We’ve written a series of blog posts answering common questions regarding bankruptcy in Wisconsin, and how it can impact your finances. Call (262) 827-0375

Bankruptcy Tips & Advice

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While financial hardship is something everyone strives to avoid, it’s becoming an everyday reality for many. Filing for Waukesha bankruptcy may be the best option for resolving unmanageable debt. But what exactly is bankruptcy and how does it work?

This video can help you get a basic understanding of what bankruptcy is. You’ll learn about why it may be a good option for you, how your debts are managed during bankruptcy, and what happens to your assets. One of the best ways to determine whether or not bankruptcy is right for you is by speaking with an attorney. At Burr Law Office, you can schedule a free consultation with no strings attached – there’s no obligation to move forward with filing if it’s not your best option.

Attorney Michael Burr wants what’s best for you. If you don’t qualify  or don’t want to file for bankruptcy, he can offer you sound advice on alternative options that will help get you back on track and debt free.

If you’re looking for an affordable Waukesha bankruptcy attorney who can help you file for Chapter 7 or Chapter 13 bankruptcy, then contact Burr Law Office. Our attorneys specialize in helping clients just like you recover from financial hardship. Call (262) 827-0375 for a consultation or visit us online.

What is An Automatic Stay?

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Bankruptcy law can be incredibly difficult to understand for the layperson. If you’re filing for bankruptcy, then you are most likely juggling a lot of concerns and obligations. The specialized vocabulary of bankruptcy law can only add pressure to the situation.

Read on for more information about understanding bankruptcy law and contact an experienced attorney for expert knowledge and advice.

Why file for an Automatic Stay?

You’re probably unfamiliar with the concept of “Automatic Stay,” which can be explained to you in detail by your bankruptcy attorney. Automatic Stay represents relief to those filing for bankruptcy, whether Chapter 7 or Chapter 13.

What does it mean?

According to the United States Courts’ glossary, an Automatic Stay is “an injunction that automatically stops lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.” This means that creditors (with a few exceptions) cannot act to collect debts from the debtor for a certain period of time. The Stay’s purpose is to give debtors some time to figure out their situations and to establish a repayment plan, without the added pressure for resolution from the creditor.

Who can benefit from an Automatic Stay?

Automatic Stay is incredibly helpful to U.S. businesses, as it does not stigmatize business failure. The United Kingdom, for example, does not offer this period for businesses or individuals to sort out their financial situation or negotiate with creditors.

For help filing for Chapter 7 or Chapter 13 bankruptcy, call the dedicated Milwaukee bankruptcy experts at Burr Law Office. Filing for bankruptcy can be a complicated and challenging process, and an experienced attorney who can help you efficiently navigate the process is invaluable. Call Burr Law Office at (262) 827-0375 for more information.

What is Chapter 13? An Overview

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Every person’s precarious financial situation is different from the next; therefore, the chapter used by each individual varies widely. If you’re considering bankruptcy, it’s important for you to know the types. The question is…what is Chapter 13 bankruptcy?

Chapter 13 offers additional benefits for people who are at risk of foreclosure and have a steady income. For more information on how Chapter 13 bankruptcy works, check out this video. If you think bankruptcy may be your only viable option, then you need a legal expert to guide you through the bankruptcy process safely and properly.

Attorney Michael Burr is an excellent resource when it comes to the bankruptcy process. If you’re looking for an experienced, trustworthy attorney, look no further. If you’ve found yourself in financial stress contact us. Attorney Burr will help get you back on your feet once again.

Burr Law Office specializes in helping clients get through the bankruptcy process successfully while protecting their property. For more information on our legal services, visit Burr Law Office online today. Looking for a Chapter 13 attorney in Milwaukee, call Burr Law at (262) 827-0375.

Tax Help: What is Chapter 7?

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Have you found yourself in financial distress? You’re not alone. Perhaps you’ve experienced unexpected medical costs, lost your job, been too generous to friends and relatives, gotten divorced, or simply mismanaged your money.

