What Happens During Chapter 13 Bankruptcy?

What Happens During Chapter 13 Bankruptcy?

Chapter 13 bankruptcy allows debtors to work out a plan to repay their debts by using their regular income to support a long-term repayment plan to creditors. Chapter 13 bankruptcy is ideal for debtors who have enough income to repay their debts over time and want an alternative to liquidating their assets to repay creditors immediately. Repayment periods usually range from 3 to 5 years and can come with many pros and cons unique to your situation that should be discussed with your bankruptcy lawyer. 

How Can Chapter 13 Bankruptcy Lawyers Help Me?

Chapter 13 bankruptcy lawyers can help you decide if chapter 13 bankruptcy is right for you. They have a deep understanding of the effects of overwhelming debt and have the expertise to use chapter 13 bankruptcy to your advantage to prevent home foreclosure, vehicle repossession, utility shut-off, garnishments, and creditor harassment. They can also help you eliminate a second mortgage and reduce payments on income taxes, student loans, and child support. 

Chapter 13 Bankruptcy At Jack Berman Law

If you or someone you know needs to file for chapter 13 bankruptcy in Redford, MI, Westland MI, Livonia, MI, or the surrounding areas, our skilled bankruptcy attorney Jack Berman has the skill and experience that you need. We understand that the decision of whether or not to file for bankruptcy shouldn’t be taken lightly. Our legal team has over 50 years of combined bankruptcy experience and the expertise needed to handle all your debt-restructuring needs. As a credited bankruptcy attorney, Jack Berman is able to help you solve financial issues such as home foreclosure, cancel an unsecured debt, and teach you how to stop wage garnishment. Contact us online or call us at 734-367-0600 for a free initial consultation with Mr. Berman today!

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