Filing for chapter 7 can be a very effective option. Find out if it's right for you during a free consultation.
Attorney’s Note: The below should not be construed as a substitute for legal advice. Please contact Milwaukee area bankruptcy attorney Steven R. McDonald for your free initial case assessment.
When you’re in over your head with debt, you may consider filing for Chapter 7 Bankruptcy.With the right attorney by your side, filing Chapter 7 bankruptcy can be a relatively pain-free process. The right Milwaukee area bankruptcy attorney will fight for you, your assets and your rights.
Schedule a free consultation today to learn more :
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Here is much of the information you need to know when filing for Chapter 7 Bankruptcy in the Eastern District of Wisconsin.
Chapter 7 bankruptcy is a liquidation of debts. It is the most common type of individual bankruptcy filed in Wisconsin. Filing for chapter 7 can discharge (eliminate) certain debts so you are no longer required to pay them down.
Chapter 7 bankruptcy is a fairly fast process and lasts about 110 days on average. Chapter 7 can be a very effective option for people with lower incomes to get creditors off their back and begin to rebuild a solid financial foundation. Back to top
To determine if you qualify for Chapter 7 Bankruptcy, a "Means Test" must be completed. This test will determine if you will qualify for Chapter 7 while also identifying debt relief solutions and opportunities.
Oak Creek Bankruptcy Lawyer helps you file for Chapter 7.
The Means Test takes into account the last six months of your financial history. Begin by determining your average monthly income and multiplying the number by 12 to get your estimated annual income. If your income is lower than the median income for Wisconsin households you may elect for Chapter 7 bankruptcy. If your income is higher than the median, you may be required to file for Chapter 13 Bankruptcy.
See below for a breakdown of the most current Wisconsin household median incomes:
There are a number of strategies that may help you qualify for a Chapter 7 Bankruptcy instead of a Chapter 13. As an experienced Wisconsin bankruptcy attorney in Milwaukee, Steven R. McDonald will guide you to your most informed and financially beneficial decision. Back to top
Before considering filing on your own, learn how filing for bankruptcy works in Milwaukee and throughout Wisconsin. There's a few things you absolutely MUST understand before declaring bankruptcy:
You can find official chapter 7 bankruptcy forms at the United States Courts website, along with instructions. If you fail to file or properly complete even one of these forms it may result in dismissal of your case.
One of the biggest benefits of hiring an experienced bankruptcy attorney is the invaluable guidance and advice during the chapter 7 filing process. Filing for bankruptcy without a lawyer is your right, but it also carries certain risk. Back to top
If after speaking with our Milwaukee bankruptcy attorney it is determined you are likely to qualify for Chapter 7 Bankruptcy, you should begin gathering your financial documents. These financial documents include income sources (pay stubs for the sixty day period prior to the date of filing your Bankruptcy Petition or business income documentation for business owners for the same period), any major transactions within the last 24 months, monthly living costs, property (all assets and possessions), tax returns from the past two years, as well as any real estate documents (recorded mortgages and deeds and property tax assessments, car titles, loan documents and a list of your debts (a stack of your monthly bills).
You may choose to take on the itemization task on your own. Opting for the assistance of an experienced Milwaukee Chapter 7 Bankruptcy attorney carries a number of advantages – namely speed and security. Once your financial documents have been gathered, you will need to take 2 online financial management classes. Once the Chapter 7 bankruptcy filing is complete, there will be a Section 341 hearing (Meeting of Creditors) held within reasonable distance from your residence and which your bankruptcy attorney will attend with you. We will fully prepare you for this hearing which typically lasts less than a half hour. Back to top
Once you filed the proper paperwork with the Bankruptcy Court of the Eastern District of Wisconsin, an automatic stay is immediately imposed. An automatic stay prevents creditors from taking further action against you. Your creditors will not be able to call you, write to you, sue you, garnish you, repossess your car or foreclose against your property. This is one of the biggest benefits that bankruptcy provides to you.
Our Milwaukee Chapter 7 Bankruptcy attorney knows there are exceptions and workarounds for Chapter 7 Bankruptcy rules and requirements. Chapter 7 can completely eliminate unsecured debts that have no attachment to property (secured debts). The debts most commonly discharged in bankruptcy are listed below.
Chapter 7 can assist you with:
Debts Not Dischargeable for Chapter 7 Bankruptcy:
The courts fee to file Chapter 7 Bankruptcy is currently $335.00. This fee does not change based on household size. If you are unable to pay the full cost of a Chapter 7 Bankruptcy, filling fee payment plans can be arranged.
When you fall into payday loan debt, digging your way out can be an extremely difficult and stressful process. Interest rates on payday loan borrowing can become extraordinarily high and completely unmanageable. A payday loan for only $200.00 can explode into a $1,000.00 repayment if you aren't timely in your payments.
Luckily, Chapter 7 bankruptcy can get rid of your payday loans. Filing for bankruptcy helps you escape the rapid exponential increase ininterest payments coming with quick-cash payday loans.
Obviously, the best way to avoid payday loan debt and filing for bankruptcy is by staying far away from payday loans in the first place. But you can't go back in time. If you are in desperate need of relieving your payday loan debt, Steven R. McDonald can guide you through the process of filing for Chapter 7 bankruptcy and help you restabilize your finances. Back to top
While the above information is valuable, it is nonetheless merely an informational overview. Bankruptcy laws and filing processes are highly complex and intensive, requiring the insight and guidance of a highly experienced bankruptcy attorney. When you’re facing bankruptcy, trying to go through it alone is incredibly stressful and overwhelming – not to mention financially perilous! After helping countless good people through the process of successfully filing for bankruptcy, our Milwaukee Chapter 7 Bankruptcy attorney understands the huge amounts of stress and despair you’re dealing with right now. Our goal is to provide you with the information you need to know. He will assist you every step of the way, to be a shoulder to lean on, to serve as your legal counsel, to seek out and help you achieve the best possible solution for your debt trouble. When everything hangs in the balance, turn to the Chapter 7 Bankruptcy attorney who has practiced in the Eastern District of Wisconsin for more than 15 years. Rely on the bankruptcy attorney for expert advice and guidance through the bankruptcy filing process in the Eastern District of Wisconsin.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.