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How long does a Michigan Chapter 13 repayment plan last?

Michigan consumers with major financial challenges are probably aware that Chapter 13 bankruptcy may be an option for them. Chapter 13 offers consumers an opportunity to repay part of their qualified debts over a discrete time period. This blog post will provide you with a little more information about Chapter 13 bankruptcy.

Chapter 13 is also called a wage earner's plan. This is because it is geared toward consumers with steady incomes who can pay a certain amount of their incomes each month. Many wage earning consumers will find that Chapter 13 is the only bankruptcy option available to them under federal bankruptcy law.

How long will a Chapter 13 repayment plan last? It depends on the consumer's income.

If a Michigan consumer's income is lower than Michigan's state median income, then the consumer will usually be making payments over a three year period. Nonetheless, the bankruptcy court may approve a longer period, if cause exists for it to do so.

If the consumer's income is greater than Michigan's median income, however, the payment period will generally be five years. Five years is the maximum amount of time that a repayment period can last. A Michigan bankruptcy attorney can provide more information on Michigan's median income and how long a consumer's repayment period might be.

One big advantage of Chapter 13 bankruptcy is that homeowners can use it to stop foreclosure. Homeowners may be given an opportunity to make mortgage payments over time under a Chapter 13 plan. As long as consumers make the mortgage payments on time under the repayment plan, they will not have to worry about foreclosure.

Source:, "Chapter 13 - Bankruptcy Basics," accessed on Oct. 24, 2015

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