Find Out What Chapter 7 Bankruptcy Can Do
Many people wonder when might be the right time to pursue bankruptcy. If you are here, you are already taking the right step to get 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.
Talking to a bankruptcy attorney will help you understand your options better and you can decide if bankruptcy makes sense for you. At Miller & Miller Law, LLC, in Milwaukee, Wisconsin, we are Chapter 7 bankruptcy lawyers who help people get out of financial trouble. We have 25 years of experience helping people resolve financial difficulties and get back on solid ground 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. The means test caps the income that individual filers may have to file Chapter 7 bankruptcy. Individuals who make too much to file Chapter 7 bankruptcy may pursue Chapter 13 bankruptcy.
In addition, to monetary caps, individuals pursuing bankruptcy must complete the following courses:
- Credit counseling: We refer people to approved nonprofit credit counselors. This must take place before filing for bankruptcy.
- Financial education: This provides people with information about how to manage their financial affairs; the final discharge of debts cannot take place until this step is completed.
Finally, there are restrictions on how often you can file for bankruptcy. Individuals who have previously filed Chapter 7 bankruptcy must now wait eight years before they are eligible to file another Chapter 7 bankruptcy. Filing under Chapter 13 may not be done 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 as well. A person with a mortgage or a car note may have the option of keeping the collateral and keeping the debt. The person filing bankruptcy under Chapter 7 may also choose to surrender the collateral and seek a discharge of the debt.
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.