Find Out What Chapter 7 Bankruptcy Can Do
You might be hesitant to file bankruptcy or wonder if it’s the right time to do so. If you are here, you are already heading in the right direction by seeking answers.
When nonstop creditor calls have you hiding from the phone, it is time to take action. If you are tired of struggling to make ends meet and are worried about having your bank accounts levied or your wages garnished, it is time to find out how Chapter 7 bankruptcy can help you.
A bankruptcy attorney will talk you through your debt relief options so you can decide if bankruptcy makes sense for you. At Miller & Miller Law, LLC, in Milwaukee, Wisconsin, we are a team of experienced bankruptcy lawyers who help people through financial troubles. We have 25 years of experience helping people get back on their feet again.
Who Files Bankruptcy?
People usually pursue bankruptcy because they have encountered an event — job loss, serious illness, the death of a spouse — that pushes them over the edge. A Chapter 7 personal bankruptcy filing is a way to start over.
What Debts Can Be Discharged With Chapter 7 Bankruptcy?
Typically, people with debts who file a Chapter 7 bankruptcy are looking to discharge unsecured debts such as:
- Credit card debt
- Utility bills
- Back rent
- Medical bills
- Uninsured car accident judgments
- Amounts owed on repossessed or surrendered vehicles
- Deficiency balances and other debts
It is important to talk with a bankruptcy attorney to understand the impact of filing bankruptcy with these kinds of debts. There are also some forms of debt that cannot be eliminated in Chapter 7 bankruptcy. Chapter 7 will not eliminate some tax liability debts, government fines, forfeitures, restitution, child and spousal support, most student loans, debts related to drunk driving or debts resulting from intentional and malicious injuries.
What Is Required To File Bankruptcy?
To qualify for Chapter 7, people must pass the bankruptcy means test. This test is to examine income level and cap Chapter 7 filings for those who make too much money to qualify. However, if you don’t qualify for Chapter 7, you can still file for Chapter 13 bankruptcy.
In addition to the means test, you will need to complete the following courses:
- Credit counseling: We refer people to approved nonprofit credit counselors. You must complete this course before filing bankruptcy.
- Financial education: This will provide you with information and guidance on managing finances. You must complete this course to discharge your debt.
If you have filed Chapter 7 bankruptcy in the past, you now have to wait eight years under new bankruptcy laws before you can file another Chapter 7 bankruptcy again. You can file Chapter 13 bankruptcy within four years of a Chapter 7 discharge.
Can I Keep My Home And Car?
Chapter 7 bankruptcy is available to people with secured debt. You may be able to keep your house and car if you have a mortgage or a car note, as long as you keep the debts attached to them. Alternatively, you can choose to give up these assets to have your debt discharged altogether.
Financial Freedom In 90 Days
On average, a Chapter 7 bankruptcy takes approximately 90 days from the date of filing to the discharge. Within 30 to 40 days of filing the petition, a hearing is held before a United States Trustee. A Notice of Discharge is usually sent to the filer approximately 60 days after the hearing. Creditors are given notice of the hearing and may attend.
Find Out If Bankruptcy Makes Sense For You. Call Our Law Office Now.
Contact our consumer bankruptcy attorneys today at 414-326-9231 to schedule your free initial consultation. We offer weekday, evening and Saturday hours by appointment, and conference call hours for out-of-county clients. We handle each case individually; we are not a bankruptcy mill.
Our Chapter 7 bankruptcy lawyers provide legal counsel and representation to people in Milwaukee and throughout Wisconsin. We have offices in Milwaukee, Madison and Kenosha to serve you better.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.