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May 2014 Archives

Debt relief for credit card balances leftover from college years

This time of year is full of eager students graduating from the many other colleges and universities in the Wayne County area. While local residents are rightly proud of these young Michiganders and their accomplishments, the fact is that some of them are entering the "real world" already burdened by credit card debt that may not be so easy to overcome.

Michigan furniture store owner files for Chapter 7 bankruptcy

In a community just west of Wayne County, a local furniture store is going to be closing its doors for the last time. The owner of Naked Furniture has filed for Chapter 7 bankruptcy and the store's inventory is being sold off in order to pay the owner's creditors and customers who paid for orders they never received.

Chapter 11 an option for individual bankruptcy, though uncommon

Last week our Wayne County bankruptcy law blog discussed the Chapter 11 filing of a well-known business. Many businesses choose Chapter 11 because it allows them to pursue a plan to return to profitability post-bankruptcy; they use the debt relief and the automatic stay under Chapter 11 in order to reorganize. Although uncommon, Chapter 11 is actually an option for some individuals as well.

Carol's Daughter reorganizing with Chapter 11 protection

Many Wayne County residents understand that it is possible to rebuild one's finances and become stable - even successful - after filing for bankruptcy. The same is true for businesses that file for bankruptcy under Chapter 11. Unlike Chapter 7 which means the end of the business and liquidation of assets, Chapter 11 business bankruptcy allows companies to reorganize and continue operating without the burden of debt weighing them down.

Chapter 13 offers some advantages over other options

Wayne County residents struggling with unmanageable debt may feel as if there is no clear answer to their problems. In researching their options, some find that the stigma often associated with bankruptcy drives them to consider other avenues of debt relief.

  • rating

    Posted by MaryDecember 11, 2015

    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

  • rating

    Posted by ClientOctober 26, 2010

    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

  • rating

    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

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