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Milwaukee Bankruptcy Law Blog

Lose your debt, not your property, by filing for bankruptcy

If you are like one of the many Wisconsin consumers who are currently dealing with overwhelming debt, you know how overwhelming this situation can be. From facing threats of foreclosure to fielding phone calls from creditors at all hours, being in debt can be stressful for every member of the family. 

You may be able to find relief from your debt and secure a better future for you and your loved ones by seeking bankruptcy protection. For many consumers with certain types of debts, such as medical bills and credit card debt, Chapter 7 is a viable option. Many consumers fail to take advantage of this option, however, because they fear that liquidation bankruptcy will mean that they have to give up all of their property.

Don't close the book on your home. File Chapter 13 bankruptcy.

Your home undoubtedly acts as the center for many of your life's activities. Whether you host get-togethers or simply spend time with your family, you likely have a great sense of attachment to your house as it reminds you of the many memories made there. However, financial problems could result in you facing the possibility of losing your home due to foreclosure. You may feel an immense sense of dread if your predicament does not seem to improve.

Before accepting that you will lose your home, you may wish to consider your options for stopping foreclosure. Chapter 13 bankruptcy could act as the relief method you need if you qualify and feel that moving forward with this route suits your circumstances.

How can I figure out if I qualify for Chapter 7 bankruptcy?

If you consider filing for bankruptcy, a test outlined in the U.S. Bankruptcy Code makes figuring out if you qualify, along with determining which chapter of bankruptcy you should file, fairly simple. If you want to file for bankruptcy, you must complete the “means test.” 

What to expect from post-bankruptcy life

For people buried in debt, it can be difficult to imagine what life will be like when that debt is no longer there. The decision to file bankruptcy is a difficult one for many people in Wisconsin, yet it offers many benefits and advantages.

Despite the stigma often associated with it, both Chapter 7 and Chapter 13 bankruptcy brings new hope to many families. For those that follow certain steps, credit can be rebuilt relatively quickly.

Many Americans struggle with debt. In fact, most consumers carry a balance on credit cards, have student loans or unpaid medical bills. When these bills begin to outpace a person's ability to pay, it can quickly lead to a spiral of harassment from debt collectors and threats of foreclosure and more. If you choose to file for bankruptcy, you may regain control of your financial future.

Many people use their tax returns to pay for Chapter 7 relief

March and April are peak months for filing bankruptcy and attorneys know why: The people who come to them are unable to even afford the small legal fees associated with bankruptcy petitions without their tax return money.

It's no secret that many Americans have very little saved up for emergencies -- and those struggling under crushing debt probably have even less than average. Some people rely on their tax returns to alleviate some of their accumulated debt, especially if they went a little overboard during the holidays.

How can I figure out if I qualify for a Chapter 7 bankruptcy?

Once the decision has been made to pursue bankruptcy, people often examine the different types of bankruptcy available to them. Most individuals file either a Chapter 7 or Chapter 13 bankruptcy.

For many, Chapter 7 bankruptcy is preferable because they want to get through the bankruptcy as soon as possible. But Chapter 7 bankruptcy bankruptcy is not available to everyone. To be eligible you must be able to pass an income and expense test known as the "means test."

Bankruptcy discharge, how does it work?

When looking for debt relief options, it's normal to question how each option really works and how each actually helps your situation. In Wisconsin, there are many possible solutions. The best option for you will depend on your individual situation.

People often start out by talking with their friends or consulting the Internet for options. This may be a good option if you are looking for referrals for home services, but for bankruptcy it can be problematic because there are many myths and a great deal of misinformation about bankruptcy.

Bankruptcy is one of your options. Learn about the bankruptcy process, how long it takes and what is included in a bankruptcy discharge. How does discharge actually work?

Looking for debt relief options? Steer clear of payday loans

Are you one of the numerous Wisconsin residents struggling to make ends-meet? Like many people, you might live paycheck-to-paycheck. Sometimes the money runs out before another paycheck arrives in your bank account. Many people in this situation turn to payday loans as the answer. Have you fallen into this trap?

A guide to filing Chapter 128 in Milwaukee

Chapter 128, which is also known as amortization of debt actions, allows Wisconsin residents who have a steady income to pay down their debts over a period of three years. The payments are made monthly and the period cannot extend past three years.

There is a big difference between Chapter 128 and Chapter 7; the person filing must make payments in Chapter 128 whereas no payments have to be made in Chapter 7 to have debt wiped out. When filing for Chapter 128, the debtor must pay all of his or her debts in full under the plan put in place.

Will bankruptcy end your industrial security clearance?

People from all walks of life can end up in financial trouble -- including those who work for federal agencies and contractors who have to pass a security clearances as a condition of employment. Many of those people are afraid of bankruptcy court because they're afraid that it will end their security clearance, costing them their job.

If that's your situation, you're probably struggling unnecessarily. In fact, you may actually be putting your security clearance at greater risk by not filing for bankruptcy.

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

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