How Do I Know if I Qualify for Chapter 13 Bankruptcy?

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. However, our 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 challenging time.

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.

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