Chapter 7 Bankruptcy Laws In Wisconsin
Chapter 7 bankruptcy eliminates unsecured debt. Unsecured debt are things like credit card bills, medical bills, and personal loans. To be protected under chapter 7, the debtor can be an individual, a partnership, a corporation, or a business entity. A chapter 7 starts with the debtor filing a petition with the bankruptcy court serving the area that the individual lives or where the business is located. The debtor must also file schedules of assets and liabilities, a schedule of current income and expenditures, a statement of financial affairs, and a schedule of executory contracts and unexpired leases. Individual debtors that have mostly consumer debts have additional documents they need to file with the court. Married couples can file a joint petition or separate petitions.
Chapter 13 Bankruptcy Laws In Wisconsin
Chapter 13 bankruptcy provides many advantages over chapter 7. The most profound advantage of chapter 13 is that it allows individuals to rescue their homes from foreclosure. Filing under this chapter will stop the foreclosure proceeding already in effect, and may dissolve your mortgage payments. To be eligible, an individual must be employed with a regular income. This is the case even if the person is self-employed or operating an unincorporated business. A chapter 13 starts with the debtor filing a petition with the bankruptcy court serving the area that the individual has residence. Unless directed otherwise, the debtor must file with the court, a schedule of assets and liabilities, a schedule of current income and expenditures, a schedule of executory contracts and unexpired leases, and a statement of financial affairs.
Small Business Bankruptcy Laws In Wisconsin
Small business ownership is one of the primary economic drivers of our country, and it is fundamental to the American dream. When businesses fall on hard times and can no longer maintain their financial stability, they often consider small business bankruptcy. In this situation the business would file a chapter 11, often referred to “reorganization bankruptcy.” A chapter 11 begins with the debtor filing a petition with the bankruptcy court serving the area that the business is located. It can either be filed by the debtor (voluntary petition), or by the creditor (involuntary petition). Unless directed otherwise, the debtor must file with the court, a schedule of assets and liabilities, a schedule of current income and expenditures, a schedule of executory contracts and unexpired leases, and a statement of financial affairs.
Bankruptcy laws can often be confusing and expensive to deal with on your own. Each type of bankruptcy protection comes with its own set of detailed rules and court fees. Let one of our experienced bankruptcy attorneys at the Bankruptcy Law Offices of Richard A. Check, S.C. handle your case, and assure that you will take advantage of all the benefits offered through filing bankruptcy.
