BANKRUPTCY
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Chapter 13 Bankruptcy:
Also called a Reorganization, is for those who:

1.  Have an excess of assets,

2.  Make excess income, or

3.  Have a collateralized loan that they want to
keep out of foreclosure.

If your income is sufficient, you may be able to
pay back a portion of your
unsecured debt (credit cards, medical bills,
etc.) and
catch up on arrearages on your
secured properties.

~~~~~~~~       ~~~~~~~~

The reorganization process may take
from 36 to 60 months
, depending upon your
situation.

After completing your plan or reorganization, the
bankruptcy court may issue
you a
discharge of any remaining unsecured
debts (provided that the debts
are, in fact, dischargeable).

Those in a Chapter 13 reorganization may elect
to
convert to Chapter 7
liquidation should their circumstances change
during the course of the
reorganization.
Income: In Michigan a
single person with no
dependents can make
around $42,000/year
and still qualify for a
Chapter 7.

Click HERE to see a
breakdown of median
income by state.

If you are above the
median income then we
will have to compare
your income and
expenses to a
means
test
to see if you need
to file a Chapter 13.

The bigger your family
the more income you
can make and still
qualify.

You should also note
that any
household
income
will be
calculated into your
means test (such as a
spouse, relative, or
renter who might be
living with you).
Home: If you own
multiple properties or if
your home has more
then $20,000 equity you
would need to file a
Chapter 13. In some
cases you can
Strip a  
Second Mortgage
from
your primary residence.

Vehicle: If you own a
vehicle
free and clear
that if worth more then
$3,500 equity you may
need to file a Chapter 13.

Other large assets like
big bank accounts, CD's,
timeshares, rental
properties, collectors
items, and inheritances
could force you into a
Chapter 13.
different. You can call
us for a free phone
consultation at
(248) 544-6890
to speak with an
attorney regarding
your situation.
Copyright 2010 Lawrence J. Lucido, attorney at law. All rights reserved.
Law Office of Lawrence J. Lucido | 22655 S. Chrysler Dr. | Hazel Park, MI 48030 |  Phone: (248) 544-6890 | Fax (248) 544-6891

formal legal advice nor the formation of a lawyer/client relationship.
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South Oakland Professional Building
Phone: (248) 544-6890 // Fax: (248) 544-6891
22655 S. Chrysler Dr.