Overcoming Debt Through Chapter 13 Bankruptcy
The law firm of Thomas J. Tomko, Attorney at Law, assists people in Macomb County, Sterling Heights and the surrounding cities and counties in Michigan with Chapter 13 bankruptcy.
With us on your side, you can be confident that your needs will be met. You can be confident because you will be represented by a lawyer with more than 20 years of experience helping people like you fight home foreclosure, car repossession, wage garnishment, collection lawsuits, and creditor harassment.
Qualifying for Chapter 13 Bankruptcy
If your debts have become overwhelming to the point that you are considering bankruptcy, you can consider bankruptcy as an option. Chapter 13 is designed to help those who have some amount of extra income available to pay their bankruptcy debts after they cover their regular monthly costs of living, but not enough income to pay off all of their bankruptcy debts.
In addition to Chapter 13, there are other options for those who cannot make ends meet. We can see if you qualify for a Chapter 12 or a Chapter 7 bankruptcy instead.
How Chapter 13 Bankruptcy Works
Chapter 13 involves a "work out" plan to pay a portion of your debt. A Chapter 13 repayment "Plan" is developed based on your income and your bankruptcy debts. It will be designed specifically to allow you to make monthly payments to the Bankruptcy Trustee, that are within your means to pay a portion of your bankruptcy debts. These monthly payments will be made for between three and five years. After completing that repayment "Plan", remaining dischargeable debt is eliminated.
This type of bankruptcy typically allows people to keep homes, cars and other important property if they can make their current payments. Past due payments for these properties can generally be included as part of the repayment plan.
For more information, please review these additional pages:
- Chapter 13 flow chart
- Filing a Chapter 13 Petition
- Filing a Chapter 13 Plan
- Confirmation Hearing
- Payments to the Bankruptcy Trustee
The Goal of Chapter 13 Bankruptcy: Eventual Discharge of Your Remaining Debt
"Order of Discharge" is the bankruptcy court order issued at the end of your bankruptcy case. This Order eliminates all dischargeable debts which remain owed to the creditors listed in your bankruptcy repayment "Plan." The Order of Discharge closes your case.
Contact us today for a free consultation about Chapter 13 with an experienced bankruptcy attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.