Filing for Bankruptcy can feel like the end of the world. You may feel very discouraged knowing that life circumstances have made it so that you cannot meet your financial obligations. But, instead of viewing Bankruptcy as a bad thing, you may want to start viewing it as a new lease on life. By filing for Bankruptcy, you have a chance to take care of your debt in a manageable way and to start rebuilding your credit. There are several types of bankruptcy. The most common types are Chapter 7, Chapter 13, and Chapter 11.
Chapter 7 Bankruptcy forgives you of most of your debt. You can keep most or all of your assets with a few exceptions. These exceptions depend on federal and state laws. A person called a bankruptcy trustee will be appointed to your Chapter 7 case to oversee the liquidation of your assets. You may file for Bankruptcy once you have filled all the requirements of filing for Chapter 7 Bankruptcy. At some point in the process, all of your creditors will be invited to attend a meeting where you will be present, but in most cases no creditors appear. Once your case is approved, you will be discharged from your debt. This means your debt will be forgiven. After this point, none of your creditors will be allowed to hassle you over your forgiven debts.
Chapter 13 Bankruptcy is more common than Chapter 7 Bankruptcy. Chapter 13 Bankruptcy requires that you come up with a plan to repay your creditors within a three to five year period. After this period, your debt is forgiven. Chapter 13 Bankruptcy is appealing for many because it allows you to keep more of your assets, including your home. Chapter 13 also allows you to be forgiven of certain debts which you cannot be forgiven of under Chapter 7. Once all requirements of your Chapter 13 Bankruptcy agreement have been met, you will be discharged of your applicable debt.
Chapter 11 Bankruptcy is generally for small business owners. If you own a small business and have more debt than you can handle you may want to consider filing for Chapter 11 Bankruptcy. Chapter 11 Bankruptcy allows you to retain your business while paying back your debts according to a structured plan. With this option, you do give up a certain amount of control of your business to court officials, those to whom you are in debt, or any counselors who have been assigned to help you rebuild your credit. Even though you may lose an amount of control, you will still be able to keep your business running with the hope that your financial future will improve.
Your Legal Help for filing Chapter 7 Bankruptcy in Wisconsin: Bankruptcy Law Offices of Richard A. Check, S.C.
Chapter 7 of the Title 11 of the United States Code (Bankruptcy Code) is one of the most common ways of filing bankruptcy. It is also known as straight bankruptcy or liquidation (converting assets into money). A successful Chapter 7 filing in Wisconsin will wipe out most of your unsecured debts (medical and utility bills, credit cards, back rent, and other similar amounts owed) and allow you to keep most of your property with voluntary reaffirmation of your secured debts (mortgages, car loans, etc.). Filing Chapter 7 Bankruptcy in Wisconsin will also stop your utility disconnection, wage garnishment, and small claims actions as well as prevent creditors from harassing you by phone and mail.
The global economic crisis has affected nearly every home. Finding yourself in a situation of financial distress is more common today than it was yesterday. You may have been evicted from your apartment, had your utilities cut off or faced endless harassment’s by creditors about repossessing your property. You may have encountered such life-changing situations as death of a spouse, loss of job or unexpected serious illness, which has severely affected your financial position. Living with a heavy burden of debt can be highly stressful. Although it might be difficult to admit, there are times when filing personal Bankruptcy is your best option.
In order to file Chapter 7 Bankruptcy in Wisconsin, federal bankruptcy forms have to be filled out.
If someone chooses to file Bankruptcy independently, they should be aware that they will be doing so without expert guidance. Additionally, they have to be ready for investigation of Chapter 7 Bankruptcy laws in Wisconsin by yourself. There is also Bankruptcy software available which saves you the work of filling out the forms and navigating through Wisconsin Bankruptcy laws. However, it cannot ensure that you correctly presented the required information and would not inform you of the state exemptions applicable to your case.
