Wisconsin Bankruptcy Law Blog

As a Wisconsin business owner, you understand that your company's financial status is going to fluctuate alongside national, local and global economies. You may have a few consecutive stellar years, then a financial crisis hits you. If you have a strong support team in place, you may be able to make a few adjustments, implement creative ideas and bounce back without any far-reaching, long-term negative consequences.

It's not always that easy, however; in fact, sometimes you must explore additional options to find a solution that allows you to get your financial train back on track without hanging a "closed permanently" sign on your storefront (whether you have a brick and mortar facility or are primarily e-commerce based). The good news is that there are several types of bankruptcy that may help you wipe the slate clean and start afresh without ever closing your doors.

Bankruptcy is a legal process that can help qualifying individuals find relief from their overwhelming debt. As you consider this option, you may come to realize that it is a very involved process. Before becoming intimidated, however, you may want to gain more information on specific aspects of bankruptcy proceedings.

An important aspect to look into relates to the individuals involved in your case. Certainly, you and your legal counsel will play important parts, as will a judge. Someone you may not have considered as having a vital role in your case is a bankruptcy trustee.

It is not easy to make the choice to file for bankruptcy. Even people overwhelmed by debt are reluctant to move forward with this step because they have concerns about what to expect from the process. There are a lot of fears and misconceptions that hold people back from taking a step that could be beneficial for their future.

One of the main concerns Wisconsin debt holders have regarding the bankruptcy process is what will happen to their personal property. In reality, you may be able to keep most of the things that are important to you. Even when filing for Chapter 7 bankruptcy, known as liquidation bankruptcy, certain exemptions may be available that will allow you to keep a majority of your personal possessions.

Your personal economics have a lot of impact on your ability to function within the Wisconsin economy. Things may be financially strong for the state as a whole, but if you're out of work or have recently faced an unexpected expense, it can spark a serious debt problem in your own household. You may be one of many people in this state who had to have surgery this year or who had to pay for much needed car repairs.  

Perhaps income tax is your main concern. The good news is that there are often several types of debt relief options, such as bankruptcy, that can help overcome financial problems that have gotten out of hand. The not-so-good news is that not all tax debt is dischargeable. To avoid complications when filing for bankruptcy, it is always best to seek clarification of eligibility requirements as well as to learn more about which types of debts you are able to discharge and which you will still be liable for after bankruptcy.