Consumer Bankruptcy Lawyers in Waukesha, Wisconsin

Find the right Consumer Bankruptcy attorney in Waukesha, WI

Bankruptcy allows an individual or business to get rid of some or all of its debt. Usually, 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 considerably 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 Waukesha, Wisconsin before filing.

Chapter 7 Bankruptcy in Waukesha, Wisconsin

In Waukesha, 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 typically 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 absolved. 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 Waukesha, Wisconsin is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Waukesha, Wisconsin

In Waukesha, Wisconsin, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

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

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

Of course, you should always seek the counsel of an accomplished local Waukesha, 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 specific situation.

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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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