You may wonder…what is Chapter 7 Bankruptcy, and do I qualify? Those questions are asked by many people in Milwaukee and across the United States every day. More and more Americans are finding debt relief by filing Chapter 7 Bankruptcy. In fact, in the Eastern District of Wisconsin, which includes Milwaukee and the surrounding area, over 6,000 Chapter 7 filings have been made between January 1 and September 30 this year.* For ⅔ of American’s it’s due to “medical issues —either because of high costs for care or time out of work.”** Whatever your particular reason, Chapter 7 Bankruptcy may be the solution you are looking for.

Chapter 7 Bankruptcy, also known as Liquidation Bankruptcy, erases your debt entirely, with a cuople of exceptions. The whole process takes between three and six months. You will be able to keep all of your personal property as long as its value fits within the bankruptcy exemptions you are entitled to take. You will also be able to keep your car and home as long as you are not behind on your loan payments. For instance, you will retain your car if you need it to get to work. The experts at Burr Law Office can help you by protecting the things you truly need and at the same time eliminating your debt so that you can begin again with a clean slate.

https://www.youtube.com/watch?v=JbsLyAJudvI
There is no minimum or maximum amount of debt needed to file a Chapter 7 bankruptcy. There is an income status requirement, though. Your income needs to be equal to or below Wisconsin’s median income based upon your family size.*** The exemptions allowed should be clearly understood as well. Usually, when spouses file together in Wisconsin, each spouse can claim the full amount of the exemption (informally called “doubling”) as long as each spouse has an ownership interest in the property.

Chapter 7 is designed to help honest, well-intentioned borrowers who are in financial trouble. How does Chapter 7 bankruptcy work and what happens to your debt after you file? In the following video, a CPA will explain everything you need to know about this common form of personal bankruptcy, how you can file for it, and what happens to you after you file.

If you are considering filing for bankruptcy, you need the best legal representation available to help you through the tumultuous and stressful process. Attorney Michael Burr and Burr Law Office can help give you and your family a fresh financial start.

You can schedule a free, no-obligation consultation to learn whether or not bankruptcy is your best option. Each case is handled personally by Attorney Burr from start to finish. Call today to start your journey to financial freedom!

*www.wieb.uscourts.gov
**Lorie Konish, https://www.cnbc.com/2019/02/11/this-is-the-real-reason-most-americans-file-for-bankruptcy.html
***www.statista.com

Terminology: What is Bankruptcy?

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If you’re considering filing for bankruptcy, it is vital that you understand the process. To help you gain an understanding of the different aspects of bankruptcy, take a look at this list of terms:

Automatic Stay

An automatic stay is the first thing that happens in any bankruptcy case. As soon as the bankruptcy filer submits his petition to the clerk of the court, the automatic stay begins, and creditors can no longer take any action against him. Wage garnishments must cease, and creditors cannot contact the debtor to discuss payment of debt. The stay lasts throughout the bankruptcy process.

Discharge

After the bankruptcy process is complete and creditors have received as much payment as possible, filers receive a debt discharge releasing them from responsibility for their unsecured debts. Creditors can no longer attempt to collect these debts from the bankruptcy filer.

Unsecured Debt

Bankruptcy will discharge unsecured debts, or debts not tied to property. These include personal loans, credit cards, and medical bills. During the bankruptcy process, filers will pay as much of these debts as possible, then be released from responsibility for them at the end of the process.

Secured Debt

Secured debts are tied to property, like car loans and home mortgages. In Chapter 7 bankruptcy, the filer has the option of discharging these debts and forfeiting the property or reaffirming the loan and continuing to pay it. In Chapter 13 bankruptcy, filers must make up any missed payments and stay current on new payments, or they will risk losing the property.

Means Test

This evaluation of a bankruptcy filer’s income determines whether he is eligible to file Chapter 7 or Chapter 13 bankruptcy. To file Chapter 7, a debtor must have income below a certain level, which varies from state to state, or have very little disposable income.

If you’re considering bankruptcy, you need experienced Milwaukee bankruptcy attorney to make sure you understand your options. Call (262) 827-0375 to schedule a free consultation with Burr Law Office.