A Triplet on “Unspoken” Chapter 13 Advantages
The disadvantages of Chapter 13 while filing for bankruptcy have overshadowed the advantages that it has. But surprisingly there are few advantages that make it a better option for filing bankruptcy like:
1. Preventing the foreclosure of “home sweet home”. When an individual falls behind the amount of “settled” mortgages, the bank demand borrower i.e. the home owner to pay back the complete arrear. If the individual fail to do so the home is foreclosure. Under Chapter 13 filing, the arrear is broken down into equal minimum chunk, to be paid over a court approved period, for the payback thus preventing the foreclosure.
2. The other mortgages than the first one can be modified to let the lender comes under the debtor’s terms of payment after due date of mortgage payment. This modification is known as “lien stripping” and can be done effectively by filing through Chapter 13.
3. Chapter 13 also provides the debtor with the powerful debt repayment plan available in a bankruptcy. The Chapter holds back the accruing interest on dischargeable debts thus letting the debtor to pay the balance only on the day of filing bankruptcy.
Firebaugh & Andrews know these advantages very well and thus when an individual approach them with a bankruptcy filing they discussed with him or her to judge the option that is best. If Chapter 13 is suitable for the debtor then this Westland Michigan Bankruptcy Lawyer assist the debtor to plan a budget and period to payback the debt. They let their clients have, who are filing bankruptcy by Chapter 13, the best financial solutions.

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Chapter 11 is the most complex and expensive to for filing bankruptcy. This bankruptcy code involves the reorganization of a debtor’s business affairs and assets. The corporations that are in need of time to restructure their debts file their bankruptcy using Chapter 11.
Chapter 11 is found to be the best way to the small businesses to file the bankruptcy. Though they can file the bankruptcy under Chapter 13 but they face few hurdles while filing under the mentioned Chapter. The hurdles are:
1. Chapter 13 needs a continuous flow of income to keep the debt repayment in a flow of no “no-pay”. Besides this the small businesses that are operated as partnership or through corporations are not eligible for filing under the Chapter 13.
2. The Chapter 13 is also subjected to debt limitations which changes periodically. Right now the debt limit is $383,175 in unsecured debt and $1,149,525 in secured debt.1
3. In case of appointment of trustee, it is a necessity in Chapter 13 filing but the Eleven doesn’t need an appointed trustee to ensure the re-payment unless there is a matter of mismanagement or fraud.
Though Chapter 11 is advantageous then Chapter 13 in the aforesaid ways but the main disadvantages of the Chapter is its complex ways of execution followed by a considerable high expense. Firebaugh & Andrews, being Westland Michigan Bankruptcy Lawyer/Attorney with Chapter 7, 11 and 13, after discussion with the debtor if found that the filing needs Chapter 11 utmost then only they file the bankruptcy through 11 otherwise they prefer 13.

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When there’s a bankruptcy, the debtors left between selecting the best chapter for recovering i.e. Chapter 7 and Chapter 13. Firebaugh & Andrews is a Westland Michigan Chapter 7 Bankruptcy Attorney who is helping the debtors to select the best option i.e. Chapter 7 for filing to discharge the debt. They understand that:
1. The chapter provides a fresh start to the debtors. They are allowed to keep a lien after the completion of the case which run for a period of three to six months;
2. The property that the debtor acquires or will after filing is excluded from the bankruptcy estate. But they become part of the estate when the debtor acquires certain property within the 180 days of filing. This happen in the cases of inherited property, property from divorce decree or settlement agreement or proceedings from a life insurance policy;
3. Unlike Chapter 13, the Seven never impose a limit on the debt of the filer might or must have. The Thirteen says that a debtor is ineligible if his or her secured or unsecured debt exceeds the debt limits;
4. The debtor is free from any court-approved repayment plan. They after being discharge of debts by filing Chapter 7 are not bound to or are responsible to repay the debt which completely contradict the Chapter 13 that pass the verdict of repayment of debt even after discharge

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Know More About Chapter 11 Bankruptcy Filing
Are you stuck in a complex web of bankruptcy filings and do not know how to go about the procedures? Then the Westland Michigan Bankruptcy Lawyer is the best person to help you understand the details of your bankruptcy chapters.

If you are particularly stuck in chapter eleven then it is better to opt for a lawyer or an attorney who is specialized with the Chapter eleven. In fact these lawyers have the credit of being specialized in different chapters. Hence, a Westland Michigan Chapter 7 Bankruptcy Attorney would generally try not to deal with a chapter eleven unless absolutely mandatory.

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