Even the non-attorney petition preparer, a trained individual who prepares Bankruptcy forms for the debtor, cannot guarantee compliance with all the applicable laws or make sure that you gain maximum advantage from exemptions. Only a professional Bankruptcy Lawyer can advise you regarding the best time to file, ensure that all the requirements are fulfilled in the proper manner, and guide you to take the maximum benefit of Wisconsin’s State Bankruptcy regulations.
A successful Chapter 7 Bankruptcy Attorney will give you the fresh financial start you are looking for. Chapter 7 Bankruptcy is a quite complicated process, if you want to gain the maximum benefit from it. Do the filing the right way – call Bankruptcy Law Office of Richard A. Check, S.C. and enlist the best professional legal help! Our experienced Bankruptcy Lawyers have the expertise, knowledge, and skills you are looking for, because our focus is 100% on Bankruptcy. Filing personal Bankruptcy is not the end of the road – it is a beginning of a fresh start.
Small Business Bankruptcy
If you are a Wisconsin small business owner who is facing more debt than you know what to do with, you may be afraid that you are going to lose your assets. Many small business owners are suffering as a result of the difficult economy and are in the same boat you are. Getting the help that you need rather than ignoring the problem is the key to making it better. One of your options is a small business Bankruptcy.
Chapter 11 Bankruptcy Basics
A Chapter 11 reorganization Bankruptcy is designed for Wisconsin small businesses throughout the Milwaukee, Green Bay, Sheboygan, Racine, Fond du Lac, Manitowoc, Oshkosh, Appleton and West Bend areas. It may also be utilized by individuals that have a large number of assets and debt. The small business Bankruptcy Lawyers at the Law Office of Richard A. Check, S.C., can help you determine if this is the right option for your particular situation. While Bankruptcy is a complex issue, this type of Bankruptcy basically allows a company to stay open or functional with a court-approved repayment plan set in place.
How Chapter 11 Works
As your Wisconsin business Bankruptcy Attorney can explain to you, when a Chapter 11 Bankruptcy is put into place, the debtor maintains the control as well as the ownership of the business assets. The debtor and creditors must work with the court to structure a plan for repayment of the debt. At the same time, the debtor is responsible for keeping the business operating. The creditors must agree on requirements that the court requests, such as fairness between the creditors or a certain priority of one creditor above another. The plan is put to a vote and the creditors must approve it. If there are issues of disagreement, the court will include additional requirements or adjustments to the original plan until it is approved and finalized.
Professional Help can Make a Difference
Your small business Bankruptcy Lawyers become your best friends during a Chapter 11 proceeding because they can actually help you. Because the process can be difficult to understand, it is very worthwhile to have someone at your side who has taken the time to learn the Bankruptcy laws and who has experience working through the proceedings. We can help you protect your assets while keeping your stress levels as low as possible. Our goal is to find the best solution for your unique circumstances. Because Bankruptcies are our specialty and we deal with them day in and day out, we have the skills and experience necessary to determine the best course of action. We know which forms must be filed and how to fill them out, as well as when they need to be filed. Going it alone opens up the possibility for mistakes being made that could turn out to be very costly.
You will find that compassion and understanding are qualities that each business Bankruptcy Attorney at the Law Office of Richard A. Check is willing to share with you. We understand that financial problems can happen with any business, no matter how hard you try to stay on top of things. We are here to provide the support and advice you need so that you can begin to look to the future with optimism again. Contact us today to schedule an appointment to go over your situation.
Advantages of Filing Chapter 13 Bankruptcy in Wisconsin – Bankruptcy Law Offices of Richard A. Check, S.C., Milwaukee, WI
For gaining the most advantages from Chapter 13 Bankruptcy, seek professional legal help. Our Bankruptcy Attorneys at Bankruptcy Law Offices of Richard A. Check, S.C., based in Milwaukee, Wisconsin, will carefully consider the details of your case and help you to gain the following applicable benefits of a Wisconsin Chapter 13 filing:
- Re-scheduling secured debts. If you have a sincere wish to repay your outstanding amounts on secured debts, filing Chapter 13 Bankruptcy is your best choice. Our Bankruptcy Attorneys will work with you on rescheduling your missed dues by creating a tailored repayment plan.
