Sometimes, we end up in financial situations far beyond our control. This
means, we may have to need to except help from entities outside of ourselves.
There’s no shame in admitting you are in over your head and need
the help of an organization, legislation, or government entity. in order
to move forward from your financial devastation in a seamless manner.
This is why
Chapter 13 bankruptcy is an option for many people whose debts have simply become
too overbearing for them to handle on their own. Many people have heard
of Chapter 7 bankruptcy, though they do not realize this is not their
only option when it comes to financial salvation in the face of overwhelming debt.
Qualifying for Chapter 13 bankruptcy is quite different than qualifying
for Chapter 7. This is because the qualifications one must have in order
to qualify for chapter 13 are unique in the sense they do not require
you to give up everything you own as a form of payment. Chapter 13 bankruptcy
is a formal Financial salvation which allows you to create a three or
five year plan to getting back on your feet from any and all debts you
may be suffering under. There is a limit for how high your debts can be
in order to file for Chapter 13, as it allows you to keep your home vehicles
and any other property. You may also not be qualified to file for Chapter
13 bankruptcy if you have filed for bankruptcy in the past.
Commonly referred to as a reorganization bankruptcy, Chapter 13 allows
you the opportunity to pay back your debts within a specific time frame.
This is most useful for those who simply need parameters set in order
to become current on their debts. While chapter 7 is often known as a
liquidation bankruptcy Chapter 13 is instead an extension of the time
you already have. By creating a repayment plan you are able to keep the
property you have worked hard to obtain and don’t have to face the
severe consequences of Chapter 7, the way you would if your income was
so minimal you had no way of paying back your debts.
While it may seem simple enough to file for Chapter 13 bankruptcy on your
own, it is certainly not advised. You may be concerned about saving money
anywhere you can, but filing incorrectly will only open up an entirely
new host of problems you were not anticipating. This is why it is best
you do not proceed with this precarious situation on your own.
Contact Our Detroit Bankruptcy Lawyer Today
Realizing it is time to ask for help can be difficult for many people.
Detroit bankruptcy attorney of the Law Offices of Marshall D. Schultz understand there is little else
to do when it comes to your finances. This is why we feel it is most important
for you to face this challenging time with the trusted guidance and advocacy
in legal team who has experience and skill to be your source of legal
counsel, care, and representation. Allow us to fight for you during this
We would love to hear from you. To reach a trusted member of our firm,
please don’t hesitate
contact us at earliest convenience by calling (888) 822-6730.