When you’re faced with overwhelming debt and don’t know what to do, our Troy, MI Chapter 13 bankruptcy lawyer has the experience and know-how to help you file for bankruptcy and get back on your feet. At Gudeman & Associates, P.C., we have over 100 years of combined legal experience helping Southeast Michigan residents find relief from financial stress. With an A+ rating from the BBB and no-obligation consultations, our dedicated attorneys are known for their compassionate service, effective legal strategies, and commitment to helping clients regain control of their finances. Contact our financial reorganization lawyers to discuss your situation and start your journey toward financial stability.
What Chapter 13 Bankruptcy Means
Chapter 13 bankruptcy is often referred to as a “wage earner’s plan.” It allows individuals with a steady income to create a repayment plan for all or part of their debts over the course of three to five years. Unlike Chapter 7 bankruptcy, Chapter 13 doesn’t require the liquidation of assets, making it a suitable choice for those looking to retain their property while addressing their financial difficulties.
Our consumer bankruptcy lawyers can provide guidance to help you create a feasible repayment plan that meets legal requirements. We strive to make the process as smooth as possible by assessing your financial situation, helping you prepare necessary documents, and answering any and all questions you may have throughout the process.
Who May Benefit From Chapter 13 Bankruptcy
Choosing Chapter 13 bankruptcy offers several benefits. Instead of dealing with multiple creditors, Chapter 13 bankruptcy allows you to make one affordable monthly payment. Additionally, your home, car, and other valuable assets are often protected from foreclosure or repossession once you initiate your filing. Filing for Chapter 13 bankruptcy also comes with the added benefit of the automatic stay that comes into play as soon as you file, preventing creditors from harassing you for payment. By working with our Chapter 13 bankruptcy attorneys, you can restructure certain debts, making them more manageable to repay to avoid financial hardship.
Chapter 13 bankruptcy is particularly helpful for individuals struggling to keep up with mortgage or car loan payments or those who have certain debts, such as child support or tax obligations, that cannot be discharged under Chapter 7 but can be managed under Chapter 13. Also, for those wanting to avoid liquidation of their assets, Chapter 13 provides a structured way to repay debts over time. Our debt restructuring attorneys can help you decide if Chapter 13 bankruptcy is right for you.
Let Us Help You Rebuild Your Financial Future
At Gudeman & Associates, P.C., we offer compassionate and knowledgeable legal guidance to help you manage your bankruptcy filing. Our Chapter 13 bankruptcy lawyers help clients develop debt repayment plans that suit their specific financial situation and support their long-term financial goals. Don’t let the weight of debt drag you down. Contact us today to schedule a consultation and find out how we can help you regain control of your finances.
