Milwaukee Debt Settlement & Bankruptcy

Debt Consolidation

For clients in Wisconsin, debt settlement provides an alternative to bankruptcy.

Depending on your circumstances, filing for a Chapter 7 or 13 bankruptcy may not be the best choice. At Burr Law Office, Attorney Michael Burr will personally help you determine the best option for your unique situation, which may be debt settlement.

To obtain a debt settlement, we would work with your creditors using your prepared bankruptcy schedules. However, should you need to settle with most or all of your creditors, it would require payments in lump sum.

Debt Settlement Lawyer | Milwaukee & Waukesha

Attorney Burr can also help you with a variety of other legal matters including:

  • Wills and trusts
  • Estate planning
  • Probate
  • Guardianship
  • Divorce

Whatever your best option is, we are here to guide you to it and through it.

To learn more about your options for Milwaukee debt settlement and other situations, please contact our Milwaukee bankruptcy lawyers. We are committed to getting you the fresh start you deserve!

Chapter 13 Solutions that Protect Consumers

Chapter 13 Bankruptcy | Milwaukee

Should you earn an income over the threshold level, not pass the means test, and/or find yourself behind in mortgage or car payments, and wish to save your home and property from foreclosure, think about filing a Chapter 13 bankruptcy. It may well be your best option to regain control of your finances, as well as your life.



The Chapter 13 Filing Process

A Milwaukee Chapter 13 requires an initial court fee of $310. You will need to take the same credit counseling course as required for a Chapter 7 which costs between $16-50. As a refresher, this course can be taken by phone, online, or in person. Any course option fulfills the requirement, regardless of the cost. You will be required to attend a 341 meeting with the court-appointed trustee, to which Attorney Burr will accompany you. You will also be obligated to take the financial management course. This course generally costs between $11-22 and is administered in the same way as the credit counseling course.

Chapter 13 vs. Chapter 7

A Chapter 13 differs from a Chapter 7 in that, instead of discharging your debts, it reorganizes them into a single monthly payment, with no interest or late fees. The only exceptions that would give a creditor interest are a secured creditor’s mortgage arrears, a vehicle paid through Chapter 13, or a secured tax claim.

Another difference is that, in a Chapter 13, you must file a repayment plan with a duration between 36 and 60 months. Your property, including your home, vehicle, and other personal property, are safe unless you voluntarily surrender it to your creditor. Mortgage or equity loans on homes are paid outside of the plan and must be on time and in full each month. In addition, during the Chapter 13, you are on a cash only basis and your trustee will require copies of your tax returns every year. For those below the median income level, the trustee will take 50% of your net tax refund and use them towards your debts. Those over the median income level can keep their full tax refund.

To have the funds for a Chapter 13, you must have both a stable income and discretionary funds remaining after reasonable monthly expenses. Your repayment plan will depend on your disposable income as well as secured debt paid through the plan and the means test results. This plan will include all unsecured debt and past-due taxes, mortgage arrears, and financed vehicles. Any leased vehicles fall outside of the repayment plan. Monthly payments will then be paid either directly to the trustee or by wage assignment. Your trustee will use the funds to pay your creditors as stated in the terms of your confirmed repayment plan. You might find yourself paying mere pennies on the dollar to your unsecured creditors. When you file Chapter 13, you are now able to keep your tax refund regardless of whether you are above or below median income when you file (updated June, 2018).

Chapter 13 vs. Credit Consolidation

While you may be tempted to opt for a credit consolidation service or program, a Chapter 13 is a better choice in many ways. It is more economically sound, as most of these credit consolidation programs have high monthly rates, and you would still be responsible for interest on your debt. In addition, under such programs, you would not be protected from creditor lawsuits; in fact, not all of your creditors may agree to the system. Your credit score would be in jeopardy, and the programs tend to last longer than would a Chapter 13.

Our FAQ page also answers common bankruptcy questions.

For clients in Waukesha or Milwaukee, Chapter 13 bankruptcy can mean financial renewal. To schedule a consultation, contact Milwaukee bankruptcy lawyer Michael Burr. He will personally help you determine the best option for your unique situation.

Chapter 7 Process Simplified

Chapter 7 Bankruptcy | Milwaukee

For clients in Milwaukee and Waukesha, a Chapter 7 bankruptcy will help to erase credit card debt, medical bills, judgments, garnishment, and protect personal property including your home and car, provided the values thereof do not exceed your allowed bankruptcy exemptions. You may think that new bankruptcy legislation prohibits the filing of a Chapter 7, but this is only one of the numerous bankruptcy myths. It is quite simply not true.




The Chapter 7 Filing Process

Step 1: Credit Counseling Course

Before you can file for Chapter 7 bankruptcy, you must participate in and complete an approved credit counseling course, which may take place via phone, internet, or in person. The fee associated with these counseling services run from $16-50, depending on the course you choose. All courses carry the same weight for filing, so you may use the cheapest if you so desire. We will help you find the best course for you.

