Should I File For Bankruptcy in Milwaukee, WI?

Eliminate Any Bankruptcy Uncertainties You Have Today!

In the state of Wisconsin, when dealing with financial difficulties, the first question you need to ask yourself is, “Should I file for bankruptcy?”. We all know that the bankruptcy process is inherently complicated. It is not advisable to file for it when you are full of doubts and uncertainties. If you are currently asking yourself, it is best to consult with an experienced bankruptcy attorney. 

Miller & Miller Law, LLC is one of the best bankruptcy firms in Wisconsin. In every complex legal concern, our legal team will listen attentively to ensure that we understand before responding. We have more than 30 years of experience handling complicated bankruptcy concerns across the state of Wisconsin. If you have questions about filing for bankruptcy, get a free case evaluation now! 

What is Bankruptcy?

Bankruptcy is a legal process that provides individuals and businesses with a way to eliminate or restructure their debts. Its purpose is to give debtors a fresh start by allowing them to discharge some or all of their debts, while also protecting creditors’ rights to receive payment to the extent possible. Bankruptcy can help debtors regain control of their finances and move forward with a clean slate. Still, it also has significant consequences that should be carefully considered before making a decision to file.

The decision to file for bankruptcy should be based on a thorough analysis of the individual’s financial situation and goals. It should be made with the guidance of a seasoned bankruptcy attorney.

How Bankruptcy Works in Wisconsin?

Bankruptcy in Wisconsin is a legal process that involves filing a petition in federal bankruptcy court. The process generally works as follows:

1. Determine eligibility: The first step in filing for bankruptcy is to determine whether you are eligible to file for Chapter 7 or Chapter 13 bankruptcy. This involves completing a means test to determine if your income is below the state median and if you qualify for Chapter 7, or if you have sufficient income to repay some or all of your debts under Chapter 13.
2. Credit counseling: Before you can file for bankruptcy, you must complete a credit counseling course from a government-approved agency within 180 days of filing.
3. File petition: Once you have determined your eligibility and completed credit counseling, you can file a bankruptcy petition with the federal bankruptcy court in Wisconsin. The petition must include information about your debts, assets, income, expenses, and other financial information.
4. Automatic stay: When you file for bankruptcy, an automatic stay goes into effect, which stops most collection actions, including lawsuits, wage garnishments, and foreclosure proceedings.
5. Meeting of creditors: About a month after you file your bankruptcy petition, you will attend a meeting of creditors, where you will be questioned about your financial affairs by the bankruptcy trustee.
6. Debt discharge: If you file for Chapter 7 bankruptcy, your eligible debts will be discharged after a few months, which means you are no longer legally responsible for paying them. If you file for Chapter 13 bankruptcy, you will repay your debts over a period of three to five years under a court-approved repayment plan.
7. Credit counseling: After your bankruptcy case is completed, you must complete a debtor education course from a government-approved agency before your debts can be discharged.

It is important to note that bankruptcy can have long-lasting consequences on your credit and financial future. It is important to carefully consider your options and consult with a qualified bankruptcy attorney before deciding to file.

What are the Things You Must Know Before Filing for Bankruptcy in Wisconsin?

If you are considering filing for bankruptcy in Wisconsin, there are some important things you should know before proceeding:

1. Eligibility Requirements: You must meet certain eligibility requirements to file for bankruptcy in Wisconsin. For Chapter 7 bankruptcy, you must pass a means test to determine if your income is below the state median. For Chapter 13 bankruptcy, you must have sufficient income to repay some or all of your debts under a court-approved repayment plan.
2. Automatic Stay: When you file for bankruptcy, an automatic stay goes into effect, which stops most collection actions, including lawsuits, wage garnishments, and foreclosure proceedings.
3. Debt Discharge: If you file for Chapter 7 bankruptcy, your eligible debts will be discharged after a few months, which means you are no longer legally responsible for paying them. If you file for Chapter 13 bankruptcy, you will repay your debts over a period of three to five years under a court-approved repayment plan.
4. Public Record: Bankruptcy is a matter of public record and can appear on your credit report for up to ten years.
5. Credit Counseling: You must complete a credit counseling course from a government-approved agency before you can file for bankruptcy, and a debtor education course after your case is completed.
6. Exempt Property: Certain assets may be exempt from bankruptcy and can be retained by the debtor. Wisconsin has its own set of exemptions, which may be different from the federal exemptions.
7. Alternatives to Bankruptcy: Bankruptcy is not always the best solution for debt problems. Debt management plans, debt consolidation, and negotiating with creditors may be viable alternatives to bankruptcy.
8. Bankruptcy Attorney: It is highly recommended to consult with a qualified bankruptcy attorney before filing for bankruptcy to understand the process, eligibility requirements, and potential consequences.

Filing for bankruptcy is a complex process, and it is important to carefully consider your options and consult with a qualified bankruptcy attorney before making a decision.

Why Do I Need a Wisconsin Bankruptcy Attorney?

The question of whether you will file for bankruptcy or not cannot be answered by any site you can find on the internet. To specifically deal with your financial problems, you need a bankruptcy attorney who can answer all your queries and guide you through the entire bankruptcy process. 

Choosing a bankruptcy attorney should not be overlooked; you should ensure that they possess the following characteristics:

• Client-friendly – Discussing financial matters is a sensitive topic. One should be heard and understood thoroughly before offering legal advice. Many clients are inevitably uneasy when expressing their concerns because of this. As a debtor, you deserve a bankruptcy firm that will at all times respect you and act diligently to resolve your problems. 

• Experienced  – An experienced bankruptcy attorney implies that they have handled many complex bankruptcy cases in the past years, which means they have handled similar cases to yours before. Whether it is your first time filing for bankruptcy or not, it is highly recommended to choose an experienced bankruptcy attorney.

• Strongly Dedicated – Every client deserves a law firm that is strongly dedicated to meeting all the needs of its clients by providing the highest standards of financial, legal, and even emotional support. You need skilled, ethical, and prudently aggressive services.

The legal team at Miller & Miller Law, LLC is dedicated to providing high-quality legal services by utilizing skills, experience, and competence. We will ensure that the service you receive is personalized to meet your specific needs. For over 30 years, we have been helping clients with complex bankruptcy cases. Your case, in our hands, will be handled aggressively yet diligently. Contact us today!

Call our Wisconsin Bankruptcy Attorney Now!

Bankruptcy is a complex legal process, the questions you have cannot be answered by any article you find on the internet. To understand more about what bankruptcy is, how it works to solve your financial problems, or answer your question to, ‘Should I file for bankruptcy in WI?’, you may reach out to a seasoned bankruptcy attorney in Wisconsin.

Miller & Miller Law, LLC has the qualities that you require, such as being friendly, strongly dedicated to its mission, and experienced. Other than bankruptcy, we also handle Personal injury, Workers’ compensation, Social Security Disability and Supplemental Security Income, and Estate planning. If you need assistance, seek help no! Schedule a free case evaluation with us today.