Get out of debt by learning how to file for Chapter 7 bankruptcy in Wisconsin
Like Chapter 13 bankruptcy, Chapter 7 bankruptcy is also a notable legal solution to wipe out your debts. However, many debtors are not well-versed in filing for Chapter 7 bankruptcy. With the help of a seasoned bankruptcy attorney, you will learn how to file Chapter 7 bankruptcy in Milwaukee, WI.
Miller & Miller Law, LLC has been helping clients get rid of debts for years. We have an unbreakable commitment to assisting people in financial trouble, and you can certainly rely on our legal team. With respect, confidentiality, and accuracy, rest assured that your bankruptcy case is in good hands. If you need sound legal advice, schedule a free initial consultation today!
Why Do I Need a Bankruptcy Attorney in Wisconsin?
Without a doubt, Chapter 7 bankruptcy filing is challenging to navigate. Even if the bankruptcy law does not state clearly that hiring a bankruptcy lawyer is required to file for Chapter 7 bankruptcy, every debtor is strongly encouraged to do so. While having a bankruptcy lawyer does not guarantee you will win your case, you can be confident of receiving high-quality legal services. Take note of the following good qualities:
- Proven Competence – Take your time evaluating the bankruptcy firm’s experience in providing services to Wisconsin residents. You can look at their clients’ testimonials and feedback to ensure that their previous services to people are worth investing in. Choose a law firm that can prove to you its competence.
- Solid Reputation – The Bankruptcy Court for the Eastern District of Wisconsin keeps a directory of reputable law firms from which pro se filers can choose. Choose a reputable lawyer with a track record of making the registry. At the very least, selecting a reputable law firm would be advantageous during and after bankruptcy.
- Strong Commitment – Aside from competence, you must evaluate the law firm based on how it rekindled its desire to assist debtors. Choose a bankruptcy firm dedicated to providing community service and preventing hardship and stress by helping individuals resolve their debt issues.
Miller & Miller Law, LLC has had a long-standing relationship with bankruptcy court judges, clerks, and personnel for decades. With a strong commitment, our expertise assisted thousands of Wisconsin residents, allowing us to establish a strong reputation in the state. If you need assistance on how to file Chapter 7 bankruptcy in Milwaukee, WI, contact us now.
Qualifying for Bankruptcy in Wisconsin
If this is your first shot at filing for Chapter 7 bankruptcy, you need to meet the initial requirements. On the other hand, if you filed for bankruptcy before, you also have to check whether you are allowed by bankruptcy law to file another one. The waiting period will be determined by the bankruptcy chapter you previously filed and the chapter you intend to file now.
You may file for Chapter 7 bankruptcy if your family’s gross income is not higher than the median income in your state. You need to add all the gross income accumulated during the past six months and multiply it by 2.
Basic Steps of Chapter 7 Bankruptcy
- Learn about Chapter 7 bankruptcy
- Determine whether Chapter 7 can wipe out your debts
- Check if you can use Chapter 7 bankruptcy exemption
- Determine whether you are qualified or not
- Hire a skilled bankruptcy attorney
- Refrain from paying qualifying debts
- Collect essential financial documents
- Complete a mandatory credit counseling course
- Accomplish and file paperwork, including bankruptcy forms
- Surrender your financial documents
- Be present at the 341 meeting of creditors
- Get your debtor’s education course certificate of completion
- Get your debt discharge
Things To Keep In Mind Before Filing Chapter 7 Bankruptcy In Wisconsin
Before filing for Chapter 7, take note of these factors:
- The cost of Chapter 7 bankruptcy filing – In Wisconsin, the cost of filing for Chapter 7 bankruptcy is $335. Whether you are an individual or filing jointly with your spouse, the cost to declare is the same in Wisconsin. The general rule is that the bankruptcy court will allow you to pay in installments if you cannot pay the filing fee in full.
- Filing without a bankruptcy lawyer – The Bankruptcy Code grants debtors the legal right to file the bankruptcy petition themselves. However, being a pro se debtor will only increase your risk of losing your assets or, much worse, having your case dismissed immediately before the court. In other words, filing for bankruptcy or learning how to file for Chapter 7 bankruptcy is not an easy task, and it is not something that you should do amid financial difficulty. Thus, hiring a bankruptcy lawyer is highly recommended.
- Type of debt that can be discharged – In bankruptcy, discharge is implied as a court order that lifts the legal obligation imposed upon you to pay debts to your creditors. Claiming bankruptcy in Wisconsin can provide debt relief for general, unsecured, non-priority debts.
- Dischargeable Debts
- Credit card bills
- Medical bills
- Income taxes
- Payday loans
- Lawsuit judgments
- Personal loans
- Non-dischargeable Debts
- Income taxes
- Child alimony/support
- Student loans
- Municipal fines
- Criminal fines
- Traffic fines
- Dischargeable Debts
- Your credit score – Filing for bankruptcy will have little effect on your credit score. It will remain on your credit report for ten years. If you have previously declared bankruptcy, obtaining credit for a credit card, car loan, or mortgage will be difficult. Your credit score may improve sometime if you make payments on time and stick to the amount of credit you are given.
- Bankruptcy exemptions – As soon as you file for Chapter 7 bankruptcy, almost all of your assets will become the bankruptcy estate’s property. The Bankruptcy Code established an exemption to keep your property. Without exemptions, a United States bankruptcy trustee can legally sell your property to pay off your creditors. Under bankruptcy law, you can choose state exemptions or federal exemption statutes.
- Frequency of filing for Chapter 7 in Wisconsin – If you intend to file for Chapter 7 bankruptcy, debtors have to wait at least eight years after getting a Chapter 7 discharge and six years for a Chapter 13 discharge. If your previous bankruptcy petition was dismissed or did not result in a discharge, you may legally file again, depending on why your debts were not discharged. The Bankruptcy Code was designed to prevent multiple bankruptcy filings.
Call our Wisconsin Bankruptcy Attorney Now!
After reading through the basic steps of filing for Chapter 7 bankruptcy, you should be able to determine whether this chapter is right for you based on your preferences and financial situation. However, this can only provide general information and not specific legal advice. As previously stated, your assets are at stake, so you must make a firm decision immediately. If this is your first time filing for bankruptcy, you should consult a top bankruptcy attorney.
Attorney James L. Miller, the founder of Miller & Miller Law, LLC, was also in financial trouble before becoming a reputable bankruptcy attorney. This demonstrates that he and the rest of his legal team understand how difficult it is to sleep at night, knowing that you could lose your assets at any moment. Miller & Miller Law, LLC assisted thousands of Wisconsin residents in obtaining bankruptcy relief through consistent hard work, compassionate service, and solid dedication. We believe it is time to give back to the community and preserve justice.
Other than bankruptcy, we can help you with personal injury, bankruptcy alternatives, credit restoration, and student loan help. If you need assistance, call our law firm now!