When Should Chapter 13 Be Filed?

Get the Facts About Filing from a Detroit Chapter 13 Attorney

There are several financial situations that could be resolved favorably by filing Chapter 13. Are you suffering from too many debts and are looking for a solution that could keep you from losing everything? The first step is to speak with a professional Detroit bankruptcy attorney. In Detroit, Marshall D. Schultz has helped over 10,000 people just like you to resolve serious financial problems through filing for bankruptcy protection. The practice is dedicated solely to debt relief and bankruptcy, and Mr. Schultz and his legal team have an impressive ability to get to the heart of the matter quickly.

Chapter 13 Bankruptcy and Foreclosure

If your home is in foreclosure, filing for Chapter 13 bankruptcy protection could allow you to resolve the overdue mortgage payments and end the foreclosure process. This process involves establishing a repayment plan which the court approves, and your debts are paid off over a 3 – 5 year period. There are various advantages to filing a Chapter 13, one of which is that if your home or other important possession have a co-signer on the loan, that individual will not be pulled into the bankruptcy process as would have occurred with Chapter 7.

If you are threatened with foreclosure, repossession of vehicles or other possessions, and you have a regular source of income, you need to find out more about filing from a Detroit Chapter 13 attorney. The longer you wait, the more serious the situation will become, and financial problems often get worse rather than better. Take the time to talk to us before the issues surrounding your assets escalate. We can take fast action if you are facing foreclosure or repossession, and our decades of experience allow us to make all the right moves for you, legally.

The ability to stop interest and penalties from accruing on back taxes is also a significant advantage in filing Chapter 13. In order to qualify for Chapter 13, you must be employed, or be making a steady income through self-employment, and have some disposable income. The means test determines how much disposable income can be applied to back debts in the repayment plan. This is the form of bankruptcy most effective for those who are in financial trouble, but do not qualify for Chapter 7, or have too much equity in their assets to be protected from liquidation.

Connect with Marshall D. Schultz for immediate assistance in Chapter 13 bankruptcy protection.