Are You Eligible for Chapter 7 Bankruptcy?
Bankruptcy Attorney in Milwaukee, Wisconsin
If you are someone who is considering filing for bankruptcy, this is not something that you should be embarrassed about. Many Americans file for bankruptcy to wipe out their debt problems and secure their financial future. Aside from its negative connotation, people are also confused by the complex bankruptcy procedure and requirements, which is why many avoid bankruptcy. In this article, learn why an experienced bankruptcy lawyer will make things less complicated for you.
At Miller & Miller Law, LLC, we uphold our utmost responsibilities as officers of the court with steadfast devotion. We will listen to your needs and evaluate your situation fundamentally to get the best legal help you require. With more than 30 years of legal experience, we can certainly prevent the hardships and stress caused by your current financial situation. We will assist you throughout the entire process and help you improve your credit score. If you need effective legal aid, schedule a free case evaluation today!
Why Do I Need a Bankruptcy Attorney in Wisconsin?
- The question that you should always consider before filing Chapter 7 bankruptcy is how to choose your bankruptcy attorney. What makes a great lawyer in this practice area? While it is true that there are a lot of great bankruptcy lawyers, not everyone possesses the same acumen. Don’t forget the following characteristics when choosing your lawyer:
- Reputable and Credible – A reputable bankruptcy law firm is credible. Because the bankruptcy process can consume a significant amount of your time due to its complexity, a reputable lawyer can make things simple for you. Hire someone well-known in your state.
- Friendly and Helpful – If you are struggling financially because of debt, you deserve a law firm that can provide friendly yet helpful bankruptcy services. It is undoubtedly aggravating to deal with aggressive creditors. Find someone who understands and empathizes with your frustration.
- Professional and Prudent – One of the necessary components for providing excellent legal service is the bankruptcy firm’s professionalism and prudence. One should be serious about their profession and approach each client with utmost responsibility and respect. Look for someone who demonstrates these characteristics.
Bankruptcy filings are undoubtedly frustrating and draining if you are unaccustomed to the bankruptcy rules. That’s why hiring a lawyer is certainly recommended. The exceptional qualities mentioned above are all possessed by Miller & Miller Law, LLC. For over 30 years of providing helpful, friendly, professional, and prudent assistance to people in need, our firm has been recognized as reputable and credible in all aspects. If you are currently thinking of filing a bankruptcy petition, schedule a free case evaluation now!
What is Chapter 7 Bankruptcy?
When you file for Chapter 7 bankruptcy, the court appoints a bankruptcy trustee who is responsible for gathering and selling your nonexempt property to serve as repayment to creditors and forgiving all remaining debts. Bankruptcy can discharge various types of debt, such as medical bills, credit card bills, car loans, student loans, and other personal loans. However, it does not discharge child support and tax debt.
Of all the types of bankruptcy, Chapter 7 is the cheapest and most quick. It takes only a couple of months and does not require you to make payments to the creditors. This type of bankruptcy is an ideal option if most of your property is work-related or personal property. It is worthy of note that in Chapter 7, no debt repayment plan is needed to make up for past dues. Those payments that are behind may lose equity in excess.
Am I Eligible For Chapter 7 Bankruptcy?
Generally speaking, only corporations, individuals, partnerships, or other business entity types can file for Chapter 7 bankruptcy. Wisconsin uses a means test to know your eligibility for Chapter 7 debt relief. The means test will compare your household’s monthly income with the median income in Wisconsin. If your monthly income is less than the median income, you are eligible for Chapter 7 relief. On the other hand, if your income exceeds the median income, you must terminate the actual expenses to qualify.
Should You File For Chapter 7 Bankruptcy?
Dealing with debt is undoubtedly frustrating. Aside from being unable to sleep soundly at night, you would also find it challenging to meet your basic needs. Below are the sure signs to filing for bankruptcy in Chapter 7:
- You are having a hard time saving money for retirement or emergencies.
- You can no longer use your credit cards as they are all maxed out.
- You are borrowing funds from another credit card to pay for the other card.
- You are considering using your retirement or applying for a home equity loan to repay your creditors.
- You fall behind on your car loan or mortgage payment due to piling payments on unsecured debts.
- You do not have the ability to pay the minimum on credit card bills or interest rates.
How Long Does Chapter 7 Bankruptcy Stays On Your Credit Report?
When you file a bankruptcy petition, it will appear on your credit report for ten (10) years. As a result, obtaining a car loan, credit card, or mortgage credit would be more difficult. On the bright side, you can still improve your credit score in subsequent years by paying bills before they become past due.
It is a common misconception that filing bankruptcy will cleanse your credit report—that is not true. Filing bankruptcy may, at some point, have long-term consequences. It is noteworthy, however, that the long-term repercussion of not attempting to file bankruptcy can be more severe.
Discover more about filing a bankruptcy petition and your life after bankruptcy by contacting a highly skilled bankruptcy attorney today.
Call our Bankruptcy Attorney Now!
A bankruptcy filing is quite overwhelming due to its complex procedure. The rules underlying it are also complicated to understand, especially if it is your first time declaring bankruptcy. Struggling with debt is one of the inevitable problems in life that you should not take lightly. Your unpaid debts can significantly affect how you handle your living expenses. If you want to have a fresh start, contacting a competent bankruptcy attorney today will help you.
If you need a trusted bankruptcy firm that is friendly, helpful, professional, and prudent, Miller & Miller Law, LLC is the right one for you. With over three decades in law practice, you will never have a single regret in hiring us. Besides Chapter 7 bankruptcy, our legal team can assist you with credit repair, debt negotiation, foreclosure, wage garnishment, student loans, workers’ compensation, and more! Start a free case evaluation today!