Find a Bankruptcy Lawyer in Neenah, Wisconsin

Find the right Bankruptcy attorney in Neenah, WI

Bankruptcy in Neenah, 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 Neenah, 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 Neenah bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Neenah, Wisconsin

In Neenah, 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 Neenah, 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 appropriate 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 typically 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 form of bankruptcy most frequently used in Neenah is Chapter 13. It allows a person to pay off their debt over an extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Chapter 11 bankruptcy is almost always used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, fix their operations, and pay down their debts. The plan has to be approved by a majority 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 Neenah Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Neenah is an influential decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Neenah bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Neenah

Comprising a total of 8.6 square miles, Neenah, Wisconsin is located on beautiful Lake Winnebago. The approximately 25,000 lucky residents of the lakeside city enjoy all the perks of its picturesque location. Neenah was named for the Winnebago tribe's word for running water. Neenah was first founded in the 1800's, and originally designated as an agricultural and industrial mission to the local Menominee Indians. Neenah is home to many of the nation's major steel and paper companies. Additionally, it also houses Neenah Foundry-- a famous manhole cover producer. On the artistic side, Neenah's Bergstrom-Mahler Museum houses over 3,000 pieces of world-renowned glass art, mainly comprised of paperweights and Germanic glasswork. Not surprisingly, the museum is one of the most popular places to visit in the city. Neenah is politically independent from the town of Neenah, although its location would cause a casual oberver to reason otherwise! One thing Neenah is not lack is quality lawyers. Neenah lawyers are at the top of their game and available to represent their local clients in any legal issue he or she may find themselves dealing with. Neenah is a great city to work and visit.

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