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CHAPTER 13 PERSONAL REORGANIZATION
Chapter 13 is a very powerful and widely misunderstood proceeding. You can reorganize your secured debts, including auto loans and other personal property loans, as well as leases and other executory contracts. In a Chapter 13, you proposed a 3 to 5 year plan where you repay modified and reamortized loans, mortgage arrearages and have the ability to strip off under secured second mortgages on your residence. Creditors are forced to file claims which can be contested. This is especially helpful if you have IRS or State debts. You can also cure student loan defaults through a Chapter 13 proceeding. You are able to keep all of your exempt property. In Michigan, you are not required to pay a fixed percentage of your unsecured debts – your repayment plan is based on what you can afford to pay based upon your reasonable and necessary living expenses.