Bankruptcy in Michigan
Chapter 13 bankruptcy is a debt consolidation process that works best for individuals who have a steady and stable income. It is often referred to as the “wage-earners” form of bankruptcy. In Chapter 13, your debts will be reorganized into one monthly affordable payment that you will make through the bankruptcy court over a three to five-year period. Once you complete the repayment plan, whatever balances you owe on your unsecured debt will be discharged.
This type of bankruptcy works well for those who have fallen behind on mortgage payments or car loans. You can include your past-due loan payments into the plan allowing you to catch up on these overdue bills over time while you continue to stay current on them over the life of the plan.
As soon as you file for Chapter 13, your creditors are prohibited from making any further collection attempts. This is called an “automatic stay” imposed by the court and includes past-due mortgage payments, past-due car loans, and all unsecured debt that you have listed in your bankruptcy filing. This gives you relief from creditor harassment while you reorganize your personal finances.
Chapter 13 Repayment Plans
Chapter 13 repayment plans can ultimately reduce or eliminate credit card debt, medical or dental bills, past-due utility bills, payday loans, or other personal loans. The factors that can affect your repayment plan will include:
- How much debt you owe. This debt includes both unsecured debt as well secured debt for any property you wish to keep.
- Your disposable income. This generally translates into whatever disposable income you have left after all living expenses are met which will be used to make your monthly repayment amount.
- How long your payment plan will last. The length of your plan is generally based on your monthly income. Plans range from three to five years.
Learn if Chapter 13 Is Right for You
By working with one of our highly skilled Chapter 13 bankruptcy lawyers in Flint, you can determine if Chapter 13 aligns with your needs and goals and is the right option for you. Once this is decided, our team can help you develop a plan to resolve your financial problems. Your financial recovery is our top priority.