Bankruptcy Overview

Chapter 13

Detroit Chapter 13 Bankruptcy Attorney

Chapter 13 bankruptcy is different than Chapter 7 in several ways. Instead of debt being discharged completely, a person may repay all or a portion of his or her debts under the supervision and protection of the bankruptcy court. If you need help with Chapter 13 bankruptcy, trust your case, questions, and concerns to me, bankruptcy lawyer Walter Metzen.

Under Chapter 13, if the court approves the debtor’s plan for the repayment of the debt, most creditors are prohibited from collecting their claims from the debtor during the course of the case. The debtor must make regular payments to a person called the Chapter 13 trustee, who collects the money paid by the debtor and disburses it to creditors in the manner called for in the plan. Upon completion of the payments called for in the plan, the debtor is released from liability for the remainder of his or her dischargeable debts.

I have been handling these types of cases for over 14 years. Though the new bankruptcy laws changed recently, you need not worry. I am well versed in the language of the new laws and can effectively explain how these changes may affect your ability to file for bankruptcy.

Contact me, Detroit Chapter 13 bankruptcy attorney Walter Metzen, today to schedule your free initial consultation. Flexible appointment times and same day appointments are available for your convenience.

Chapter 13 bankruptcy is different than Chapter 7 in several ways. Instead of debt being discharged completely,a person may repay all or a portion of his or her debts under the supervision and protection of the bankruptcy court. Click here for an explaination of Bankruptcy Terminology If you need help with Chapter 13 bankruptcy, trust your case, questions, and concerns to me, bankruptcy lawyer Walter Metzen.

Click here to learn about the GOAL of BANKRUPTCY

Under Chapter 13, if the court approves the debtor’s plan for the repayment of the debt, most creditors are prohibited from collecting their claims from the debtor during the course of the case. The debtor must make regular payments to a person called the Chapter 13 trustee, who collects the money paid by the debtor and disburses it to creditors in the manner called for in the plan. Upon completion of the payments called for in the plan, the debtor is released from liability for the remainder of his or her dischargeable debts. For more information, see my Chapter 13 Frequenty Asked Questions page.

I have been handling these types of cases for over 14 years. Though the new bankruptcy laws changed recently, you need not worry. I am well versed in the language of the new laws and can effectively explain how these changes may affect your ability to file for bankruptcy.

Contact me, Detroit Chapter 13 bankruptcy attorney Walter Metzen today to schedule your free initial consultation. Flexible appointment times and same day appointments are available for your convenience.

What Is Chapter 13 Bankruptcy When someone files for bankruptcy under Chapter 13 of the Bankruptcy Code, their aim is to have the opportunity to repay some or all the debts in their name, in better terms, i.e. lower or no interest. Unlike Chapter 7 which involves liquidation of assets, this process allows the debtor to use whatever income they may have in the future to pay off the creditors. Needless to say, filing Chapter 13 Bankruptcy is applicable for a debtor who does have a regular income, and thus can afford to request for such adjustments, or reductions. Click here to learn about the AUTOMATIC STAY IN BANKRUPTCY The United States Bankruptcy Code gives the debtor a ceiling of 5 years, within which the creditors must be paid back. While the attorney will safeguard your interests, the entire process is carried out under the supervision of the courts. How Does Chapter 13 Bankruptcy Work? While debtors are allowed to keep all of their property, the court approves a new interest-free plan for repayment. A written plan is created giving details of all the transactions that will occur, and the duration of the same. The repayment must begin within thirty to forty-five days after the case has started. The transitory stage of paying a trustee who then pays a creditor, as in Chapter 7 Bankruptcy is usually eliminated with Chapter 13 Bankruptcy. Although, in some cases people may involve a trustee who would take care of disbursing money to the creditors as per the plan. Also, as per the law the creditors must strictly adhere the repayment plan approved by the court and are in fact prohibited to collect any claims from the debtor. Your attorney will prepare new repayment plan to best suit your situation. The one advantage of Chapter 13 over Chapter 7 Bankruptcy is the full discharge option which is not applicable under Chapter 7 filing. For example, if a debtor manages to complete all necessary payments in the plan, he/she is given a full plan discharge. (There are a few exceptions to this case, which your attorney will guide you about if necessary.) Yet another advantage of the Chapter 13 filing is that a repayment can be created even if creditors disagree with it, as long as it is approved by the Court. Although, in all fairness the court allows creditors also to file an objection, in case they may have any. Who Can File For Chapter 13 Bankruptcy? The most important criteria for a person to be able to file for Chapter 13 bankruptcy is that the individual must have a regular income. There are a few other criterions that must be met for filing a Chapter 13 Bankruptcy, your attorney will be the best person to introduce you to these! How Can I File For Chapter 13 Bankruptcy? Let ’s just say our attorneys will ensure that you don’t need to bog yourself down by trying to understand the complicated details of this answer. Essentially, the filing for Chapter 13 Bankruptcy entails the following. Determine whether Chapter 13 is the best solution for you. Prepare a budget. Examine individual cases to figure out whether require filing of Chapter 13 bankruptcy, or can be tackled in some other way. Determine and implement methods of dealing with secured creditors. Devise a chapter 13 plan, and fill out the forms. Pay the filing fee and complete the process of filing the forms and pleadings. Attend whatever meetings you maybe required to attend; with the creditors, court hearings etc. Obtain a discharge once the payments have all been made, and the plan terminated.

We are a Debt Relief Agency helping people file for bankruptcy relief under the Bankruptcy Code. Let us help you decide if bankruptcy is right for you.

Bankruptcy attorney Walter Metzen represents clients throughout Southeast Michigan, including the communities of Detroit, Southfield, Warren, Roseville, Farmington Hills, Ann Arbor, Belleville, Canton, Clinton Township, Dearborn, Dearborn Heights, Hamtramck, Highland Park, Holland, Howell, Lincoln Park, Livonia, Macomb, Northville, Plymouth, Port Huron, Redford, Rochester, Saginaw, Southfield, Sterling Heights, Taylor, Trenton, Troy, Westland, Wyandotte, Ypsilanti, Mount Clemens, Howell, Oakland County, Macomb County, Wayne County, Washtenaw County, Livingston County, and all of the surrounding areas.