It’s time to admit it. You’ve been unable to keep up with your debts, and they’re not magically going away. As the bills mounted, you knew you needed to act, but it wasn’t clear where to turn. Now that you’ve sunk into more debt than you can handle, however, you deserve a lifeline.
Fortunately, you’re not alone: The law may be on your side, and so are the attorneys at Burr Law Office. We can help you envision a brighter financial outlook by filing for Chapter 7 bankruptcy in Milwaukee and Waukesha.
Why File for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy takes its name from the section of the U.S. Bankruptcy Code that describes its rules. Although learning the law from end to end is a huge challenge, consumers can heighten their knowledge by starting with the basics:
- Chapter 7 bankruptcies are founded on the act of liquidation — This is when your property gets sold to pay off as much of your debt as possible and get the creditors to go away for good.
- Chapter 7 filings let you keep exempt property, such as the basic items you need to take care of your family, bank deposits up to $5,000, veterans’ benefits, unemployment compensation and professional tools.
- Filing can help you erase many kinds of debts and halt various collection activities. It may be the right choice if you’re struggling with healthcare bills, overdue credit card fees or even court-ordered wage garnishments.
- Although the rules require you to go through credit counseling, complete financial management classes, attend a trustee meeting and submit court fees, filing is relatively inexpensive — Most people pay less than $400 for lasting financial peace of mind.
Taking Advantage of Chapter 7 Bankruptcy in Milwaukee and Waukesha
Filing for Chapter 7 protects you by placing an automatic stay on collection activities — at least until your case has gone through the court. What’s the secret to making the most of such benefits in the short time allotted to you? It’s all about planning things thoroughly with an experienced legal advisor.
Although U.S. federal law trumps all else in determining how bankruptcy operates, Wisconsin imposes some of its own standards. For instance, your credit counseling course must be led by a state-approved provider. You’ll also have to pass a means test proving that your family income falls below the median for Wisconsin after subtracting certain approved expenses.
Being prepared is critical because the types of debts you owe might make it imperative to stick to an aggressive case schedule. Advanced planning also improves your odds of receiving permanent protection instead of just the temporary stay — If you can build a case that effectively demonstrates your hardship or lack of financial means, then the bankruptcy court is more likely to look on you favorably.
Put Your Chapter 7 Bankruptcy on Firm Ground
Get in touch with a Burr Law Office attorney. With decades of firsthand experience advocating for clients and working directly with Wisconsin’s neediest families, we’re proud to help you master the art of effective, legal debt relief. Schedule a free consultation now by calling (262) 827-0375