Find a Bankruptcy Lawyer in Green Bay, Wisconsin

Find the right Bankruptcy attorney in Green Bay, WI

Bankruptcy in Green Bay, Wisconsin is a court procedure which allows an individual or business who is drowning in debt to be absolved of their legal requirement to pay off some or all of their debt. Hopefully, this will allow both the debtor and creditors to move on with their lives. Of course, one should never view bankruptcy as a "get out of debt free" card, allowing someone to be absolved of their requirement to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing uncontrollable debt from resulting in complete financial ruin. Accordingly, it is best treated as an option of last resort, because it can carry with it significant negative consequences, which must be weighed against the possible benefits. For example, filing for bankruptcy can heavily damage a person's credit rating.

Therefore, it is advisable to consult with an experienced Green Bay, Wisconsin bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Green Bay bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Green Bay, Wisconsin

In Green Bay, Wisconsin, there are three basic bankruptcy schemes that are most often used. They are recognized as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Green Bay, Wisconsin will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the qualifying property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will normally be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other largely used bankruptcy system in Green Bay is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the contracts that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is normally a better option for people who have a steady income. Though Chapter 11 bankruptcy can be used by individuals, it is almost always used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be authorized by a vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operating, and its stock can continue to be traded.

How Can a Green Bay Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Green Bay easily. Before making any such decision, it would be highly advisable to contact an accomplished Green Bay bankruptcy attorney.

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Life in Green Bay

Green Bay, Wisconsin is the county seat for Brown County and has a population of over 104,000. The city is best known for being home to the NFL team, the Green Bay Packers. Green Bay is nicknamed "Titletown", which is a reference to the record number of championship titles won by the Packers.

The city of Green Bay is very fond of outdoor festivals and celebrations. In addition to Packer games at Lambeau field and other sports functions, popular events include Winterfest on Broadway, Artstreet, and Summer in the Park. Shopping is also very popular in Green Bay, Wisconsin. Bay Park Square features a football-themed food court with many eateries and two giant flatscreen TVs at each end of the court. Green Bay Plaza and East Town Mall also have a variety of retail stores and restaurants.

Historically, Green Bay's economy consisted mostly of trade and farming. Currently, the city boasts an active business and economic life comprised of many different trades and industries. Some major employers in Green Bay, Wisconsin include Humana, Schneider International, and American Foods Group. The Green Bay Packers are also a major employer for the city.

Lawyers in Green Bay, Wisconsin usually assist clients at the Green Bay City Municipal Court or at the Brown County Courthouse. Green Bay attorneys enhance their skills by attending continued legal education courses and by participating in local and state bar associations. They offer a variety of legal services and perform many different types of legal tasks.