Consumer Bankruptcy Lawyers in Superior, Wisconsin

Find the right Consumer Bankruptcy attorney in Superior, WI

Bankruptcy allows an individual or business to get rid of some or all of its debt. Typically, 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 substantially outweigh the costs. Bankruptcy is controlled by federal law, and proceeds in federal courts. So, the process for filing for bankruptcy in Wisconsin will be very similar to the process everywhere 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 lawyer in Superior, Wisconsin before filing.

Chapter 7 Bankruptcy in Superior, Wisconsin

In Superior, Wisconsin, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This normally includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is cleared. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Superior, Wisconsin is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Superior, Wisconsin

Chapter 13 Bankruptcy in Superior, Wisconsin differs substantially from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Superior, Wisconsin

The answer to this question depends strongly on your particular situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an accomplished local Superior, Wisconsin bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.

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Life in Superior

Superior is the county seat for Douglas County, Washington. It has a population of about 27,000 and was founded as early as 1854. The city is known for its location at the west end of Lake Superior. It is also bordered by St. Louis Bay, Superior Bay, and two rivers.

As you can probably tell, water activities dominate the economy and culture of the city of Superior. One of the most popular tourist destinations is Barker's Island, which is the focal point of the city's recreation activities. The area includes a marina, a boat landing, swimming areas, and beaches. For many decades Superior has been the destination for boating and sailing vessels across the nation.

Superior also is known for its monuments and museums. The city has done well to preserve historic sea vessels such as the S.S. Meteor, built back in 1896. Further learning about American history can be had at the Fairlawn Museum.

Lawyers in Superior generally file legal claims at the Douglas County Circuit Court. In the city of Superior, some lawyers also participate in the local festivities, such as the annual Dragon Boat Festival.

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