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Chapter 7 bankruptcy has positive aspects for consumers

When people talk about Chapter 7 bankruptcy, it's fairly common for much of the emphasis to be on the perceived negative aspects of it. But it's important for consumers in Wayne County, Michigan, to have a complete picture of bankruptcy, including its positive features, before making a decision as to whether to file for bankruptcy or not.

It's common for some accounts of bankruptcy to note that it will affect a consumer's credit for a long time, and it can remain on a consumer's credit report for even longer. However, having a large amount of personal debt can also have an effect on a credit score. With bankruptcy, much of that debt can be wiped off the books, allowing consumers to begin rebuilding their credit sooner.

Another point about bankruptcy that is often emphasized is that a consumer who files for bankruptcy will lose all of his or her credit cards. On the other hand, many consumers got into trouble due to high credit card debt, so the loss of the cards just means fewer opportunities to get back into debt. Also, credit may be available to consumers within a few years of filing for bankruptcy.

Another much ballyhooed aspect of Chapter 7 bankruptcy is that consumers may lose property not exempted by the bankruptcy trustee. But Michigan offers exemptions to bankruptcy that may cover many of the things that consumers do not wish to lose. Furthermore, wages earned and property purchased after a Chapter 7 filing is the consumer's to keep. As this shows, bankruptcy may be the best option available to some consumers.

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    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. "

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    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. "

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    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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