Michigan Chapter 13 Bankruptcy Attorneys
Flint - Southfield - Dearborn - Warren
Most people can survive a short lapse in income, but few individuals or families can handle an extended shortage without experiencing serious financial difficulty. Chapter 13 bankruptcy is often an appropriate strategy for people who have experienced a temporary gap in income due to an on-the-job injury, a medical problem, a pregnancy leave, a divorce, or the loss of overtime pay. Once income is regained they can't get caught up with increased fees, higher interest rates and back payments.
Chapter 13 bankruptcy is a good strategy for people who have the ability to pay back their debt and who can do so, given time. Acclaim Legal Services, PLLC provides people throughout the Detroit area and Flint with debt relief assistance that can help them get back on sound financial footing. Contact us to discuss your bankruptcy options.
Filing Chapter 13 bankruptcy in Michigan gives you some breathing room.
- It stops creditor harassment and judgments.
- It stops the bank from foreclosing due to late or missed mortgage payments.
- It can help eliminate second mortgages and home equity loans.
- It can reduce the amount of unsecured debt owed so you are only liable for a percentage of the total debt.
- It can extend the period in which you make payments on your debt so that your payments are reduced.
- It can reduce your interest rates on credit cards, unsecured debt and mortgage arrearages to 0%.
- It can stop the accumulation of late fees on credit cards and your mortgage.
- It can help you avoid or stop wage garnishments.
- It will improve your credit by focusing efforts on debt reduction, stopping negative reporting to credit reports and reestablishing regular payments to your creditors.
- It can reduce vehicle loan payment and potentially reduce the balance owed on the vehicle.
Restructuring Your Debt Under Chapter 13
Like debt elimination under Chapter 7, debt restructuring under Chapter 13 is common. Many hardworking people have used debt restructuring to get their finances back on track. If your credit rating has suffered because of late or missed payments, Chapter 13 debt reorganization has the added advantage of beginning the credit repair process.
Chapter 13 debt reorganization allows people to develop a repayment schedule to reduce existing debt over a period of 3-5 years using a structured plan to pay back the creditors in an organized fashion. With priority to secured creditors such as a mortgage lender, no monies go to the unsecured creditors for credit cards, medical bills and other debt until all mortgage and vehicle payments are up-to-date.
Rather than negotiate individually with your creditors, filing Chapter 13 bankruptcy is a better, more secure way to handle your debt. It is a full debt consolidation program that will manage all of your debts, set up reasonable repayment terms based on your budget and circumstances and provide you with court protection from your creditors for the duration of the program. At the end of the 36 - 60 month program, you will be free from all unsecured debts, current on secured debt obligations and ready to make a fresh financial start. To learn more, see our Chapter 13 Bankruptcy Center.
Talk to Our Personal Bankruptcy Law Firm Today
Every bankruptcy situation is different and it will be important for you to consult an experienced and knowledgeable bankruptcy attorney to advise you on the specifics of your case. At Acclaim Legal Services, your initial consultation with a bankruptcy lawyer is free.
You have nothing to lose by investigating Chapter 13 bankruptcy as an option for debt relief. Please contact our offices to schedule an appointment and begin the process of regaining peace of mind and financial stability. Call us at 866-438-5217.
