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Chapter 7 bankruptcy and Michigan's bankruptcy exemptions

As we have discussed before on this blog, Chapter 7 bankruptcy can be a good way for people in Wayne, Michigan, to get a fresh financial start after a bad experience with debt. Many people have benefited from this fresh start, rebuilding their credit and getting their lives back on track financially.

One thing that may make some people skittish about a Chapter 7 bankruptcy filing is the fact that the process includes the liquidation of the consumer's property and assets. This is done to compensate the consumer's creditors in part. The bankruptcy trustee will sell off as much property as possible to pay off as much debt as possible before the remainder of the debt is discharged.

Consumers should remember that the liquidation process is subject to Michigan's bankruptcy exemptions, however. The Badger State, like other states, permit residents to keep a certain amount of property safe from the bankruptcy liquidation process. This is to prevent problems associated with people suddenly being stripped of every piece of property they own.

Consumers may find that the bankruptcy exemption eases a lot of the fears they may have about the bankruptcy process. Nobody wants to lose everything and being able to keep a modest home or an inexpensive car can go a long way toward getting one's financial life back together.

If you have specific questions regarding the bankruptcy process and bankruptcy exemptions that may be available, getting in touch with a Michigan bankruptcy attorney is a very good idea. An attorney can provide guidance for those seeking answers regarding their options to manage overwhelming debt.

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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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