Deciding to file bankruptcy can be one of the most stressful at emotional decisions that an individual can make. The feeling of failure and despair can overwhelm individuals. However, bankruptcy is not a failure, it is a fresh start. Filing for Chapter 13 bankruptcy can help an individual set up a plan to repay their debts, often for less than what they owe, over the course of 3 - 5 years. This can allow individuals facing foreclosure to save their home.
Miller Cohen, PLC provides representation to individuals looking to file a Chapter 13 Reorganization. We can walk you through the process, help you collect the documentation necessary to file, and give you guidance to protect your assets. A well-crafted plan can help you save on interest, reduce the amount you pay to unsecured creditors, and reduce overall attorney fees in your case. A bankruptcy is not something you should go through alone. Contact us today at 800-221-6021 to schedule a free bankruptcy consultation.
What Can Chapter 13 Do?
A well-crafted Chapter 13 reorganization can help an individual:
- Eliminate Most Debts
- Stop Garnishments
- Stop Foreclosure
- Stop Lawsuits
- Stop Repossession
- Stop Harassing Phone Calls
- Eliminate Your Second Mortgage
- Protect Your Retirement
- Eliminate or Repay Your IRS Debt
Additionally, a proper plan can often reduce the amount that an individual pays on a monthly basis, allowing them to repay their debts while also leaving a reasonable amount of money available to pay for their ongoing needs.
When an individual enters bankruptcy, the law creates an automatic stay upon filing. This automatic stay bars creditors from attempting to collect from the debtor for the duration of the bankruptcy case. What this means is that an individual receives immediate relief from harassing phone calls, collection letters and garnishments. This is a powerful tool that helps individuals begin to rebuild their lives even before your Chapter 13 Plan is approved by the court.
The goal of filing a personal Chapter 13 Bankruptcy is often to receive a discharge of one's debts. When an individual receives a discharge, the court enters an order releasing the debtor from liability for debts included in the order. From that date forward a creditor is barred from attempting to collect those debts. If a creditor does move forward with collection efforts, the debtor has the ability to go to court and enforce the discharge and receive a money judgment.
Contact a Metro Detroit Bankruptcy Attorney
For a free consultation, please call 800-221-6021 or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.