When to file Bankruptcy and what kind of Bankruptcy you should file, usually Chapter 7 or Chapter 13, is determined by your unique circumstances. The most important thing when considering bankruptcy is not to put your head in the sand, seek some help. These problems won’t go away. Wisconsin Bankruptcy laws make it possible for you to erase all or part of your debt and to protect many of your possessions. Like many things, fear of the unknown is the worst part of bankruptcy and once you start working with a Bankruptcy Attorney you will know what your options are and how you should proceed. There are many qualified Wisconsin Bankruptcy Lawyers to choose from and they can help you determine which form of bankruptcy best fits your circumstances and when to file bankruptcy. The two most common forms of personal Bankruptcy are Chapter 7, Personal Liquidation and Chapter 13, Personal Reorganization. In addition, Chapter 12 is specifically designed for farmers. Debt consolidation may also be an option.
Chapter 7, Personal Liquidation allows most of an individual’s unsecured debt to be discharged. In 2005, the Bankruptcy Act included a provision requiring all people who file for Chapter 7 to be below the state’s median income. If you don’t meet this means test you may be forced into Chapter 13. Chapter 13, Personal Reorganization is designed for individuals with normal income and is a good option for anyone with secured assets who want protection against creditors attempting to take their property. In Chapter 13, the court sets up a repayment schedule with you through the court that allows you to repay some portion of the debt in 3-5 years. Chapter 7 and 13 both will immediately stop harassment from creditors and will help you to get your life back on track. When filing, any form of Bankruptcy or debt consolidation will negatively impact your credit history, but your ability to access credit in the future will be on your good financial skills.
An easy test as to when to seek the help of a Wisconsin bankruptcy attorney is to carefully analyze your debt over the last three months. If your debt to income ratio is steadily increasing you should make an appointment to speak to a bankruptcy attorney. The advice that you will get is well worth your time and shouldn’t cost you a penny. You might think that it is premature but bankruptcy attorneys know the Wisconsin bankruptcy laws and they can help you to determine early on when to file for bankruptcy and what form of Bankruptcy best fits your circumstances.
Our professional team of bankruptcy lawyers at Bankruptcy Law Offices of Richard A. Check, S.C. is dedicated to perform its best in protecting your rights and interests. We will thoroughly investigate your case, give you the best advice tailored to your particular situation and provide you with regular updates on the status of your credit card Bankruptcy filing. With nine offices across the Eastern part of Wisconsin, we focus exclusively on bankruptcy and debt related issues. We have the expertise, knowledge and skills needed for positioning you on the path to financial recovery. Contact us for a free, confidential consultation to discuss your options for when to file for bankruptcy.
BANKRUPTCY FILING OPTIONS
Individual debtors can file Bankruptcy either under Chapter 7 or Chapter 13 of the United States Code (Bankruptcy Code), depending on which they qualify for.
- Chapter 7 Bankruptcy (also known as straight Bankruptcy or liquidation) can be your option, if your average income in the past six months has been below state median and you have few non-exempt assets. A successful Chapter 7 filing will result in a court order, which will completely wipe out most of your unsecured debts in as little as six months.
- However, under certain situations, Chapter 13 Bankruptcy (also known as wage earners bankruptcy) is a better option than Chapter 7. The main distinction between the two is that Chapter 13 allows the debtor to keep non-exempt assets. Chapter 13 Bankruptcies also offer full court protection during the time period the debtor works towards fulfilling the court established repayment plan. Through a successful Chapter 13 filing, you will become completely debt-free in three to five years.
Filing Bankruptcy in Wisconsin can be tiresome and complex, if you have to investigate all the laws and fill all the paperwork by yourself. By becoming a client of Bankruptcy Law Offices of Richard A. Check, S.C., located in Milwaukee, Wisconsin, you can transfer this burden to us – our professional Bankruptcy Attorneys will complete all the required legal formalities on your behalf and support you through every step of the proceedings. We do understand that Bankruptcy does not have to be a public affair and guarantee full confidentiality. Since our focus is 100% on bankruptcy, you can rely on our expertise – contact us for a free consultation to discuss the details of your case.
FILING BANKRUPTCY JOINTLY OR BY YOURSELF
Married couples sometimes don’t agree about the decision to file bankruptcy. While one spouse may be interested in filing a Chapter 7, the other would like to stay clear of it. The decision to file is a difficult one and can be really devisive in these types of situations. There are options, however, that do allow married couples to file without their spouses.
It is not mandatory for married couples to file together. In most cases, it makes more sense for a married couple to file together as it is the same price to file as a couple as it is to file as an individual, and it ensures that all debts are included in the case. It is possible to file without one’s spouse, however. The term used in bankruptcies for this is non-filing spouse.
As a Bankruptcy Attorney, I don’t always recommend filing with a non-filing spouse. However, if it allows you to compromise with your spouse about how to proceed, it may be best to set up a consultation with a Bankruptcy Lawyer to go over your options.
WHY YOU SHOULD NOT FILE BANKRUPTCY YOURSELF
The idea of filing your own bankruptcy case may be appealing because you can avoid paying an attorney to do the work for you. While you can avoid attorney’s fees, you might run into more problems than you bargained for, and that may cost you more in the end. You may be interested in finding out more about the Milwaukee bankruptcy services that are offered around you, however, to help make this determination for yourself. I have personally seen Individuals who file themselves lose property and in some cases get their Bankruptcy discharge to be denied.
Finding Bankruptcy help in Wisconsin can be essential to freeing yourself of your debt. Attorneys are more familiar with the practices of reporting income and assets while knowing what and how much can be exempted. You may think that you can approach the paperwork in a step by step approach, but the legalities of the filing may trip you up in the end. While Bankruptcy laws in Wisconsin can seem pretty straight forward, it is best to really know what you are doing when you are filling out the paperwork because it could make the difference between successfully completing your Bankruptcy and having your case get dismissed over some technicality.
While you may be hesitant to talk with a Wisconsin Bankruptcy Lawyer, it really could end up being the answer that you need. Consider talking with someone who’s familiar with the Bankruptcy process before attempting to do it on your own. Even if you decide to try on your own, it could be informative for you.