Saginaw, Michigan
Chapter 13 Attorney
One of the Best Bankruptcy Attorneys in Saginaw, MI
Office Location
3125 Davenport Ave
Saginaw, MI 48602
Monday – Friday : 9:00 am – 5:00 pm
Saturdays : 9:30am – 11:30 by phone only
Appointments as late as 6:30 Mon-Thur by phone only
Highly Recommended
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Are You Feeling Overwhelmed by Your Financial Situation and Considering Filing for Chapter 13 Bankruptcy?
Look no further than Frego Law, the leading Chapter 13 lawyer in Saginaw, Michigan. Our experienced team understands the complexities of the bankruptcy process and will guide you every step of the way, ensuring a smooth and successful filing.
With Frego Law on your side, you can finally get the fresh financial start you deserve. Say goodbye to mounting debts and stressful creditor calls and hello to a brighter future. Let us help you regain control of your finances and rebuild your life.
Contact Frego Law today and schedule a free consultation with our Chapter 13 experts. Take the first step towards financial freedom and regain control of your life. Don’t wait any longer; let us help you navigate the path to a debt-free future.
Reasons to File Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a form of debt relief that allows individuals with regular income to restructure their debts and create a manageable repayment plan. Chapter 13 bankruptcy focuses on creating a plan to repay all or a portion of the debts over a specified period of time.
One of the primary reasons people choose to file for Chapter 13 bankruptcy is to save their homes from foreclosure. Often, individuals facing foreclosure have fallen behind on mortgage payments due to job loss, medical bills, or other unexpected expenses.
Chapter 13 bankruptcy provides a way to stop foreclosure proceedings and catch up on missed payments. By restructuring their debt and creating a repayment plan, homeowners can keep their homes and maintain a regular mortgage payment schedule.
Another common reason for filing Chapter 13 bankruptcy is to prevent the repossession of a vehicle. Many individuals rely on their vehicles for transportation to work, school, and other essential activities.
If you are facing the threat of repossession due to missed car payments, Chapter 13 bankruptcy can provide the protection you need. By including your car loan in your repayment plan, you can prevent repossession and catch up on missed payments while keeping your vehicle.
Chapter 13 bankruptcy also offers the benefit of protection from creditor harassment. Once you file for bankruptcy, an automatic stay is put in place, which prohibits creditors from contacting you or taking legal action against you to collect debts. This can provide much-needed relief from constant phone calls, letters, and other forms of harassment.
Chapter 13 bankruptcy allows individuals to keep their non-exempt assets. Chapter 13 bankruptcy allows individuals to keep their property while making affordable monthly payments towards their debts. This can be especially important for individuals who have valuable assets they are not willing to part with.
Through the bankruptcy court, an individual’s debts are consolidated into a single monthly payment. This payment is based on the individual’s disposable income, taking into account their regular expenses. This allows individuals to repay their debts over a period of three to five years, making it more feasible and achievable.
According to Epiq’s data, there were over 200,000 total bankruptcy filings nationwide in the first six months of this year, up 17% from the more than 185,000 total filings during the same period last year.
Chapter 13 filings that allow individuals to repay a portion of their debts jumped by 23% in the first half of the year. [1]
Understanding the Process and Requirements for Filing Chapter 13 Bankruptcy
The first requirement for filing Chapter 13 bankruptcy is having a regular income. This is because Chapter 13 bankruptcy involves creating a structured repayment plan to pay off all or a portion of the debts over a period of three to five years. The court will examine your income and expenses to determine the amount you can afford to pay each month toward your debts.
Another requirement for Chapter 13 bankruptcy is that your unsecured debts must be below a certain threshold. If your debts exceed these limits, you may need to explore alternative options, such as Chapter 7 bankruptcy.
To begin the filing process, you must complete and submit a bankruptcy petition to the court. This petition includes detailed information about your income, expenses, assets, and debts. It is essential to fill out this petition accurately and completely to ensure a smooth and successful filing process.
Once your petition is filed, you will also need to attend a meeting of creditors. This meeting, also known as a 341 meeting, allows your creditors to ask questions about your financial situation and proposed repayment plan.
After the meeting of creditors, the court will review your proposed repayment plan. This plan outlines how you will repay your debts over the designated period and must be feasible based on your income and expenses. The court will assess whether your plan meets the requirements of Chapter 13 bankruptcy and may make adjustments or suggestions if necessary.
Once your repayment plan is approved by the court, you will begin making monthly payments to a bankruptcy trustee. The trustee will distribute these payments to your creditors according to the terms of your plan. It is essential to make these payments on time every month to ensure the success of your Chapter 13 bankruptcy case.
Throughout the repayment period, you will have the opportunity to address any changes in your financial circumstances. If you experience a significant income decrease or unexpected expenses, you may request a modification of your repayment plan. This allows the court to reassess your situation and make adjustments as needed.
Disposable Income Requirements Under Chapter 13 Law in Saginaw, Michigan
Disposable income refers to the amount of money you have left over after deducting your necessary living expenses from your monthly income. This is the money that you can allocate towards repaying your debts under a Chapter 13 repayment plan. In Saginaw, as in the rest of Michigan, there are specific rules and guidelines regarding the disposable income requirements for filing Chapter 13 bankruptcy.
