When to File Bankruptcy

Milwaukee Bankruptcy Lawyers


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 an individual to liquidate their possessions, pay their creditors, and then have the remainder of their debt 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. 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 seven offices across Milwaukee, Wisconsin, we focus exclusively on bankruptcy. 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.

Milwaukee Location

757 N. Broadway
Suite 401
Milwaukee, WI 53202
(414) 223-0000
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