Chapter 13 Bankruptcy
What is a Michigan Chapter 13 Bankruptcy?
Michigan Chapter 13 Bankruptcy is also called a wage earner’s plan. It enables people like you with regular income to develop a plan to repay all or part of your debts. When filing for Michigan Chapter 13 Bankruptcy, a repayment plan is established to make installments to creditors over three to five years. During this time the law forbids creditors from starting or continuing collection efforts.
Who is eligible to file for Michigan Chapter 13 Bankruptcy?
A corporation or partnership may not file for Michigan Chapter 13 Bankruptcy. Any individual, including the self-employed or those operating an unincorporated business, is eligible to file for Chapter 13 Bankruptcy in Michigan providing: the individual’s unsecured debts are less than $336,900 and the individual’s secured debts are less than $1,010,650. These amounts are adjusted periodically to reflect changes in the consumer price index.
Protect Your Home
You may use a Michigan Chapter 13 Bankruptcy proceeding to save your home from foreclosure. This stops the foreclosure proceeding as soon as the we file the Chapter 13 Bankruptcy petition. You may then bring the past-due payments current over a reasonable period of time. Be aware you may still lose your home if the mortgage company completes a foreclosure sale under state law before you file for bankruptcy. You may also lose your home if you fails to make the regular mortgage payments that come due after the Chapter 13 Bankruptcy filing.
Free No Obligation Consultation
Your initial consultation is free of charge. In many cases, a lawsuit must be filed before an applicable expiration date, known as the period of redemption. Please call right away to ensure that you do not waive your rights or to obtain compensation.