For more information please contact us at
(517) 347-6700 or by e-mail. |
Providing bankruptcy and legal services for these areas:
- Lansing
- Okemos
- Haslett
- Williamston
- East Lansing
- Holt
- Waverly
- Jackson
- Owosso
- Corunna
- St. Johns
- Stockbridge
- Fowlerville
- Flint
- Saginaw
- and the Mid Michigan area.
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Bankruptcy & Finance Articles
I hope you enjoy this small collection of articles I've
written on some of the more common concerns surrounding
bankruptcy. If you have any questions about anything you
read here, please feel free to contact my office at (517)
347-6700.
Do you have questions about filing bankruptcy?Here are some frequently asked questions.
What type of bankruptcy should I consider?
Generally there are three types of bankruptcy-a Chapter 7, known as debt liquidation, a Chapter 11, which is business reorganization, and a Chapter 13, called debt adjustment or wage earner's plan.
How often can I file bankruptcy?
A Chapter 7 case can be filed eight years after the date of the previous filing. A Chapter 13 case can be filed at any time, a discharge is granted only if four years from the previous discharge.
Will bankruptcy affect my credit?
A bankruptcy can stay on your credit report for ten years. The older a bankruptcy gets, the less impact on your credit. However, often if you are behind on your bills, your credit is already bad, and a bankruptcy filing will improve your credit by improving your debt to income ratio.
Can I lose my job for filing bankruptcy?
No, federal law prohibits employers from discriminating against you because you filed bankruptcy.
Does bankruptcy erase all debts?
Yes, with exceptions. Generally a bankruptcy does not discharge student loans, alimony, debts not listed on your bankruptcy petition, mortgages or other liens, unless you surrender the property.
What property can I keep?
In general terms, an individual can exempt or protect $20,200.00 of equity in real estate, $3,225.00 of equity in an automobile, up to $10,775.00 in household goods or furnishings, and up to $1,350.00 of equity in jewelry. All approved retirement accounts, pensions, and 401Ks.
Should I file a Chapter 13 or a Chapter 7?
Under a Chapter 13 bankruptcy a plan is filed showing a payment arrangement for paying of debts in a three to five year period. Individuals file a Chapter 13 generally to save a home from foreclosure or car. Persons generally file a Chapter 13 if they are behind on their house or some other debt but can catch up with payments over time.
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| Disclaimer: This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.
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Lansing Michigan Bankruptcy Attorney ~ Chapter 13 Bankruptcy Michigan ~ Chapter 7 Bankruptcy Attorney Michigan |
The Law Office of Gene F. Turnwald
2160 Hamilton Rd., Okemos, MI 48864
(517) 347-6700 | fax: (517) 347-6716 |
| Serving Lansing, Okemos, Haslett, Williamston, East Lansing, Holt, Waverly, Jackson, Owosso, Corunna, St. Johns, Stockbridge, Fowlerville, Flint, Saginaw, and the Mid Michigan area. |
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