bankruptcy lawyer

Filing Bankruptcy in Wisconsin

Like many Americans, Wisconsin residents have not been immune to the financial challenges sweeping the nation. Setbacks such as job layoffs and wage reduction can easily put you behind in your payments, causing your debt to slowly accumulate. Bankruptcy may eliminate your debts, stop foreclosure, and end creditor harassment.

The two main types of bankruptcy available to consumers are Chapter 7 and Chapter 13. While chapter 7 bankruptcy involves the sale and distribution of a debtor’s assets by a court-appointed trustee, chapter 13 bankruptcy requires the debtor to repay his or her debt through a court-approved repayment plan while allowing the debtor to retain some or all of his or her property. Identifying the bankruptcy chapter that best fits your needs depends on your current income and other financial factors.

The property you are allowed to keep in your bankruptcy case depends on state or federal bankruptcy exemptions. These laws make it possible for the debtor to protect certain assets from the claims of creditors. Many states have enacted their own state bankruptcy exemptions to be used in the place of federal exemptions. Others, such as the state of Wisconsin, give debtors the opportunity to choose between the exemptions available under federal law or those permitted under their state law. A bankruptcy lawyer will be able to help you identify which set of exemptions are ideal for your situation.