Filing for Chapter 13 Bankruptcy in Michigan

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Starting Fresh with a Payment Plan

Chapter 13 of the U.S. bankruptcy code allows those going through financial hardship a road out by offering a payment plan over a period of three to five years. If you are struggling to cope or getting behind on your debt repayments and bills, bankruptcy can help you start over with a fresh outlook on your life and finances. Very often a person is looking for a debt relief solution due to circumstances beyond his or her control - such as job loss, medical conditions, divorce, or the death of a spouse. While there are many alternatives to bankruptcy and it is not the best solution for everyone, learning more about the bankruptcy process from an experienced Michigan bankruptcy attorney can help you decide if a Chapter 13 bankruptcy is the smartest resolution for your specific situation.

Will I be able to keep my assets?

Unlike Chapter 7 where your non-exempt property may be liquidated, in a Chapter 13 bankruptcy you keep your assets while a percentage of your future income goes towards paying off creditors in one combined payment. Your attorney works with you on your three to five year plan, and then at a confirmation hearing the court either approves or disapproves of the plan. The payment amount and time period depends on factors such as your income, property value, and your expenses.

Your payments will be made via a trustee who will oversee your bankruptcy case. In most cases, the trustee will allow you to set up an automatic bank draft from your bank account. Another added benefit to filing Chapter 13 bankruptcy is that many clients will experience relief from creditors contacting them regarding collection on a debt, as they will be barred from doing so. For many, this frees them from any sort of stress from creditor harassment and allows them the peace to think clearly about their life again.

Speak to a Chapter 13 Bankruptcy Attorney in Michigan

Here at Hensel Law Office, PLLC, I understand that struggling with your finances can be very stressful. I handle every aspect of your case, rather than ushering you through an assembly line of different attorneys for each phase of the process. You won't have to worry about having to tell your story to a multitude of legal professionals. I believe in treating every client with personal, individualized attention and care, using my knowledge and experience to help you take the necessary steps to get back on your feet. My firm serves clients in Sterling Heights, Warren and various other parts of Michigan. Call now to get started.