Michigan Chapter 13 Bankruptcy
Which bankruptcy is right for me?
When exploring personal bankruptcy it is important to consider all of the options available to you. It is also important to understand what motivates you to file bankruptcy and what is important to you during the process.
Asking yourself the following questions can help determine which personal bankruptcy option is the best fit:
- Do I want to keep my home or other property?
- Can I reasonably pay off most of my debt?
- Do I want to protect my credit score in the long-term?
- Have I filed for chapter 7 in the last six years?
- Is my income above the state median?
- Do I have any tax liens?
If you answered yes to any or all of the questions above, filing chapter 13 in Michigan is more than likely the right option for you. Chapter 13 provides consumers a manageable solution to pay off their debts under an approved 3-to-5 year repayment plan.
Structuring your repayment plan with legal guidance
During chapter 13 bankruptcy in Michigan, the debtor works in conjunction with their attorney to create a repayment plan. This is a highly collaborative time in which you and your attorney will examine all of the circumstance of your debt and your ability to make payments:
- Evaluating monthly income
- Analyzing the extent of all debt
- Organizing priority claims
- Making financial projections on income, interest rates, and debt
- Formulating a comprehensive debt-management strategy
The Mengesha Firm, P.C. rolls up its sleeves and dives into financial and legal analysis to help clients structure a solution that will help them confront creditors with a working solution. Rely on us to help you implement a successful Michigan chapter 13 repayment plan.
For filing chapter 13 in Michigan call us at (248) 421-7852 or toll free at (866) 941-0747 or email us.