If you are considering filling for Chapter 13 in Michigan, Attorney Kimberly Kramer can help you develop a manageable repayment plan that fits your financial situation, while also protecting your assets.
Filing for Chapter 13 bankruptcy can be a strategic decision for individuals seeking to save their home or car from foreclosure or repossession. Unlike Chapter 7 bankruptcy, which involves liquidating assets, Chapter 13 allows debtors to reorganize their financial obligations and establish a repayment plan over three to five years.
STOP:
√ Car Repossession √ Home Foreclosure
√ High Interest √ Large Penalties
√ Garnishments √ Levies
This plan enables individuals to catch up on missed mortgage or car loan payments while maintaining ownership of their property. A significant advantage of Chapter 13 is the automatic stay, which halts foreclosure or repossession proceedings, providing immediate relief and an opportunity to address arrears.
A Chapter 13 plan is able to strip off second mortgages when there is no equity backing the loan. A plan can also “stretch out” car payments, often lowering interest and most of the time lowering payments.
Chapter 13 plans will help you pay income tax liability over time and stop interest and penalties from accruing while you do. A plan will allow you to pay your bankruptcy attorney over time so there are little to no fees up front.
In addition to the above benefits a Chapter 13 plan will allow you to protect co-signors, manage your student loan debt and pay other debts what you can afford based on your budget as opposed to under the terms your creditors are demanding now. As with any bankruptcy, immediately upon filing your case creditors must stop all collection activity including: foreclosures, repossessions, garnishments and levies.
Please contact our office today, we can help you file chapter 13 and restore financial stability with one legal low monthly payment.
Attorney Kimberly Kramer is a seasoned expert in bankruptcy law, specializing in guiding clients through the complexities of Chapter 13 proceedings. With her extensive knowledge and compassionate approach, Kimberly offers personalized legal strategies tailored to each client’s unique financial situation. She assists in developing feasible repayment plans, ensuring all legal requirements are met, and advocating on behalf of her clients to protect their interests. Her dedication to providing clear, understandable guidance empowers individuals to regain financial stability and peace of mind.