What Bankruptcy Can and Can Not Do in Milwaukee, WI
Understanding Bankruptcy With The Help Of Our Wisconsin Bankruptcy Attorney
If you’re currently dealing with a mountain of debt, bankruptcy filing should be one of the measures you must consider. But a huge reason why this may not be the case is the amount of misinformation regarding what the bankruptcy process truly is. The reality is that not many know a good deal about what bankruptcy can and can not do WI and the proceedings in general. With the help of a seasoned Milwaukee bankruptcy attorney, you’ll get answers to every possible question you may have.
Taking appropriate legal action is a great way to start getting out of debt. Our team at Miller & Miller Law, LLC has successfully helped thousands of individuals overcome their financial difficulties and get back to being financially free. Though clearing all your debt could take some time, you can expect significant improvement almost immediately!
So if you feel that you can no longer handle the stress brought on by money troubles, reach out to our law office immediately to receive a free case evaluation!
What is Bankruptcy?
Bankruptcy is a federal legal process by the United States government designed to assist a group or individual in getting rid of their debt legally. As opposed to what most people believe, a bankruptcy filing is NOT bad for your financial future. Those who undergo the process actually benefit from it long-term since bankruptcy functions as a safety net for any debtor that owes a huge amount.
No matter what type of bankruptcy you choose to petition for, every debtor is required to complete a credit counseling course given by an approved credit agency within 180 days prior to filing. You are also mandated to take a debtor education course before you can be discharged of your debts as a way to properly educate you on what bankruptcy can and can not do WI.
The following sections will touch on the most common bankruptcy cases, provide you with a better idea of what bankruptcy can and can not do WI, and debunk a few myths about bankruptcy in general.
What Are The Common Types of Bankruptcy?
According to the United States Bankruptcy code, there are five chapters to choose from when filing for bankruptcy depending on your situation or source of income. However, this section will only focus on the two most common ones, namely:
Chapter 7 bankruptcy
Also known as the liquidation chapter, Chapter 7 bankruptcy is where a bankruptcy trustee will gather and sell some of your assets to raise money to pay your creditors. In return, most of the unsecured debts that you’ve incurred will be erased. You will also be allowed to keep your exempt property (car, clothes, home furnishing, and social security) and remain under Chapter 7 protection for 3 to 6 months after you file.
Chapter 13 bankruptcy
Sometimes called consumer reorganization or wage earner’s bankruptcy, Chapter 13 bankruptcy allows you to keep the majority of your property. This type of bankruptcy requires the debtor to create a monthly repayment plan to pay off your debts within a period of 3 or 5 years.
For more information on Chapter 7 bankruptcy and Chapter 13 bankruptcy, as well as what bankruptcy can and can not do WI, get in touch with an experienced Milwaukee bankruptcy lawyer today!
What Can Bankruptcy Do?
The following are the most significant benefits you can expect during a bankruptcy case:
- Filing bankruptcy will stop all collection activities and abusive creditor behaviors once the automatic stay is issued.
- Filing bankruptcy can temporarily stop all pending evictions, foreclosures, repossessions, and other legal actions against you.
- Filing bankruptcy should wipe out most unsecured debts, including credit card dues, hospital bills, overdue utility payments, gym membership, personal loans, etc.
- Filing bankruptcy could also erase secured debts, provided that you’re willing to surrender the item you purchased.
- Filing bankruptcy may allow you to keep some of your non-exempt property
Seek the advice of a seasoned Milwaukee bankruptcy attorney to know more about other ways bankruptcy filing can help you.
What Bankruptcy Can Not Do?
From non-dischargeable debts and false narratives, most believe about it, here are ways a bankruptcy case will NOT help you:
- Filing bankruptcy doesn’t eliminate liens, which means it can not prevent a secured creditor from repossessing or foreclosing a property you’re unable to afford.
- Filing bankruptcy doesn’t eliminate most tax debts.
- Filing bankruptcy won’t erase most student loan debts unless your situation qualifies you for an exception.
- Filing bankruptcy won’t exempt you from obligations like alimony and child support.
- Filing bankruptcy won’t wipe out certain unsecured debts, such as ones related to personal injury or death, fines, penalties, and those you forgot to indicate on the bankruptcy forms.
Working with a skilled Milwaukee bankruptcy lawyer will not only educate you on what bankruptcy can and can not do WI, but also have someone giving you helpful tips on minimizing the negative impact bankruptcy will have on your credit.
Why Do I Need a Milwaukee Bankruptcy Attorney?
The most difficult part of being awash in debt is continuously getting calls from creditors, debt collectors, and others with interest. Our attorneys at Miller & Miller Law, LLC will study your current financial situation and work with you to figure out a sustainable way to pay everything back. We will guide you during each step of the process and make sure that you’re fully aware of what bankruptcy can and can not do WI.
Our law firm sees to it that the attorney working on your case is:
- Committed to giving clients an opportunity to regain their financial freedom
- Dedicated to helping individuals struggling with debt get back to their normal lives
- Someone who’s experienced in facing any possible scenarios specific cases may bring
- Able to provide highly-personalized legal services to any client
If you’re thinking of filing for bankruptcy but not sure if you know enough about what bankruptcy can and can not do WI, take advantage of our FREE case evaluation by calling our law office now!
Call our Milwaukee, WI Bankruptcy Lawyer Now!
Going through each bankruptcy procedure is no joke; the decision of even filing for it in the first place is a potentially life-changing one! That’s why you will need all the help you can get in making your case – a task our bankruptcy attorneys are definitely up for.
Our law firm also offers legal assistance in these practice areas:
- Bankruptcy Alternatives
- Credit Repair
- Personal Injury
- Debt Negotiation
- Student Loans
- Tax Debt Resolution
If there are other details you want to learn about bankruptcy filing or what bankruptcy can and can not do WI, drop by our office and we’ll do a free case evaluation!