Find a Bankruptcy Lawyer in Menomonee Falls, Wisconsin

Find the right Bankruptcy attorney in Menomonee Falls, WI

Bankruptcy in Menomonee Falls, Wisconsin is a court process which allows an individual or business who is drowning in debt to be relieved 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 relieved 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 Menomonee Falls, 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 Menomonee Falls bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Menomonee Falls, Wisconsin

In Menomonee Falls, 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 Menomonee Falls, Wisconsin will be similar everywhere else in the U.S. 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 eligible 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 usually 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.

Under Chapter 13 bankruptcy in Menomonee Falls, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. 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.

During the Chapter 11 process, a business can usually continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Menomonee Falls Bankruptcy Lawyer Help?

Filing for bankruptcy in Menomonee Falls is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Menomonee Falls bankruptcy attorney for advice.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Menomonee Falls

Menomonee Falls, Wisconsin is a village in Waukesha County. It is located in the Milwaukee metro area, and is generally considered a suburb of Milwaukee. It has a population of about 32,000 people, which makes it the most populous village in Wisconsin.

Menomonee Falls is known for marrying small-town charm with the all the convenience of a thriving modern community. And because it is relatively close to the largest city in Wisconsin, residents can easily partake of the many activities and attractions that only a big city can offer, while still living in a quiet, tight-knit community.

Menomonee Falls is the native home, or current residence, of several famous people, including an U.S. Congressman, the drummer of the band Fall Out Boy, and several major league baseball players, professional football players, and professional golfers.

Menomonee Falls, Wisconsin attracts visitors with its beautiful scenery, small town charm, and unique shopping and dining options offered by its many local businesses.

There are plenty of Menomonee Falls, Wisconsin attorneys who can probably handle whatever type of legal case you may have. If you or a loved one has any legal problem, a Menomonee Falls, Wisconsin lawyer is the person to call.

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