Chapter 13 Bankruptcy
Chapter 13 Can Stop Foreclosure and Allow You to Repay Your Debts Over Time
Chapter 13 debt relief stops foreclosure, repossession and creditor harassment. It puts collection actions on hold while you and the Bankruptcy Court work out a plan to pay back part of your debt.
Our Southfield, Michigan bankruptcy lawyer will sit down with you to look at your finances and walk you through the process. Contact the Dorn Law Firm today for a free initial consultation. We have helped people in Southfield and throughout the metro Detroit area save their homes and get their finances back on track.
Who Is a Candidate for Chapter 13 Bankruptcy?
- Homeowners behind on their mortgage: Even if the bank has initiated foreclosure and set a sale date, you can file for bankruptcy protection.
- People who earn too much to qualify for a Chapter 7 bankruptcy.
- People who have non-exempt assets that they wish to keep (such as mutual funds, classic cars and cabins) that they would forfeit in a Chapter 7 bankruptcy.
What is Chapter 13 Bankruptcy?
A Chapter 13 personal bankruptcy, also known as reorganization or a wage earner's plan, is a debt repayment program. Your bankruptcy attorney and the bankruptcy trustee overseeing your case will determine an amount you can afford to pay after household expenses. If you make the monthly payments for 36 to 60 months (three to five years), any remaining debt is discharged (forgiven).
What can Chapter 13 Bankruptcy do for You?
- Save your home from foreclosure: If it is determined you can pay back your arrears and become current on your mortgage, Chapter 13 can permanently stop the foreclosure process.
- Strip a second mortgage: This one step can make monthly mortgage payments more affordable for many people.
- Stop repossession of cars or other possessions by allowing you to become current on your payments.
- Stop creditor harassment and wage garnishment.
Our Chapter 13 bankruptcy attorney conducts a thorough analysis of your finances and negotiates with the trustee to make sure you can afford the repayment plan and that you benefit from all available exemptions.
Stop Foreclosure and Collection Actions
Learn more what not to do before you file for bankruptcy (such as taking cash advances and running up or paying off the balance of a credit card), as these actions may disqualify your petition.
Then call 248.438.8716 or toll free at 866.684.5816, or contact us online. We offer a free consultation about a Chapter 13 bankruptcy debt settlement plan, with evening and weekend meetings available by appointment.
We are a debt relief agency. We help people file for bankruptcy relief
under the Bankruptcy Code.
