Find a Bankruptcy Lawyer in Sheboygan, Wisconsin

Find the right Bankruptcy attorney in Sheboygan, WI

Bankruptcy in Sheboygan, Wisconsin is a court procedure which allows an individual or business who is drowning in debt to be absolved of their legal obligation 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 obligation to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing unmanageable 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 severely damage a person's credit rating.

Therefore, it is prudent to consult with an experienced Sheboygan, 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 Sheboygan bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Sheboygan, Wisconsin

In Sheboygan, Wisconsin, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Sheboygan, Wisconsin will be about the same as anywhere else in America. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is fulfilled, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other recognized bankruptcy scheme used by consumers in Sheboygan is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the contracts that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Chapter 11 bankruptcy is usually 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 - basically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.

One main advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Additionally, their stock can still be bought and sold.

How Can a Sheboygan Bankruptcy Lawyer Help?

Filing for bankruptcy in Sheboygan is a very important decision, and should not be made lightly. Before filing, one should consult with a good Sheboygan bankruptcy attorney for help.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Sheboygan

Sheboygan is located in Sheboygan County, Wisconsin. Per the 2010 census, the population is 49,288 people.

Popular sites include Above Beyond Children's Museum, Blue Harbor Resort, Bookworm Gardens, John Michael Kohler Arts Center, Sheboygan Municipal Auditorium and Armory, and Whistling Straits.

The city is also home to many small law offices that cater to the legal needs of local residents and businesses.

Popular residents include Ray Buivid, John Dittrich, Joe Hauser, Wesley Lau, George Sauer, Carl Schuette, and E.E. Smith.

Overall, the city is a wonderful place to visit and live!

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