Benefits of Chapter 13 Bankruptcy
Michigan Chapter 13 Bankruptcy Attorneys
Chapter 13 bankruptcy reorganization allows businesses and individuals to reorganize their assets and debts and partially pay off creditors, while continuing to do business as usual. In a liquidation bankruptcy, assets are sold off to satisfy debts and creditor claims. If you have debt which you cannot pay, a repayment plan under Chapter 13 may allow you to survive insolvency by partially paying off your creditors over a period of time.
If you are considering filing for Chapter 13 bankruptcy, call 866-438-5217, or, send us an e-mail to arrange a free initial consultation with an experienced bankruptcy lawyer at Acclaim Legal Services to discuss your situation.
The Benefits of Chapter 13 Bankruptcy
People can survive tough financial times by reducing and eliminating debt through Chapter 13 and go on to a profitable future. Once you file for bankruptcy, an automatic stay protects you from creditor lawsuits, wage garnishments, or other attempts to compel payment.
Other benefits of Chapter 13 include:
- Customized repayment plan based on your specific circumstances - we propose the terms of repayment to your creditors
- Manageable monthly payments - meet all of your living expenses first and the surplus income is used to pay your creditors
- Many options to complete program early by pre-paying, refinancing out, etc.
- 0% interest and no continued late penalties on payback of mortgage arrearages and all unsecured debt obligations such as credit card bills, medical bills, loan deficiencies from previous repossessions, etc.
- Stop foreclosure proceedings and legally protect your home from your creditors
- Protects vehicles from repossession and sets up re-payment terms with the bank or finance company
- Surrender unwanted property such as an unaffordable vehicle or rental property
- Legally stop garnishments and harassing creditor calls
- Consolidate IRS and other tax debts such as state and property taxes
- Stop utility shut-offs and/or restore services after a shut-off has occurred
- Prioritize debts to defer payment to unsecured creditors while you concentrate your efforts and money on catching up secured debts obligations, such as mortgage and car payments
- Potential to eliminate a portion unsecured debt such utilities, credit card debt, medical bills, judgments, gambling debts, some older tax obligations, etc.
- The Chapter 13 plan works to re-establish your credit by creating a positive payment history and lowering your overall debt load, helping you to qualify for better financing terms in the future
We are ready to help you on the road to profitability. Call us at 866-438-5217, or, send us an e-mail to arrange a free initial consultation with an experienced bankruptcy lawyer today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
