Numerous Michigan residents are dealing with monetary struggles. Financial troubles can bring a lot of stress to one’s life. When it all becomes too much, it is okay to seek debt relief. Chapter 13 bankruptcy law is one option available to those who qualify.
Chapter 13 bankruptcy is open to just about anyone who makes more than the state median income and has qualifying debts. In other words, it is an option for individuals who have money coming in, just not enough to keep up with their monthly debt obligations. They would benefit from having their debts restructured so that their payments fit within their current budgets.
To file for a Chapter 13 bankruptcy, one needs to fill out the appropriate petition and submit it to the court with a proposed repayment schedule. Creditors have the right to voice their opinion on the matter. If the repayment schedule is deemed satisfactory, the court may approve it. Once approved, the repayment plan becomes active immediately and lasts anywhere from three to five years.
Chapter 13 bankruptcy law offers options to ease financial stress. It can stop creditor harassment, halt the foreclosure process, allow people to keep their property and grant economic relief. Michigan residents who feel it may be a good fit for them can turn to an experienced bankruptcy attorney for a case review. Some people may not have to go to the extreme of filing for bankruptcy as they may have other options. Legal counsel will have the ability to help one pursue the debt relief option that best fits one’s needs.