Best Bankruptcy Lawyers in Saint Clair Shores, MI

A Chapter 13 bankruptcy is the kind where a debtor enters into a repayment program under the auspices of the Bankruptcy Court. This type of bankruptcy, more commonly known as a personal reorganization bankruptcy, can last from three to five years. The client would prepare a monthly budget with his attorney. Any excess income (also known as disposable income) goes into the plan for the duration of the plan. The duration of a Chapter 13 Plan is determined by household income. If the client’s household income exceeds the “median income” for a household of his size, then the client would have to file a five year plan. If the client’s income falls below the median income for a household of his size, then the client would file a three year plan.