Matthew Cherney Discusses How Bankruptcy Can Be Beneficial On Business Innovators Radio

In an interview conducted by Neil Howe on The Trust Factor Radio show, Marietta Bankruptcy Attorney Matthew Cherney of the Cherney Law Firm, LLC discusses how bankruptcy can be an important step in rebuilding a stronger credit rating and removing financial stress from your life.

Many people facing crippling debt must decide, “Do I provide for my family, make my mortgage payment, pay the lease on my apartment, or do I pay my car loan? What do I do and where do I turn for help?” Cherney said these are the battles people in debt must face each month.

People get bad loans, then their personal circumstances change and they can no longer make their payments. People worry that if they file for bankruptcy they will lose their house and have no roof overhead for themselves or their family. Or they worry they will lose their vehicle and won’t be able to get to work. The truth is, in most cases, those kinds of personal properties can be protected in a bankruptcy.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is designed for individuals who lack the financial means to pay back debts.  Perhaps they have lost a job. Perhaps they have changed jobs and now have less income. Perhaps they or a loved one has encountered large medical bills.

Chapter 7 bankruptcy deals with unsecured debts—those debts without collateral. These debts include credit card debt, medical bills, personal loans, and other debt that cannot be paid back in the current circumstances.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is for individuals who do not qualify for Chapter 7 bankruptcy. It could be someone who filed for Chapter 7 bankruptcy within the past eight years or someone who makes too much money to qualify for a Chapter 7 bankruptcy but still cannot pay off debts as they are currently structured. In a Chapter 13 bankruptcy, loans are consolidated and paid back, usually in a period of 3-5 years.


People are often reluctant to investigate a bankruptcy for fear that their credit score will be negatively impacted. Although your credit score will go down, for most people a bankruptcy will still prove to be beneficial. With a bankruptcy, a person or family can create a stronger financial foundation.

Warning Signs of Future Serious Financial Problems

People may be heading toward a harsh financial future if:

  • Use credit cards to pay for regular household expenses.
  • They juggle balances on different credit cards to pay off household expenses and to pay off other credit cards.
  • If the inability to pay bills each month creates anxiety.

Mr. Cherney says that most people feel better after meeting with him. They also feel a large amount of relief after filing for bankruptcy because suddenly they can use their money for something other than making minimum payments while interest keeps accruing. Nearly everyone facing credit stress feels better after visiting Cherney Law Firm.

Listen to the full interview here:

Location Info:
Cherney Law Firm, LLC
1744 Roswell Rd, Marietta, GA 30062
(770) 485-4141