Are your wages or salary being garnished to pay your debts? Have you been threatened with mortgage foreclosure on your home or repossession of your car? We want to help. Don't let scare tactics about changes in the bankruptcy laws affect your decision. Talk with an experienced bankruptcy lawyer.
At Miller & Miller Law, LLC, in Milwaukee, Wisconsin, we are bankruptcy lawyers who help people resolve financial trouble. We have 12 years of experience helping people get out of debt, and we can help you. The bankruptcy laws have changed, but you may still qualify to begin again through a Chapter 13 bankruptcy filing. Contact our consumer bankruptcy attorneys today to learn more. Call 414-326-9231 or 866-678-9352 for a free initial consultation.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a form of legal debt reorganization. Like Chapter 7 bankruptcy, it is a procedure in federal court that begins with the filing of a bankruptcy petition and schedules. Chapter 13 bankruptcy is different from Chapter 7 bankruptcy in that rather than providing for an outright discharge of someone's liabilities, it allows them to repay some or all of their debt over three to five years.
Chapter 13 As An Alternative To Chapter 7
A Chapter 13 bankruptcy is also used when a debtor does not qualify to file for Chapter 7 relief. The Means Test required by the new bankruptcy law prevents some people from filing for Chapter 7 bankruptcy. Whether or not a debtor qualifies for a Chapter 7 can be determined by one of our attorneys after a free, no-obligation, personal consultation.
New Bankruptcy Law Requirements For Chapter 13
In addition to the Means Test, the new bankruptcy law requires people filing for Chapter 13 bankruptcy to undergo required credit counseling before they can actually file with the Bankruptcy Court. The new bankruptcy law has also changed the amount of debt appropriate for this chapter. The new law has also changed the length of time required between filing a Chapter 7 bankruptcy and a Chapter 13 bankruptcy to four years.
Behind On Mortgage Or Car Payments?
Chapter 13 bankruptcy is typically chosen by people who own a house or a car and are behind on their payments. The Chapter 13 bankruptcy will prevent a foreclosure or repossession, and allow the person to pay back the amount they are behind. Unsecured debt is also repaid, although it is often at substantially less than 100 percent of what is owed. If the person in debt completes the plan, they will receive a discharge of the remaining balance on unsecured debt. For the court to approve a Chapter 13 bankruptcy, the person in debt must be employed or have some other source of reliable income to fund the plan.
Milwaukee County Bankruptcy Lawyers
Contact our personal bankruptcy lawyers today to schedule your free initial consultation. We offer weekday, evening and Saturday hours by appointment. We handle around 200 Chapter 7 and Chapter 13 bankruptcies each year. We have the experience to handle your Chapter 13 bankruptcy filing.
Our Milwaukee, Wisconsin, Chapter 13 bankruptcy attorneys provide legal counsel and representation to people throughout Wisconsin, including Milwaukee, Waukesha, Kenosha, Racine, Ozaukee, and West Bend.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.