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 with 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
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 has 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
allows 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.