Consumer Bankruptcy Lawyers in Stevens Point, Wisconsin

Find the right Consumer Bankruptcy attorney in Stevens Point, WI

Bankruptcy allows an individual or business to get rid of some or all of its debt. Generally, 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 significantly outweigh the costs. Bankruptcy is governed by federal law, and proceeds in federal courts. So, the procedure for filing for bankruptcy in Wisconsin will be very similar to the procedure anywhere 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 attorney in Stevens Point, Wisconsin before filing.

Chapter 7 Bankruptcy in Stevens Point, Wisconsin

There are 2 main types of consumer bankruptcies in Stevens Point, Wisconsin: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once the non-exempt property is sold, the rest of the dischargeable debt is absolved. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Stevens Point, Wisconsin is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Stevens Point, Wisconsin

Chapter 13 Bankruptcy in Stevens Point, Wisconsin differs significantly from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Stevens Point, Wisconsin

Which Bankruptcy type to file under depends heavily on the facts of each individual case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, you should talk with a local Stevens Point, Wisconsin bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Stevens Point

Stevens Point is the largest city in the county of Portage County, Wisconsin. As the county seat, it has a population of about 25,000 and was incorporated in 1858. The city was named after its founder, George Stevens. Stevens was a supply trade businessman whose store served the numerous loggers in the area.

Geographically, Stevens Point is located in the center of Wisconsin. This makes it an ideal city for both business and residential endeavors. Several large corporations have their headquarters in the city, including the Donaldson Company, Associated Bank, and AIG Travel Guard. Also, the University of Wisconsin- Stevens Point, and Mid-State Technical College are located in the city.

Residents of Stevens Point typically enjoy a wide mix of activities, with a multitude of city services being offered in sports and the arts. Retail and entertainment also form a large part of the city's economy. Festivities include the Portage County Cultural Festival and a Fourth of July Riverfront Rendezvous. A little bit of trivia: the world's largest trivia contest is held every April in Stevens Point, and lasts over 50 hours straight.

Lawyers in Stevens Point, Wisconsin usually file their claims with one of the Wisconsin Municipal Courts, or at the Portage County Circuit Court. Regardless of the type of legal issues, Stevens Point lawyers offer services to address your specific concerns.

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