In order to determine your disposable income, you will need to provide the court with detailed information about your income and expenses. This includes your regular wages, self-employment income, rental income, and any other sources of income. It is essential to accurately report all sources of income to ensure that your disposable income is calculated correctly.
On the expense side, you will need to include all necessary living expenses such as rent or mortgage payments, utilities, food, transportation, and healthcare costs.
Certain expenses may have standardized amounts set by the Internal Revenue Service (IRS), while others may be subject to your actual documented expenses. It is important to consult with our experienced Chapter 13 lawyers in Saginaw, who will guide you through this process and help ensure that all eligible expenses are properly accounted for.
Once your income and expenses are calculated, the court will subtract your necessary living expenses from your monthly income to determine your disposable income. This is the amount that will be used to repay your creditors under the Chapter 13 repayment plan.
Individuals may be eligible to have a portion of their unsecured debts discharged if they are unable to repay them within the designated repayment period. This can provide significant relief and allow individuals to get back on their feet financially.
Types of Debt Eligible for Chapter 13 Bankruptcy Protection in Saginaw, Michigan
Secured debts are those that are tied to collateral, such as a car loan or a mortgage. Under a Chapter 13 bankruptcy plan, you have the opportunity to catch up on missed payments on secured debts and keep the collateral by making regular monthly payments.
Unsecured debts, on the other hand, are not tied to any specific collateral. These include credit card debts, medical bills, personal loans, and certain types of taxes. In a Chapter 13 plan, you can include unsecured debts and create a repayment plan based on your disposable income. The court will determine the percentage of the debt that you need to repay based on various factors, including the amount of disposable income you have available.
Not all types of debts can be discharged or eliminated through a Chapter 13 bankruptcy plan. Some debts are considered non-dischargeable and will still need to be repaid in full. These may include certain tax debts, student loans (in most cases), child support, alimony, and debts arising from fraudulent activities.
Benefits of Hiring a Chapter 13 Lawyer in Saginaw, Michigan
- Legal expertise: Chapter 13 bankruptcy laws can be intricate, and our experienced lawyers at Frego Law, who specialize in this area, will have a deep understanding of the legal intricacies involved. They will be familiar with the specific bankruptcy rules and regulations in Saginaw County and can guide you through the entire process with efficiency and accuracy.
- Customized advice: Our Chapter 13 bankruptcy lawyers will provide you with personalized advice based on your specific circumstances. We will thoroughly examine your income, expenses, assets, and debts to create a tailored repayment plan that is both feasible and beneficial for you. Our expertise will ensure that you make informed decisions that align with your goals and financial well-being.
- Documentation and paperwork: Filing for bankruptcy involves extensive paperwork and documentation. Our Chapter 13 bankruptcy lawyers will assist you in gathering the necessary information, ensuring that all forms are completed correctly and submitted within the specified deadlines.
- Representation and negotiation: If your bankruptcy petition is contested by creditors, our lawyers will be your advocate in court. We will provide strong representation on your behalf, protecting your interests and negotiating with creditors to achieve the best possible outcome. Having our skilled attorney by your side can significantly increase your chances of a successful resolution and help alleviate the stress associated with legal proceedings.
- Compliance with legal requirements: Chapter 13 bankruptcy involves compliance with various legal requirements, including attending meetings of creditors, adhering to plan payments, and fulfilling other financial obligations. Our bankruptcy lawyer will ensure that you fulfill all necessary obligations and meet the requirements set forth by the court. Our guidance will help you stay on track and avoid potential pitfalls that could jeopardize the progress of your case.
Are You Overwhelmed With Debt and Seeking a Fresh Start?
Frego Law, the leading Chapter 13 lawyer in Saginaw, Michigan, is here to help you find the financial relief you need. With years of experience and a deep understanding of bankruptcy laws, Frego Law will guide you through the process, ensuring that you achieve the best possible outcome.
Imagine the peace of mind that comes with having a skilled and knowledgeable lawyer by your side, advocating for your rights, and working towards a manageable repayment plan. By choosing Frego Law, you can take control of your financial situation and begin rebuilding your life.
Don’t wait any longer. Call Frego Law today to schedule a consultation and take the first step towards a brighter financial future.
Source:
[1] Dumas, B. (2023, July 7). US bankruptcy filings surge in the first half of 2023. Fox Business. https://www.foxbusiness.com/economy/us-bankruptcy-filings-surge-first-half-2023
Received Accolades:
206-2010, 2012, 2014-2021
American Bankruptcy Institute
Certified as a Bankruptcy Specialist by ABC
National Association of Consumer Bankruptcy Attorneys
Better Business Bureau
Office Location
3125 Davenport Ave
Saginaw, MI 48602
Monday – Friday : 9:00 am – 5:00 pm
Saturdays : 9:30am – 11:30 by phone only
Appointments as late as 6:30 Mon-Thur by phone only