What Filing for Bankruptcy Can and Cannot Do
A good way to determine if filing for bankruptcy is the right decision is to consider exactly what the process can do. When you file for Chapter 13 bankruptcy, you have the ability to discharge many of your unsecured debts while keeping non-exempt property. Chapter 13 also allows you to reduce secured debts that are more than the secured property or collateral is worth, as well as put an automatic stay on foreclosure proceedings.
Filing for Chapter 7 will not provide these aforementioned benefits, but it will help wipe out credit card debts and other unsecured debts, stop collection activities and creditor harassment, and eliminate certain types of liens. It is important to realize that filing for either type of bankruptcy will usually not eliminate alimony obligations, child support payments, student loans, tax debts, and other non-dischargeable debts such as penalties for violating the law.
You can learn about your options for filing for bankruptcy in Milwaukee by contacting bankruptcy lawyer Michael Burr at Burr Law Office at (877) 891-1638. Click on the link to visit us at our website.