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According to the Administrative Office of the US Courts, there were nearly 1.8 million bankruptcies filed in the year ending March 31, 2006, up from just over 1.3 million in the year ending March 31, 2001. To help sort your way through the complicated maze of overcrowded bankruptcy courts, you need the assistance of knowledgeable legal advocates, with years of experience and demonstrated trustworthiness.
Detroit, Southeastern Michigan, Chapter 13 Bankruptcy Attorneys
While Chapter 7 relates to a discharge of unsecured debt, Chapter 13 is a reorganization of debt. While many think that they will have to pay the entire amount of outstanding debt, under Chapter 13, individuals literally pay pennies on the dollar and work through a repayment plan that helps them achieve freedom from their debt in a period of between three and five years.
At the Great Lakes Bankruptcy Center, PLLC in Southeastern, Michigan, we work closely with clients to help determine if Chapter 13 is a viable option, then help create a plan of repayment that paves the way for a more secure future, free from the pressure of debt. Contact us today to find out more information.
Reorganizing Your Debt
Chapter 13 offers individuals a way to repay debt within a five-year period (although some plans may be designed to help clients pay debts within a two- to three-year period). Repayment of debt is commensurate on the debtor’s ability to do so. Through a means test, we are able to gain an accurate financial portrait of our clients. Our lawyers work with people to gain an accurate picture of assets and debt and then devise a plan tailored to meet their specific needs.
Protecting Assets
One of the most significant advantages of filing for Chapter 13 over Chapter 7 is the fact that it can help people protect assets not protected under Chapter 7. Because you have a period of time in which to pay for an asset, even if you have to pay full price for the item, creditors are more likely to allow you to keep and pay for it, whether it is a car or a boat.
To find out if you qualify for Chapter 13 bankruptcy, we encourage you to contact the Great Lakes Bankruptcy Center, PLLC. Together we can discuss your financial matters in a supportive, non-judgmental environment. Contact us today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
