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Home 9 Bankruptcy 9 Chapter 13 Bankruptcy 9 Chapter 13 Bankruptcy FAQ in Milwaukee, Wisconsin

Chapter 13 Bankruptcy FAQ in Milwaukee, Wisconsin

In Chapter 13, there are frequently asked questions to which the average consumer cannot provide an accurate answer. As bankruptcy laws and procedures are inherently complicated, chances are as soon as the debtor finds confusing terminologies online, they will not proceed with filing bankruptcy. While this is inevitable, the complexity of bankruptcy should not hinder you from attaining your financial goals. Thus, contacting an experienced bankruptcy attorney today will help.

Miller & Miller Law, LLC has always been dedicated to giving back to the community to ensure that every debtor has equal access to our justice system. With more than 20 years of bankruptcy practice in Wisconsin, our legal team is more than willing to provide answers to your questions. We strive to resolve your matters quickly and effectively without charging high prices. If you need legal help to guide you throughout your bankruptcy filing journey, schedule a free Chapter 13 case evaluation with our law office now

Why do I need a Bankruptcy Attorney in Wisconsin?

chapter 13 bankruptcy faqFiling a bankruptcy petition is not something you should take lightly. To properly wipe out your debts, you need to be more than familiar with the bankruptcy code. It is crucial to hire the best lawyer before declaring bankruptcy to avoid conflicts and impediments in the future. To make sure you are not going to experience this, you have to consider the following qualities of a bankruptcy lawyer:

  • Community Service – There is really a big difference between a bankruptcy lawyer dedicated to providing education to the general public better to comprehend the bankruptcy laws and a bankruptcy lawyer just providing legal service. Certainly, the former is always preferable to the latter.
  • Answers Your Questions – Perhaps, as is most likely, you are reading this article because you have questions about Chapter 13 bankruptcy in Wisconsin. If that is the case, always choose an attorney who is always ready, both in terms of time and knowledge, to answer your questions.
  • Client Confidentiality – You might be one of many filers who have doubts about whether to file because you are a bit ashamed of your financial situation. That is entirely normal. You deserve not to be judged but rather to be respected. Choose a bankruptcy law firm willing to discuss your personal matters without judging you.

Miller & Miller Law, LLC will never judge your financial problems. If you don’t know how to file and need all the necessary information about bankruptcy, our legal team is always ready to provide you with effective bankruptcy help. For over 20 years, our law firm has been helping individuals in Wisconsin better understand bankruptcy rules and other pertinent laws. From start to finish, you will be guided by our experienced bankruptcy attorneys. Schedule a free case evaluation now for prudent legal advice on questions like Wisconsin bankruptcy exemptions or automatic stay.

What is the Chapter 13 Bankruptcy Process in Milwaukee?

Chapter 13 is perfect if you’re facing foreclosure or repossession from failing to pay the mortgage or make your regular car payment. In Milwaukee, Wisconsin, Chapter 13 bankruptcy requires a court fee of $310. You must complete a credit counseling course, which will cost between $16 and $50. It is worth keeping in mind that the course can be taken online, by phone, or in person. Whatever the course, it fulfills the same requirement. You will be required to attend the 341 meeting of creditors with the bankruptcy trustee, to which an experienced bankruptcy attorney from Miller & Miller Law, LLC will accompany you. Aside from that, you will be required to complete a financial management course. This course typically costs between $11 to $22 and is managed similarly to the credit counseling course. Below are the frequently asked questions in Chapter 13 bankruptcy in Milwaukee, Wisconsin.

Who qualifies for Chapter 13 Bankruptcy?

To file for Chapter 13 bankruptcy in Wisconsin, your regular income and debts should not exceed $1,000,000.00. For instance, $250,000 for unsecured debts and $750,000 for secured debts. If the requirements are met, debtors, including those with sole proprietorships, may get debt relief in Chapter 13 bankruptcy.

What is the means test in Chapter 13 bankruptcy?

As part of your petition for bankruptcy, you are required to enter expense and current monthly income information into the correct bankruptcy forms which will be compared to the state median income. For instance, the 122A Forms or the 122C Forms, and calculate them using the information you stated. This information will determine whether you are eligible and will also serve as an exemption from the presumption of abuse. The form will require you to state your monthly income and all pertinent evidence for your personal records.

In Chapter 13, what is a bankruptcy discharge?

Discharged debt under this type of bankruptcy pertains to debts you no longer have to pay. Debts are typically eliminated by the court order issued after you complete the debt repayment plan, which will take 3-5 years. In Chapter 13 bankruptcy, not every debt is considered dischargeable. Thus, hiring the best bankruptcy attorney in Wisconsin is necessary.

How often can I file for Chapter 13 Bankruptcy in Milwaukee, Wisconsin?

You can file for Chapter 13 bankruptcy once every two years. As to the number of times you can file for Chapter 13 bankruptcy, no limit is set by Wisconsin. However, there is a limit on how many bankruptcy discharges you may get in two years.

How long can a Chapter 13 bankruptcy remain on my credit report?

Under Section 60 of the Fair Credit Reporting Act, credit reporting agencies cannot report a bankruptcy case on an individual’s credit report ten years after filing the petition. The salient thing to note is that you can enforce this by yourself since the bankruptcy court cannot acquire authority over the credit agencies and does not have the responsibility to enforce this regulation.

How to determine whether or not the bankruptcy court will approve my petition?

The filing of a bankruptcy petition must be in good faith and have full payment arrears on secured and unsecured debt, the same amount that the creditors would get in a Chapter 7 bankruptcy case through the liquidation of any non-exempt assets. You must also be willing to commit your disposable income to the Chapter 13 repayment plan.

Call our Milwaukee Chapter 13 Bankruptcy Attorney Now!

Are you overwhelmed by secured debt? Credit card and tax debt? Are you being hounded by a creditor? 

In Chapter 13 bankruptcy, you will work with your bankruptcy attorney for three to five years. While it is true that filing for Chapter 13 bankruptcy may be a wise option to resolve your financial difficulties, the process that you have to go through is, however, tough and confusing. Considering Chapter 13 bankruptcy as your last resort, you must immediately talk to an experienced bankruptcy attorney.

For over 20 years, Miller & Miller Law, LLC has been helping clients in Wisconsin get rid of their debts, so they can have the fresh start they deserve. We strive to help you as part of our community service genuinely. We answer your questions prudently by providing bankruptcy options. Your confidentiality is imperative, and respect is one of our core principles. 

Other than bankruptcy, we also practice Personal Injury, Workers’ Compensation, Social Security Disability and Supplemental Security Income, and Estate planning. Start a free case evaluation today, and let’s discuss your Chapter 13 plan and achieve bankruptcy relief.