Find a Bankruptcy Lawyer in Madison, Wisconsin
Bankruptcy in Madison, Wisconsin is a court proceeding which allows an individual or business who is drowning in debt to be discharged 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 discharged 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 Madison, 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 Madison bankruptcy attorney cannot be replaced.
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Types of Bankruptcy in Madison, Wisconsin
In Madison, Wisconsin, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a result of federal law, the procedures governing bankruptcy in Madison, Wisconsin will be similar everywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the funds to pay off debt. Numerous types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.
The other popular bankruptcy system in Madison is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a decent amount of time. When a repayment plan is authorized by a court, creditors are legally barred from trying to collect under the original terms of their arrangement with the debtor. Chapter 11 bankruptcy is generally used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - typically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.
During the Chapter 11 process, a business can typically continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.
How Can a Madison Bankruptcy Lawyer Help?
Filing for bankruptcy in Madison is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Madison bankruptcy attorney for assistance.
Bankruptcy Attorneys in the Largest WI Cities
Life in MadisonMadison, Wisconsin is the capital of the state of Wisconsin. It is also the county seat of Dane County. It has a population of over 235,000 people, making it the second-largest city in Wisconsin.
Madison is known for being a classic example of the "college town" - with a laid-back atmosphere, large numbers of restaurants and bars, and independent retailers, most of which cater to the student demographic. The presence of University of Wisconsin, Madison also means that the population of Madison, at least during the school year, tends to be fairly young, on average, giving the city a very vibrant and diverse feel.
The largest employers in Madison are the Wisconsin state government, as well as the university. These two sectors provide relatively stable employment, pay reasonably well, and tend to provide good benefits. Together, they make up a solid economic base for Madison.
In the last decade, Forbes Magazine has consistently ranked Madison as one of the best places to live in the United States. It is also ranked among the healthiest cities in the United States by various health magazines.
Thanks to its fairly vibrant economy, and unique culture, Madison, Wisconsin has a robust legal community. Madison, Wisconsin lawyers are diverse and well-educated, partially owing to the fact that UW Madison has a very well-regarded law school. A Madison, Wisconsin lawyer can probably help you with almost any legal issue you might face.