We’ve written a series of blog posts answering questions regarding Chapter 7 bankruptcy in Wisconsin and its financial impact. Call (262) 827-0375

Legal Aid Milwaukee: Tips for Filing a Chapter 7

Filing for bankruptcy can be a daunting process, but when done correctly it an provide great relief to the debtor. Working with an experienced attorney like Michael Burr is the best way to give yourself the best legal aid Milwaukee has to offer. Here are a few tips if you’re considering a Chapter 7 bankruptcy.

Consider what’s ahead

Before filing for Chapter 7, it’s important to look to the future. Major financial events can have a great effect on the process; having a child, needing a new car, getting a promotion at work, and many others. By planning ahead for these things, whenever possible, you can help ease stress when they arise.

Seek support

While conversations about finances with friends and family can be difficult, the process will be much easier if you have the support of loved ones. Seeking out external sources of advice and support is crucial, especially if they themselves have experienced bankruptcy and can offer guidance.

Be pessimistic and optimistic

It’s confusing, but helpful. When filing for Chapter 7, the best way to approach the situation is to prepare for the worst and hope for the best. If you know what will happen if things go south and prepare ahead of time, you’ll better be able to handle things.

If you’re considering filing for Chapter 7 bankruptcy, and need a Chapter 7 bankruptcy lawyer, contact attorney Michael Burr for the best legal aid Milwaukee has to offer. Ease yourself of financial burdens and call 262-827-0375 to schedule your free consultation today!

Bankruptcy Legal Aid: Discharging Tax Debt with Chapter 7

In bankruptcy law, Chapter 7 is often referred to as a “liquidation bankruptcy” because it allows consumers to liquidate, or eliminate, almost all outstanding debts. Many people falsely believe that tax debt cannot be discharged when you file, but experienced Milwaukee bankruptcy legal aid from Attorney Burr can actually help most consumers eliminate tax debt by filing for Chapter 7 if they meet these three basic provisions.

The income tax return was due over three years ago

If you owe back taxes to the IRS, you are not alone—thousands of Americans either intentionally or inadvertently short the IRS a total of $290 billion each year. As the IRS becomes increasingly aggressive about pursuing people who owe back taxes, many consumers find themselves overwhelmed by bills. If you are considering filing for Chapter 7, you may be able to eliminate your tax debt as long as the tax return was due more than three years ago.

The income tax return was filed more than two years ago

Was your tax return filed more than two years ago today? If so, you already satisfy this requirement, but some taxpayers never file returns for certain years. In that case, the IRS will file one for you. Unfortunately, a government-filed tax return does not meet this test; each consumer must file his own return at least two years before filing for Chapter 7.

The tax was assessed more than 240 days ago

This rule means that the tax agency must have determined that you owe back taxes more than 240 days ago. If you filed your return and acknowledged that you owed a balance; according to bankruptcy law, your tax debt has been assessed. This rule can be confusing, so be sure to consult an experienced attorney to determine your precise assessment date.

Contact attorney Michael Burr at Burr Law Office today at (877) 891-1638 to get the Milwaukee bankruptcy legal aid you need.  You can also visit our website for more information about our legal services.

Tax Help: What is Chapter 7?

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