Description:

Bankruptcy and home foreclosures are an ever-increasing problem in Michigan. The Lansing area law firm of Gene F. Turnwald, P.C. can help you with your financial situation and determine the best way to proceed. Bankruptcy is best if you wish to:

Chapter 7 Bankruptcy is called “liquidation” and under this chapter of the Bankruptcy Code, you may keep all exempt assets and discharge all debt.

Chapter 13 Bankruptcy is called a “wage earner’s plan”. Under this chapter of the Bankruptcy Code, you may keep all assets, make payments to slowly catch up on payments you are behind, whether it is your home or auto, and still be able to discharge a mathematical percentage of debts for credit cards or medical bills.

Chapter 11 Bankruptcy is called “business reorganization”, under which a business restructures debt, discharges some, and reorganizes a payment plan for the balance of the business debt.

Sometimes, however, bankruptcy is not the answer. The best solution may be to have us negotiate directly with your creditors, for a reduced amount, a debt consolidation or repayment plan you can live with. At the Law Firm of Gene F. Turnwald, P.C., we will analyze what is the best solution for your financial situation.