Detroit Bankruptcy Attorneys
Some people file Chapter 13 because their income level makes them ineligible for Chapter 7. Others choose Chapter 13 because of the numerous advantages this type of bankruptcy offers in many situations.
If you are overwhelmed by debt, it is important that you select a lawyer who is able to analyze your specific situation and offer experienced guidance about whether Chapter 13 is the right type of bankruptcy for you. For more than a decade, Marrs & Terry, PLLC has offered individualized counsel and legal representation to thousands of Michigan clients in Chapter 13 bankruptcy. Contact our law firm online or call 866-665-8095 so we can thoroughly review your case and help you determine the right type of bankruptcy for you.
Asset Protection and Chapter 13
Chapter 13 bankruptcy allows you to protect your assets from creditors. There is no liquidation of assets, as there may be in Chapter 7. You are able to keep your property, including your house, your car, your major appliances, your 401(k) and your pension.
If you are behind on payments for any of this property, you can include those late payments as part of your debt repayment plan and get caught up.
Chapter 13 and Unique Opportunities
Some people like to know that they contributed something to their debts. Chapter 13 allows for some payment to be made to creditors, even if that payment is minimal.
This type of bankruptcy also comes with other unique opportunities. In this time of financial turmoil and plummeting real estate values, one of the most commonly used is stripping second mortgages. In certain situations, second mortgages can be completely eliminated in conjunction with filing of Chapter 13 bankruptcy.
Contact Us Today to Obtain a Fresh Start
If you would like to learn more about how filing Chapter 13 could be advantageous for you, contact us online or call 866-665-8095 to discuss your situation with our experienced Ann Arbor and Flint Chapter 13 attorneys.