Step 2: File

To file a Chapter 7 bankruptcy, you must first file a petition, schedules, and statement of financial affairs with your bankruptcy court. The schedules must list all of your creditors, your property, and your monthly income and expenses. The court filing fee for a Chapter 7 is $335.

Filing a claim immediately creates an automatic stay. In other words, your creditors are no longer permitted to contact you, whether by phone, letter, or any other form of communication.

Step 3: Attend 341 Meeting

After filing and completing the counseling course, the next step is to attend a 341 Meeting with a trustee who will be appointed to you by the bankruptcy court. Attorney Burr will attend that meeting with you so you know what you can expect.

Step 4: Financial Management Course

The next step in the process is a court-approved financial management course. This will be administered in a similar manner to the credit counseling course with a fee ranging from $11-22.

Step 5: Discharge

After this, you will receive a discharge to wipe out your debts. Exceptions to the discharge include taxes you may owe to the IRS or state, student loans, alimony, maintenance or support payments, OWI (Operating While Intoxicated)-related debts, and fraud-related debts.

You may file for a Chapter 7 and receive a discharge only once per 8 years.

If, during the last 6 months, your income exceeds the median income for your family size, and you fail to pass the means test that is part of the bankruptcy schedules, you will need to file for a Chapter 13 reorganization instead. Please refer to our Chapter 13 services page to learn more about how a Chapter 13 works. Our FAQ page also answers common bankruptcy questions.

For help or to schedule a consultation, with the best bankruptcy lawyers in Milwaukee, contact bankruptcy attorney Michael Burr. He will personally help you determine the best option for your unique situation.

Why Attorney Michael Burr?

When choosing Milwaukee bankruptcy lawyers, there are a number of things to consider. Filing is a big decision and you want to be sure you’re working with someone you can trust to make the process and smooth and painless as possible. Waukesha bankruptcy attorney Michael Burr has the knowledge and experience to help ease the process. Think about the following few points and consider why attorney Burr is a great choice.

Level of experience

With something as serious as bankruptcy, you want to be sure your attorney has sufficient experience. Some bankruptcy law offices take on tons of cases and pass everything along to paralegals or inexperienced attorneys. Attorney Burr has over 20 years of experiences and handles each case personally.

Understands local policies

When it comes to Waukesha bankruptcy, Attorney Burr is an expert. He has been a member of the State Bar of Wisconsin since 1994 and was admitted to the U.S. District Court (Eastern District) of Wisconsin in 1994 and the U.S. District Court (Western District) of Wisconsin in 1995. Attorney Burr knows the inner workings of the system and can get the best results possible.

Specialization

Large law firms will generally offer bankruptcy services in addition to other services. While these firms may be established and reputable, their knowledge of bankruptcy specific law policies may not be as strong as a specialist. Milwaukee bankruptcy Attorney Michael Burr has specialized in bankruptcy for over 20 years.

Reasonable fees

Considering the situation, you don’t want to be stuck with outrageous lawyer fees from your filing. Lawyer fees are definitely something to take into consideration when deciding to file. We welcome you to schedule a free consultation where you can learn about the process and fees associated with filing.

If you’re looking for Milwaukee bankruptcy lawyers, don’t hesitate to contact Burr Law Offices for help. Attorney Burr takes pride in his work and truly cares about his clients. Call us today to schedule your free consultation!

What to Expect from a Bankruptcy Firm

If you are like many Americans, you may be struggling to make even minimum payments to a growing number of creditors. Depending on your particular circumstances, declaring Chapter 13 or Chapter 7 may not be your best option. If you are overwhelmed by your financial burdens, contact a qualified Milwaukee bankruptcy firm and educate yourself about your debt relief options with this guide to debt settlement:

Protect Your Credit

In the debt settlement process, your lawyer will negotiate with your creditors to reduce your overall debts in exchange for an agreed upon lump sum or installed payment plan. A successful settlement occurs when the creditor agrees to forgive a percentage of the total balance owed. While debt settlement will affect your credit, it is comparatively less harmful than bankruptcy.

Consolidate Your Debt

Do you owe different amounts to so many different creditors that you have trouble keeping track of your bills, let alone paying them? You are not alone: Americans racked up $48 billion in credit card debt in 2011 alone. If you are delinquent on multiple accounts, a debt settlement attorney can work with you and your creditors to consolidate your debt into a single low monthly payment. Whether you have credit card debt, medical debt, mortgage debt, business debt, or judgments against you, contact a debt settlement attorney to protect your rights.

Stop the Harassment

If you have outstanding bills, you are all too familiar with harassing phone calls and letters from lenders. When you hire a debt settlement lawyer, he will take control of all communications with your creditors. Your attorney knows which fees your creditors can legally charge and will ensure that they follow the letter of the law.

Burr Law Office is committed to helping our clients find efficient solutions to their debt problems. If you want to learn more about our Milwaukee bankruptcy firm and our affordable services, call (877) 891-1638 to schedule a consultation today. Milwaukee bankruptcy lawyers.