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Creating a repayment plan that works for you

When facing financial challenges, people have a variety of debt relief options. Some of these options might be a "quick fix" while other may require some significant work. When people are considering Chapter 13 bankruptcy, in particular, they are often looking to solve significant financial issues. They may want to keep their home, car or other expensive good, while relieving some debt.

In order to do this, Chapter 13 bankruptcy requires that people have some sort of income. Then, part of this income is used to pay down the debt over a period of three or five years. Before the bankruptcy, people will be given the opportunity to create a repayment plan for these debts. This plan must meet certain legal requirements in order to be accepted by the court. For example, a person's surplus income must be used to pay creditors during the repayment period.

Our law firm understands these requirements and how to make them work for Michigan residents. We can help ensure that people's income is first used to meet their day-to-day expenses so that people do not have to rack up anymore debt. Then, we can make sure that the repayment plan is manageable for people to actually fulfill. Since, the terms of the repayment plan must be met in order for a person to receive a discharge under the bankruptcy code.

Additionally, we can help people use Chapter 13 to their full advantage. In many cases, this means helping people keep their home and their cars. These are often extremely important goals for people facing bankruptcy. By listening to people's goals and examining their financial situation, we can help create the right repayment plan for them.

Our Chapter 13 webpage has more information for those considering this debt relief option.

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    Posted by MaryDecember 11, 2015

    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

  • rating

    Posted by ClientOctober 26, 2010

    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

  • rating

    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

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