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Phone: 248-646-4600
Email: ron@siegelpc.com
Location
30150 Telegraph Rd, #444 Bingham Farms, Michigan 48025
Hours
Mon - Fri: 8:30am - 5:30pm
Weekends: By appointment
Serving Metro Detroit And Southeast Michigan
Understanding Chapter 13 Bankruptcy in Michigan
Understanding Chapter 13 Bankruptcy in Michigan
Bankruptcy can be a scary and overwhelming prospect for anyone, but it can also provide a fresh start and relief from overwhelming debt. Chapter 13 bankruptcy is one option available to Michigan residents. This type of bankruptcy allows individuals with regular income to reorganize their debt and create a repayment plan over a period of three to five years. At The Law Offices of Ronald S. Siegel, we are here to help you understand the ins and outs of chapter 13 bankruptcy and guide you through the process.
Eligibility for Chapter 13 Bankruptcy in Michigan
To file for chapter 13 bankruptcy in Michigan, you must meet certain eligibility requirements. You must have a regular income and your unsecured debts cannot exceed $419,275, while your secured debts cannot exceed $1,257,850. You must also have completed credit counseling within 180 days before filing and be up to date on all tax filings. Our experienced attorneys can help you determine if you meet the eligibility requirements and are a good fit for chapter 13 bankruptcy.
The Chapter 13 Bankruptcy Process
The first step in the chapter 13 bankruptcy process is filing a petition with the bankruptcy court. Once the petition is filed, an automatic stay goes into effect, which stops creditors from taking any further action against you. From there, you will work with an appointed trustee to create a repayment plan. The plan will outline how much money you will pay each month and to who over the course of three to five years. The court will then approve the plan and you will make payments to the trustee who will distribute the funds to your creditors. Our team can help you navigate every step of this process to ensure a successful outcome.
The Benefits of Chapter 13 Bankruptcy
Chapter 13 bankruptcy offers several benefits, including the ability to keep assets such as your home or car. It also allows for a more manageable repayment plan with longer terms and is less damaging to your credit score than other types of bankruptcy. Additionally, you can eliminate certain types of debts, such as credit card balances and medical bills.
The Importance of Hiring a Bankruptcy Attorney
Filing for bankruptcy is a complex legal process that involves a lot of paperwork and deadlines. Having a bankruptcy attorney on your side can help ensure everything is filed correctly and on time. Our team can also help you understand the pros and cons of chapter 13 bankruptcy and whether it is the best option for your financial situation.
Life After Chapter 13 Bankruptcy
While chapter 13 bankruptcy can provide much-needed relief and a fresh financial start, it is important to remember that it is not a quick fix. It will take several years to complete the repayment plan and rebuild your credit. But with the help of our experienced attorneys, you can create a solid plan for life after bankruptcy and move forward with confidence.
If you are considering chapter 13 bankruptcy as an option to alleviate your financial stress, our team at The Law Offices of Ronald S. Siegel is here to help. We have the experience and knowledge needed to guide you through the process and achieve a successful outcome. Contact us today to schedule a consultation and take the first step towards a brighter financial future.
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30150 Telegraph Rd, #444
Bingham Farms, MI 48025
Practice Areas
Hours
Mon - Fri: 8:30am - 5:30pm
Weekends: By Appointment
We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.