Introduction & Chapter 7 bankruptcy
INTRODUCTION
AFFORDABLE Milwaukee Wisconsin CHAPTER 7 BANKRUPTCY ATTORNEYS
Filing for Chapter 7 bankruptcy in Wisconsin, can save you or your personally owned business from financial ruin and worse. Going through the process requires working with federal courts and understanding the potential benefits and risks.
As a Wisconsin Chapter 7 bankruptcy lawyer, the legal team at the Law Office of Toma Makedonski welcomes opportunities to help clients resolve crushing debt problems and position themselves for future success. We start here by answering some of the most basic questions. If you see bankruptcy as a viable option or just have more-specific questions, please contact us to schedule a free consultation.
Chapter 7 Bankruptcy
Wisconsin Chapter 7 Bankruptcy?
Filing Chapter 7 bankruptcy in Wisconsin is part of federal bankruptcy law. Having a petition for a Wisconsin Chapter 7 bankruptcy approved will let you discharge many financial obligations, which, translated into plain English, means you will be cleared of paying those debts.
The principal benefit of seeking bankruptcy protection under Chapter 7 is that it allows the debtor to keep most of his or her personal property. Also, debt collectors and all other creditors must stop demanding payments during the period that the court reviews the bankruptcy petition. This is true even when judgments have been filed against the person seeking bankruptcy protection.
How Does Wisconsin Chapter 7 Bankruptcy Work?
Only certain people with major debt burdens and little or no income are eligible to file for Chapter 7 bankruptcy in Wisconsin. Chapter 13 bankruptcy may be available to individuals who have greater financial resources.