Consumer Bankruptcy Lawyers in Franklin, Wisconsin

Find the right Consumer Bankruptcy attorney in Franklin, WI

Bankruptcy allows an individual or business to get rid of some or all of its debt. Generally, bankruptcy should only be considered when the debt is completely unmanageable, impossible to pay off, and there are no other options. However, in some cases, the benefits of bankruptcy can significantly outweigh the costs. Bankruptcy is controlled by federal law, and proceeds in federal courts. So, the process for filing for bankruptcy in Wisconsin will be very similar to the process everywhere else in the U.S. However, individual bankruptcy courts have different rules for exemptions, so it might be a good idea to consult with a local lawyer in Franklin, Wisconsin before filing.

Chapter 7 Bankruptcy in Franklin, Wisconsin

There are 2 main forms of consumer bankruptcies in Franklin, Wisconsin: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 liquidates part of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many forms of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and essential personal items, like clothing. These assets are not available to creditors.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some forms of debt, however, can't be discharged in Chapter 7 Bankruptcy in Franklin, Wisconsin. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Franklin, Wisconsin

Chapter 13 bankruptcy in Franklin, Wisconsin is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 Bankruptcy involves a court setting up a revised payment plan, which allows the debtor to pay off most or all of his debts over a longer period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Franklin, Wisconsin

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your individual situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

Whatever your situation, you should speak with a local Franklin, Wisconsin bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely consequences, which will help you make a more educated decision.

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Life in Franklin

Franklin is a city in Milwaukee County, Wisconsin. It has a population of about 32,000 people. Franklin is frequently ranked among the top 100 places in the U.S. to live by Money Magazine. Franklin is also highly ranked by some specialty publications, in certain niche categories. For example, FDi Magazine (a publication for the Foreign Direct Investment industry) has also ranked Franklin quite highly in terms of human resources and infrastructure. Milwaukee County contains many prized natural features, many of which are located in Franklin, Wisconsin. Among them are unspoiled wetlands, old-growth forests, prairies, river habitats, and many others. Because of its natural beauty, it should be no surprise that Franklin has many parks and outdoor recreation areas. Paradoxically, Franklin is also home to a superfund site, thanks to a (now defunct) landfill company that illegally allowed the dumping of toxic waste on its land. If you are looking for an attorney, and live in Franklin, Wisconsin, chances are you'll be able to find one. Franklin, Wisconsin lawyers are well-educated, and highly skilled. If you have any legal problem whatsoever, you should consider retaining a Franklin, Wisconsin lawyer.

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