Experienced Chapter 13 Attorneys Serving all of Michigan
At Moran Law, our Michigan Chapter 13 bankruptcy attorneys help residents repay some or all of their debts and get a new start. With two office locations in Royal Oak, and Flint, our team of Chapter 13 attorneys not only serve Greater Detroit, but we also work with residents located throughout the state of Michigan via phone or online remote meetings.
If you’re ready to file for Chapter 13, we’re here to help. Set up your free no-obligation consultation today.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy allows a person to consolidate their debt while making convenient monthly payments to a trustee. A Michigan Chapter 13 bankruptcy attorney can help with a payment plan, which repays debt over a three to five-year period.
The amount of the monthly payment and the length of the repayment plan is based upon the following factors:
Monthly income of the person
Monthly expenses of the person
Amount and nature of the debt
Secured debts are paid 100% on the dollar, while unsecured debts may be paid as little as 0% on the dollar. A person receives a discharge under Chapter 13 once the payment plan is completed.
Our Michigan chapter 13 bankruptcy attorneys can review any additional questions you may have before or during the filing process.
The Chapter 13 Bankruptcy Process
When filing for Chapter 13 bankruptcy in Michigan, you must submit a plan in which you set out a budget detailing your take-home pay and monthly living expenses. Any excess income is paid to the bankruptcy trustee who then distributes money to creditors.
A Chapter 13 plan lasts for 3 to 5 years unless your debts are fully repaid in a shorter period of time. At the end of the Chapter 13 plan, any amounts still owing on your unsecured debts are forgiven.
Common Uses of Chapter 13 Bankruptcy
The most common uses of filing for Chapter 13 bankruptcy with an attorney involve:
Stopping home foreclosures and paying off back-mortgage payments
Stopping auto repossessions and restructuring auto loans to save a vehicle
Typically government debts are not dischargeable, however, there are great benefits to putting tax debt into a Chapter 13 plan.
Chapter 13 bankruptcy can freeze interest and penalties on some taxes. This gives you a chance to budget out a repayment plan in real dollars, and the payments you make go directly to reduce the principle.
Most people trying to repay back taxes are fighting an uphill battle with interest and penalties working against them, but when you file for Chapter 13 in Michigan, you may get a break from the government and pay off just what you owe on the day you filed the case.
When to File Chapter 13 Bankruptcy:
You may want to consider filing for Chapter 13 bankruptcy with a Michigan attorney if:
You have significant equity in a home or other property and you want to keep it.
You have regular income and can pay your living expenses, but you can’t keep up the scheduled payments on your debts.
Advantages of Chapter 13 Bankruptcy:
You can keep most of your property while spreading out time to pay past due accounts
You’ll have 3-5 years to catch up delinquent accounts—according to a schedule that you and the bankruptcy trustee have agreed is workable for you.
You’ll make one monthly payment to the bankruptcy trustee for distribution—you’ll have no direct contact with creditors during the protection period of 3-5 years.
Co-signers may be protected.
Who can file under Chapter 13 Bankruptcy in Michigan?
Any individual debtor whose unsecured debts are below $336,900 and whose secured debts are less than $1,010,650
Talk to a Chapter 13 Bankruptcy Attorney in Michigan
Our Michigan bankruptcy attorneys will help you reclaim control of your finances and get the fresh start you deserve. Get started filing for Chapter 13 bankruptcy in Michigan, with the attorneys at Moran Law Firm.
Call the attorneys at Moran Law today at 866-820-5495 today for a free consultation.
CONTACT US!
Our Michigan attorneys can help you file for Chapter 13 Bankruptcy.
Areas of Service
We have two law office locations in Michigan, located in Royal Oak and Flint. In addition, our attorneys provide chapter 13 bankruptcy services to Michigan residents via virtual meetings and phone calls, which includes the following cities and areas:
