Lansing bankruptcy lawyer


Published on Do you have question about filing bankruptcy? You need the best Lansing Bankruptcy Lawyer. Visit now and get a free consultation.

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Lansing bankruptcy lawyer

  1. 1. Lansing Bankruptcy Lawyer – Gene Turnwald For more information and free consultation please visit the main website at: and home foreclosures are an ever-increasing problem in theLansing, Michigan area. The Lansing, Michigan area law firm of bankruptcyattorney, Gene F. Turnwald, P.C. can help you with your financial situation anddetermine the best way to proceed. Michigan bankruptcy is best if you wish to:  Stop harassing phone calls  Stop car repossession  Stop wage garnishments  Stop foreclosure  Eliminate credit card debt and medical billsChapter 7 Bankruptcy. Under this chapter of the Michigan Bankruptcy Code, youmay keep all exempt assets and discharge all debt.Chapter 13 Bankruptcy. Under this chapter of Michigan Bankruptcy Code, youmay keep all assets, make payments to slowly catch up on late payments(whether home or auto,) and still be able to discharge a percentage of debts forcredit cards or medical bills.Chapter 11 Bankruptcy, under which a business restructures debt, dischargessome, and reorganizes a payment plan for the balance of the business debt.Sometimes, however, bankruptcy is not the answer. The best solution may be tohave us negotiate directly with your creditors, for a reduced amount, a debtconsolidation or repayment plan you can live with. Lansing, Michigan,bankruptcy attorney Gene Turnwald, P.C., will analyze what is the best solutionfor your financial situation.
  2. 2. Michigan Bankruptcy Types (More Info)Your Michigan bankruptcy attorney will help you decide which bankruptcy type(chapter) is right for you. Here is a brief description of each of the differenttypes of bankruptcies:Chapter 7 Bankruptcy – LiquidationsIn Michigan, the purpose of a Chapter 7 bankruptcy is to allow a person toobtain a fresh start, free from creditors and free from the pressures of over-whelming debt. After filing for relief, an individual debtor may receive adischarge of debts.A discharge permanently prohibits creditors from attempting to collect thosedebts listed by the debtor on the bankruptcy schedules. However, some debtsare non-dischargeable. They include certain taxes, student loans, alimony, andchild support to name just a few.You are allowed to keep any assets (example mortgages, car payments) youchoose as long as you can continue to make regular monthly payments.Lansing Michigan Bankruptcy court filing fee: $299.00 (price subject to change)Michigan Chapter 11 Bankruptcy – ReorganizationsThe purpose of a Michigan Chapter 11 bankruptcy is to allow an individual orbusiness a limited amount of time free from creditor’s collection efforts torestructure its financial obligations so it may continue to operate in a normalfashion under a court approved plan of reorganization. Creditors of a businessfiling a Michigan Chapter 11 bankruptcy vote on the repayment plan and theplan must be approved by the court. The advantage of Chapter 11 bankruptcyis if a trustee is not appointed, the individual or business maintains control ofits property during the bankruptcy and allow time to deal with creditors and tonegotiate a plan of repayment.
  3. 3. Chapter 11 bankruptcy in Michigan is normally for corporations and businessesbut individuals may also file Chapter 11 bankruptcy. Chapter 11 bankruptcy iscomplicated there may be advantages to filing under a different chapter. Anindividual should consult with a Michigan bankruptcy attorney before makingthe decision to file Chapter 11 bankruptcy.Lansing Michigan Bankruptcy court filing fee: $1039.00 (price subject tochange)Chapter 12 Bankruptcy– Family Farmer Debt AdjustmentThe Chapter 12 bankruptcy law was created to help family farmers who need toreorganize their debts while keeping their land and farming business. Chapter12 is meant to assist farmers who have potential to reorganize and to allowthem relief from a heavy debt burden, while at the same time allow farmers topay their creditors what is deemed reasonable under the terms of a courtapproved repayment plan.For Michigan, the rules of a Chapter 12 bankruptcy are modeled closely afterthose of a Chapter 13 bankruptcy. A Chapter 12 bankruptcy case may only befiled by certain family farmers and businesses. A trustee is appointed, but thefarmer usually remains in possession of the farm while formulating a plan.Lansing Michigan Bankruptcy court filing fee: $239.00 (price subject to change)Chapter 13 Bankruptcy– Individual Wage EarnerThe purpose of a Michigan Chapter 13 bankruptcy is to allow an individualdebtor with a regular income pay back debts using their income and enabling adebtor to keep certain assets. A person who operates a small business as a soleproprietor may also file under this chapter.Under a Michigan Chapter 13 bankruptcy filing, the debtor must promptly file arepayment plan and obtain the court’s approval of the plan. Any creditor mayobject to the plan. The debtor, along with the appointed trustee, must work outany objections to the plan before the court will approve it. The typical
  4. 4. repayment period of a Chapter 13 bankruptcy is 3 to 5 years. The debtor makesregular payments to the trustee and the trustee distributes these monies tocreditors according to the terms of the plan.After completion of the plan, the debtor’s debts are discharged (with someexceptions) and the debtor is no longer obligated to pay them.Lansing Michigan Bankruptcy court filing fee: $274.00 (price subject to change)Common Michigan Bankruptcy Definitions  Bankruptcy – A legal proceeding in federal court in which an individual or company may be released (or “discharged”) from all or a portion of their debts.  Debtor – The person or company filing bankruptcy.  Trustee – A person who administers a debtor’s estate. A trustee is always appointed in a chapter 7, 13, or 12 bankruptcy. A trustee may be appointed in a chapter 11 case.  Creditor – The people or companies to whom a debtor owes money or property. Creditors have claims against the debtor.  Proof of Claim – A proof of claim is a written statement filed with the court describing the debt that a creditor claims the debtor may owe them. Lansing Bankruptcy Lawyer – Gene Turnwald