Between the Flint water crisis and the foreclosure crisis in Detroit, homeowners across the state of Michigan must be wondering, “Is there no one who can help us if we want to keep our house?”
Believe it or not, there is: You.
You yourself may be able to save your home with the help of an unexpected ally: Bankruptcy.
If you are like many people, however, you may have a number of mistaken ideas about bankruptcy. You may think you will lose everything in a bankruptcy. You may even have been told by unscrupulous debt collectors that you can end up in jail if you file for bankruptcy.
All of that is false.
Bankruptcy is a provided for right championed (and taken advantage of) by no less an authority than our Founding Father, Thomas Jefferson. Jefferson himself believed that one of the greatest threats to the liberties of a free people was debt servitude to banks.
For that reason, bankruptcy laws are enacted that may be able to help you protect yourself against losing your home. This tool is Chapter 13 bankruptcy, sometimes known as a payment plan bankruptcy.
An experienced bankruptcy attorney can help you understand the complicated rules that govern this unique form of bankruptcy. If you wish to save your house, you should consult with an attorney as soon as possible. Time is often of the essence in bankruptcy matters when it comes to protecting homes.