Legal Question in Real Estate Law in Michigan

Me and my husband have 2 houses that we have been renting out. We have lived in both, tried to sell each one after we moved out of each...with no luck. One of our tenants moved out this past weekend, the other in 2 weeks. So we will be sitting on 2 empty houses that we can no longer afford, and do not want to deal with anymore. Our question and concern is...would it be better to put them in bankruptcy or to foreclose on them? My husband has a business that is Incorporated, and we do have alot of credit card bills. Would this directly affect his business credit? We would like to find out if it is possible to just file bankruptcy on the house only...there is also a Line of Credit attached to one of the houses...but it is thru the same lender. Which type of lawyer should we contact?

Asked on 7/04/11, 5:05 pm

Jules Fiani Law Offices of Jules N. Fiani

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If you are having a situation like this, I would love to speak with you about it. Call 810-227-7200 or visit www.jnfiani.com for more information

Answered on 7/06/11, 5:37 pm

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