Find a Bankruptcy Lawyer in Waukesha, Wisconsin

Find the right Bankruptcy attorney in Waukesha, WI

Bankruptcy in Waukesha, 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 a good idea to talk with an veteran bankruptcy lawyer in Waukesha, Wisconsin. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each distinct case, the counsel of a Waukesha bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Waukesha, Wisconsin

There are 3 bankruptcy tactics that are largely used in Waukesha: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Waukesha, Wisconsin are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are entirely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other popular bankruptcy system in Waukesha is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a decent amount of time. When a repayment plan is authorized by a court, creditors are legally barred from trying to collect under the original terms of their arrangement with the debtor. 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.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a Waukesha Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Waukesha is not one to be made easily, and it definitely should not be made without first obtaining the advice of an efficient Waukesha bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Waukesha

With a population of just under 65,000, Waukesha is a very popular Wisconsin city to live and work in. In fact, it was ranked 36th on the Top 100 places to live, and one of the 100 best communities for young people to live in as well. The city is located just eighteen miles from Milwaukee. With all that recognition, it is no wonder that there are so many great lawyers in Waukesha. Whether at the beginning or the end of their legal career, there is a Waukesha lawyer skilled in whatever legal issue you may be dealing with. In addition to lawyers and a great professional community, Waukesha is also home to many great colleges and universities, including: Carroll University, University of Wisconsin-Waukesha, and the New Tribes Bible Institute.

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