We’ve written a series of blog posts answering common questions regarding Chapter 13 bankruptcy in Wisconsin and how it impacts your finances. Call (262) 827-0375

Chapter 13 : A Step by Step Guide

If you’re considering filing for a Milwaukee Chapter 13 bankruptcy, you’re probably wondering what steps are involved. The experts at Burr Law Office are friendly, knowledgeable, and ready to take on your case. The following is a sequence of steps you will likely run into if you’re getting ready to file.

The first step before filing is determining what type of bankruptcy is right for you. Generally speaking, Chapter 13 is an alternative to Chapter 7 for those who have meet three basic criteria: they have a regular income, they want to pay off their debt, and they need some time to pay it back. The process in a Chapter 13 will usually take a number of years, as a repayment plan is established around the outstanding debt. Attorney Michael Burr will help you determine if there are any special circumstances that occur.

Filing the petition is the second step in the process. This involves filing a schedule of assets and liabilities and reporting things like income, expenses, etc. Your bankruptcy attorney will help you complete all of this paperwork and ensure everything is up to par. Missing information will only prolong the process. Additionally, intentionally withholding information can lead to serious consequences.

The next step is setting up the repayment plan and meeting with creditors. Your bankruptcy lawyer will be with you for the entire process and will work with all parties to come to a fair agreement. After the creditor meeting comes the confirmation hearing in court. At this point the judge will determine if your repayment plan is feasible and meets Bankruptcy Code standards.

The last step is to start making payments. There is a 30 day window between the tim you file and the time you must start making payments, regardless of whether or not your plan is approved by the court.

If you have questions about Milwaukee Chapter 13 bankruptcy or would like help with debt relief issues, contact Burr Law Office today.

Tips for a Successful Chapter 13

Before getting started with a Chapter 13 Milwaukee bankruptcy, it’s important to know a few things about the process and how to make it work for you. If everything is done correctly, accurately, and in a timely manner, the process can go quite smoothly.

Filing for Chapter 13 requires you to make a promise to yourself (and the courts) that you will change your habits when it comes to handling your finances. The process requires that you live with a strict budget during a three to five year period, which can be very difficult. Sticking to the changes will help you come out of the bankruptcy with a fresh start. Here are a few tips that will help your bankruptcy go well.

Budget

The single most important part of a successful Milwaukee Chapter 13 bankruptcy is creating and sticking to a budget plan. The bankruptcy cannot work if you don’t make your payments. Your budget will likely be a reality check of sorts for you. You must stay committed to making your payments and not fall behind. Doing so will make the process much easier in the long run.

Communication

Another important aspect is effective communication. You will likely receive mail, e-mail, or phone calls from your attorney, trustee, or creditors. It’s important that you tend to these and not ignore them. Ignoring these contacts can only complicate and lengthen the process. If creditors are harassing you, it could mean they are unaware of your filing for Chapter 13. If that’s the case, you need to contact your attorney and get things straightened out.

Paperwork

There is a lot of work that goes into preparing and completing paperwork for your bankruptcy. It’s extremely important that you gather and organize all of your financial records and obtain any missing pieces. It is critical that the paperwork be completed honestly, accurately, and thoroughly. The paperwork is difficult and can be frustrating at times, but your attorney will work with you.

Having a successful Chapter 13 Milwaukee bankruptcy requires hard work, persistence, and sacrifice. Throughout the process, you will likely become smarter with your finances and come out with a fresh new outlook on financial planning. The process is tough, but effective. If you’d like more information about filing for Chapter 13 bankruptcy, contact bankruptcy lawyer Michael Burr at Burr Law Offices to schedule a free consultation.

Tips for Managing Your Chapter 13 Repayment Plan

If you file for Chapter 13 Milwaukee bankruptcy, you will commit to a payment plan lasting three to five years, under which you will repay any missed payments on secured debts and a portion of your unsecured debts. Though this plan can be challenging, it will free you from your debts and give you a fresh start. You’ll no longer be in the red. Here are a few ways you can make the plan go as smoothly as possible:

Get used to living on a tight budget.

Payment plans take all of your extra income after you pay necessary expenses like rent, clothing, and food. You won’t have any extra money left over for fun or frivolous things. Unfortunately, you’ll need to simply get used to this; the court wants you to repay as much of your debt as possible, Which means using all extra income for repayment purposes.

Do not incur new debt.

You should not incur new debt without speaking to your bankruptcy trustee first. The point of a bankruptcy is to allow you a fresh start and force you to live within your means, not to let you fall back into old habits of financial irresponsibility.

If your financial situation changes, tell your bankruptcy trustee.

If you lose your job or experience another significant change in your financial life, tell your trustee as soon as possible. He may be able to modify your payment plan or obtain a hardship discharge for you.

Don’t stop making payments.

No matter your financial situation, never stop making your payments. This could lead to a dismissal of your petition, which will leave you responsible for paying all of your debt, not just the portion agreed upon in your payment plan.

Burr Law Office can help you decide if Chapter 13 Milwaukee bankruptcy lawyers is right for you. Though it is not an easy process, it may be a way to deal with your debt and move on with life. To learn more, call (262) 827-0375 to schedule a free consultation with our team.

Chapter 13 Trustee: Advantages

Chapter 13 bankruptcy allows you to consolidate your debts into one payment plan, enabling you to both keep select assets while reducing your debt to a manageable level. On the surface, this may appear similar to what debt consolidation programs offer. However, filing Chapter 13 has distinct advantages over these programs, and most importantly, the backing of the federal court system.

Reduce Your Debt

In creating a Chapter 13 payment plan, the court will typically reduce the principal you owe on your debts, sometimes by as much as 90%. The reduction in principal allows you to create a realistic payment plan, which is the purpose of Chapter 13. Debt consolidation programs must negotiate with creditors, and only request that they lower interest rates or overdue balances. Chapter 13 offers you the authority of the court to mandate what amount a creditor will receive.

Freeze Foreclosure and Collection Proceedings

Upon filing bankruptcy under any chapter, an automatic stay is immediately put on all collection efforts by creditors. An automatic stay prohibits any contact by creditors, such as telephone calls, letters, and appearances at your home. The stay also freezes any foreclosure proceedings or wage garnishments, and even prevents a creditor from filing a lawsuit against you. Debt consolidation programs don’t have the authority to provide any of this relief.

Establish a Defined Payment Schedule

Chapter 13 payment plans are designed to be completed within three to five years. Upon completing the plan, all debts are discharged. Debt consolidation programs don’t provide this certainty, and may outline a plan that requires payments over many years without significantly reducing your balance.

Protect Your Interests

If you file for Chapter 13 bankruptcy, then you will likely hire an attorney to represent you. Every attorney has a strict ethical obligation to represent his or her client zealously, competently, and with due diligence. You are guaranteed that your attorney, unlike a debt consolidator, will represent not only your best interests, but also fight to ensure you receive the best results possible. Debt consolidation programs simply cannot provide this security.

Filing bankruptcy is a major decision, but it may be the right choice for you. Consult a bankruptcy attorney to answer your questions and learn exactly how Milwaukee bankruptcy will affect you. Call the Burr Law Office at (262) 827-0375 for answers to any questions you have. Contact us today to learn more about your financial options.

What is Chapter 13? An Overview

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.