Consumer Bankruptcy Lawyers in Janesville, Wisconsin

Find the right Consumer Bankruptcy attorney in Janesville, WI

Bankruptcy allows an individual or business to get rid of some or all of its debt. Typically, 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 substantially 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 Janesville, Wisconsin before filing.

Chapter 7 Bankruptcy in Janesville, Wisconsin

There are 2 common forms of consumer bankruptcies in Janesville, Wisconsin: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is absolved. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, basic personal items, and retirement accounts.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is cleared. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Janesville, Wisconsin is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Janesville, Wisconsin

In Janesville, Wisconsin, Chapter 13 is very different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your individual situation. Chapter 13 bankruptcy does not excuse debt, it restructures it. This involves a court coming up with an altered repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original contracts that created the debt in the first place. This creates a new payment structure, normally involving a single monthly payment, that the debtor should find manageable.

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

The answer to this question depends strongly on your particular situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an accomplished local Janesville, Wisconsin bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.

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Life in Janesville

With a population of 61,310 Janesville, Wisconsin has it all. Janesville is located in South Central Wisconsin and was founded in 1835. Since its founding, the charming city has done nothing but grow and prosper. Janesville was named after an early settler to the town -- Henry James.

Janesville was the site of the first Wisconsin State Fair in 1851, an event that over 10,000 people attended. It is no wonder then that so many people enjoy visiting and living in Janesville. Janesville is also home to lots of historical homes, in fact 20% of the nationally registered historic homes in Wisconsin are in Janesville. Aptly named "City of Parks," Janesville has an extensive park system that includes nature trails, boat lakes, and 53 parks in total.

Janesville is also home to some interesting legal history. Janesville lawyers are some of the best in the business and Janesville is also home to Wisconsin's first female lawyer --Lavinia Goddell in 1874. In addition to lawyers, there are lots of other great business and industry which make the city a great place to start a career.

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