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Filing a Chapter 13 may be a good option; takes know-how

Last week's post discussed how Michigan families who are facing financial difficulties have the option of either filing a Chapter 13 bankruptcy or a more traditional Chapter 7 bankruptcy. Both have their own advantages and disadvantages, and both can successfully afford a family the debt relief that it desperately needs.

However, seeing a Chapter 13 bankruptcy through from its beginning to its successful completion takes a considerable amount of legal knowledge and skill. For one, a Chapter 13 bankruptcy can last for up to five years, and a bankruptcy attorney must stay on top of the case consistently in order to make sure that things are proceeding as they should.

Also, the bankruptcy attorney must perform careful income calculations and planning in order to make sure that a family can meet a repayment plan and maintain a reasonable standard of living.

Fortunately, The Smith Law Offices has considerable experience with helping people get debt relief through a Chapter 13 bankruptcy. While some people simply make too much to qualify for the more common Chapter 7 bankruptcy, our attorneys understand that just because a family has a decent income does not mean that they are immune from financial hard times. The firm can help people from all different types of situations get back on their feet with a fresh financial start.

Also, our firm can help people who do have the choice between a Chapter 13 and a Chapter 7 bankruptcy make the all-important decision as to which bankruptcy they ought to file. Even if a family qualifies for a Chapter 7, there are many situations in which a Chapter 13 makes more sense, and an attorney with experience in both types of bankruptcy is probably in the best position to help a struggling family evaluate its options.

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