Wisconsin Bankruptcy Laws
Milwaukee ● Madison ● Oshkosh
Find the way to relief from unmanageable debt. We can show you the way. To schedule a free initial consultation with us at one of our Wisconsin offices, contact us by phone or email. We will be glad to share information with you on the following topics:
Steps involved in starting the bankruptcy process
The first and most important step in starting the bankruptcy process is to talk with an attorney and begin the discussion that may lead to the decision to file Chapter 7 or Chapter 13 bankruptcy. Debt Advisors, S.C. offers free initial consultations with experienced lawyers. We have three convenient locations in Milwaukee, Madison, and Oshkosh.
Chapter 7 bankruptcy
What is it? What can it do? How does it happen? Chapter 7 bankruptcy is usually referred to as a “full bankruptcy” or “complete bankruptcy.” Chapter 7 bankruptcy will eliminate your debt and you will likely be able to keep all of your property. A Chapter 7 bankruptcy takes approximately four to five months, and normally requires one appearance at a simple hearing conducted by a bankruptcy trustee.
Chapter 13 bankruptcy
What is it? What can it do? How does it happen? Chapter 13 is an interest free repayment plan where you can repay your secured debts, like car payments and delinquent mortgage payments. You can use Chapter 13 bankruptcy to liquidate many of your debts, set up a reasonable debt repayment plan, and get a fresh financial start.
How can bankruptcy protect me?
When you file for bankruptcy relief your creditors must stop collecting from you. Creditors cannot continue to call you or send you collection letters. The Bankruptcy Code protects you with the “automatic stay” which makes it illegal for your creditors to contact you. This “stay” prohibits all collection activity after you file for bankruptcy relief. The automatic stay stops any lawsuit filed against you and almost any other action against you, your property and your paycheck.
What bankruptcy will do
Eliminate consumer debt through Chapter 7 bankruptcy, or restructure repayment of debt through Chapter 13 bankruptcy.
What bankruptcy will not do
Bankruptcy will not eliminate child support as ordered by a court, most recent taxes, very recent consumer debt, student loans, or personal injury claims as a result of drinking or drugs.
How to save your home
If you are facing foreclosure on your home, the automatic stay created by your Chapter 7 filing serves as a temporary defense against home foreclosure. On the other hand, Chapter 13 bankruptcy is a very powerful tool that can save your home if you have fallen behind on your mortgage payments and you want to rescue your home from mortgage foreclosure.
Foreclosure: resource center
Access this page to explore terms commonly used in foreclosure actions, such as acceleration clause, balloon payment, lien, and notice of sale.
Life after bankruptcy
Once your bankruptcy is complete, Debt Advisors, S.C. does not abandon our clients. We stand by you as you rebuild credit and accomplish your financial goals. Many of our clients have bought homes and cars soon after declaring bankruptcy.
Contact us to schedule a discussion about what you can do about your out-of-control credit card debt, and how bankruptcy laws can work for you.
We are a Debt Relief Agency. We help people file for relief under the Bankruptcy Code.
