A reaffirmation agreement allows you to keep a secured debt, like a car loan, and continue making payments in exchange for keeping the collateral.
FAQ Category: Home
Can my bankruptcy case be dismissed?
Yes, your bankruptcy case can be dismissed for various reasons, such as failing to meet filing requirements, not attending the 341 meeting, or not making plan payments in Chapter 13.
Do I need a lawyer to file for bankruptcy?
While you can file for bankruptcy without a lawyer, it’s strongly recommended to seek legal counsel. Bankruptcy is a complex process, and an experienced attorney can guide you through it, protect your rights, and ensure the best possible outcome.
How long does it take to get a discharge in Chapter 13 bankruptcy?
You typically receive a discharge in Chapter 13 after completing your repayment plan, which lasts 3-5 years.
Can I modify my Chapter 13 plan?
Yes, you may be able to modify your Chapter 13 plan if your circumstances change, such as experiencing a loss of income or unexpected expenses.
What are the advantages of Chapter 13 bankruptcy?
Chapter 13 allows you to:
- Keep your property, including your home and car.
- Stop foreclosure and repossession.
- Pay off certain debts over time.
- Consolidate debts and potentially reduce interest rates.
How does Chapter 13 bankruptcy work?
Chapter 13 involves creating a repayment plan to pay off a portion of your debts over 3-5 years. This plan consolidates your debts, often with reduced interest rates and manageable monthly payments.
What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy allows you to keep your assets while establishing a manageable repayment plan over 3-5 years. This is a good option if you have a steady income and want to avoid foreclosure in Warren, MI, or elsewhere. Our attorneys can help you navigate the Chapter 13 process.
How long does a Chapter 7 bankruptcy take?
The entire Chapter 7 bankruptcy process typically takes about 4-6 months from filing to discharge. However, the timeline can vary depending on the complexity of your case.
What is the Chapter 7 means test?
The means test determines if your income is low enough to qualify for Chapter 7 bankruptcy. It compares your income to the median income in your state. If your income exceeds the limit, you may need to consider Chapter 13 bankruptcy.