Law Resources

www.wisbar.org

www.wisconsin.app.bbb.org

www.wieb.uscourts.gov

www.annualcreditreport.com (Get your truly free credit report)

Bankruptcy Myths

That you can no longer file chapter 7.

Simply not true. While the current bankruptcy law is complex and challenging, Attorney Michael Burr will guide you through it. While you may have to pass a means test or be below a median income, filing chapter 7 is still a very viable and available option.

I'll be fired if I file bankruptcy.

Simply not true. A provision in the bankruptcy code will protect you from employment discrimination solely based on being a debtor filing for bankruptcy.

I cannot file unless I have a minimum amount of debt.

Simply not true. There is no particular amount that qualifies for bankruptcy.

I can only file bankruptcy once.

Not true. While you can only file a chapter 7 once every eight years, you can file a chapter 13 anytime.

Bankruptcy will destroy my credit.

Not true. While credit may be harder to obtain after filing a bankruptcy, you will still get credit offers and Attorney Burr will show you how to rehabilitate your credit and even what your credit score will be 1 year after your discharge, whether a chapter 7 or 13.

Dangers of Consumer Debt Counseling

If you are thinking about or already taking part in, debt consolidation, credit counseling, than consider the more effective, cheaper and less damaging option of Chapter 13 under the United States Bankruptcy Code.
The great advantages of the Chapter 13 over debt consolidation or credit counseling programs are:

• You propose the NO interest and NO late fee payment plan
• No more telephone calls from creditors
• No more paying vast sums of money before your debts begin to be repaid
• No high fees, which most debt consolidation and credit counseling programs charge
• No potential of Lawsuit by creditors unlike in a debt consolidation or credit counseling program

We have had many clients come to us after being taken advantage of by the too good to be true debt consolidation or credit counseling services. We have seen the ads on TV and heard the radio ads. There are no short-cuts and if it seems too good to be true, it is.
Some horror stories our Chapter 13 or even Chapter 7 clients have had include:

• Monthly fees in excess of $500.00
• Credit card companies refuse to lower their interest rates
• Client paid hundreds and even thousands of dollars to the debt consolidation company but it went to their fees and paid Nothing to the credit card companies, who then sued the client:

The stories go on and on. Protect yourself with true debt relief.
See our Chapter 13 page for an explanation of how Chapter 13 works to your benefit, not the creditor's benefit.

Should I file for Bankruptcy Protection?

Life circumstances happen to everyone and anyone, Whether job loss, medical issues, divorce, reduction of income, etc, bankruptcy is a true fresh start. People from all walks of life may find that their financial circumstances are such that their debt is overwhelming. Bankruptcy is not the stigma it once was. It is a tool to help you get back in control of your financial and emotional future.

Bankruptcy Is Not Your Fault

Feel no shame, be able to sleep, relieve your stress. Many major companies file for bankruptcy protection, so why cant you take advantage of that protection too. Creditors will hound you day and night by calling you and your family. Stop the harassment. Bankruptcy affords you that protection.

Tax Debt in Bankruptcy

Tax debts may be eligible for discharge in Chapter 7 or Chapter 13 bankruptcy. If certain criteria are met (Tax debts that cannot be discharged can be made more manageable in a Chapter 13 bankruptcy debt repayment plan.)

5 Rules to Discharge Tax Debts:

• The due date for filing a tax return is at least 3 years old
• The tax return was filed at least 2 years ago
• The tax assessment is at least 240 days old
• The tax return was not fraudulent
• The taxpayer is not guilty of tax evasion

Tax debts that arise from unfiled returns are not dischargeable

Getting Credit After Bankruptcy

You will get credit following your bankruptcy discharge. Some clients, have been very concerned about what filing bankruptcy will do to their credit. A bankruptcy will stay on your credit reports for 10 years. This does not mean you cannot or will no be able to get a credit card, buy a home, finance or lease a car. Shortly after discharge, you will most likely receive credit card offers. The reason is you no longer have the debt and your debt to income ratio is now much improved so the credit card companies and finance companies know you now have the ability to pay.

How often can I file Bankruptcy

• You can file chapter 7 once every 8 years, But if you obtained a chapter 13 discharge, within 6 years of filing a new chapter. You cannot receive a Chapter 7 discharge.
• While one can file a chapter 13 anytime, but if you obtained a Chapter 13 discharge within 6 years of filing a new Chapter 7, you cannot receive a Chapter 7 discharge.