- Keeping non-exempt property. With the help of Richard A. Check Bankruptcy Attorneys, you will be able to save your home from foreclosure and keep other non-exempt property.
- Protecting co-signers of debts. Unlike Chapter 7, Chapter 13 will protect the co-signers of your debts. Consult our bankruptcy attorneys for the required steps to stop the creditors from harassing your co-signers.
- Discharging of debts, which do not qualify under Chapter 7. Student loans, tax obligations and other debts that cannot be discharged in Chapter 7 filing can be taken care of by a Wisconsin Chapter 13. Our Bankruptcy Attorneys will advise you regarding the most efficient ways to dispose of these debts.
As the economy of the world struggles to make ends meet, the same happens in families across the country. Nowadays, many Americans admit that financial hardship has hit their households to the level never witnessed before, making them worry about the future welfare of their loved ones. Missed mortgage or car loan payments, outstanding dues on student loans and tax obligations are some of the debts, which may seriously affect your financial stability. With your best interests in mind, our Bankruptcy Attorneys at Bankruptcy Law Office of Richard A. Check, S.C. advise you not to delay addressing your financial hardships, as increasing debts can make your situation go from bad to worse. There are times when filing bankruptcy can become your best choice for relieving financial distress.
A Lifeline When you Need One
Debt can be a serious cause for concern. It can impact lives and have an effect on everyday life. Bankruptcy may be the first thing that comes to your mind. Although Bankruptcy may be necessary in certain cases, there are alternatives. If you’re a Wisconsin resident there is Chapter 128 or State Action 128 which could be a preferable bankruptcy alternative.
Chapter 128 Bankruptcy or State Action 128 is a Wisconsin law allowing the minimization of debt without having to go through the traditional filing of Bankruptcy. If you wish to take responsibility for your debts and want to figure out a way to settle them without filing for bankruptcy, Chapter 128 maybe the ideal way to go for you.
Key Features of Chapter 128
Chapter 128 allows individuals to work out a debt repayment plan with creditors. This paves the way for an opportunity to pay back unsecured debts under a monthly payment plan. You can take up to 3 years to pay off your debt. Worried about interest accruing on your debt? After you file, all interest accruals will be frozen. You can stop wage garnishments and avoid utility disconnections. Your filing will cease creditor calls and a protective order will require creditors to accept the conditions put forth in the Chapter 128 filing.
One of the differences between a Bankruptcy and Chapter 128 is the time a filing stays on one’s credit report. A Chapter 7 or 13 stays for ten years whilst a 128 stays on for seven years. In addition, the filing of Chapter 128 is less expensive and less intrusive than a bankruptcy. Normally there is no court appearance and most of the matters can be handled through the mail.
Settling Your Debts
An important thing to note here is that debt settlement is an all-or-nothing option. You will need to be able to settle with your creditors, if you have many. Only settling with one or two may not work out for you.
To get the best out of your debt settlement undertaking, it is important to be able to have excellent negotiating power to come out with a plan that suits you. You may be able to save your home through a manageable and effective home loan modification. The Bankruptcy Law Offices of Richard A. Check, S.C. has the knowledge and debt negotiation acumen to get the best deal for you.
With the experience and know-how of the Bankruptcy Law Offices of Richard A. Check, S.C. you can feel at ease in discussing your particular circumstances. With seven locations across Milwaukee, Wisconsin, Bankruptcy is our specialty and is all that we do. Our qualified attorneys are well acquainted with Bankruptcy laws in Wisconsin. Our valuable advice and guidance will help you come out of your situation and start anew. We can assist you or someone you know with solutions that are well crafted and effective. Call us today and we can discuss how our expertise can help you start a new beginning.