Filing Chapter 7 Bankruptcy

How to File Chapter 7 Bankruptcy in Wisconsin?

Speaking with a Wisconsin Chapter 7 bankruptcy lawyer will help you understand whether this is an option for you and what you can expect if you go all the way through the process. The first step involves you, as the debtor, filing a petition with a federal bankruptcy court. The Federal district courts depending on your district handles bankruptcy. Wisconsin bankruptcy lawyer Toma Makedonski practices bankruptcy in the Western and Eastern district of Wisconsin respectively. This included Milwaukee, Green Bay, Madison, Racine, Kenosha and Appleton Wisconsin.

What to do After Filling Chapter 7 Bankruptcy?

After your Chapter 7 petition is filed, we will submit a complete list of all your debts, sources of income, financial assets, and property to the court. Working with a Wisconsin Chapter 7 bankruptcy attorney can help you meet the court’s requirements without unintentionally omitting or misrepresenting information. Getting the details exactly right the first time is important because amending a bankruptcy filing can be impossible.

The court schedules hearings for all bankruptcies, giving the people and companies you owe opportunities to challenge your right to have the debts discharged. Going into the hearing with an experienced Wisconsin Chapter 7 bankruptcy lawyer will protect you from unfair and incorrect claims from creditors.

A bankruptcy case takes about 4 months to complete in Wisconsin. Courts use mathematical formulas to determine whether individual debts can be repaid and which debts take precedence over others. A dedicated Chapter 7 attorney in Wisconsin, can offer advice and support throughout your case, especially if creditors try to resume collection efforts.

Dischargeable Debt

What is the Difference Between Discharged Debt and Debt That is Not Discharged?

Debts discharged via Chapter 7 bankruptcy in Wisconsin are no longer your financial responsibility. You do not need to pay them, and creditors cannot try to collect them. Be aware, however, that you must comply with all the conditions and orders the judge issues. Violating the terms of a Wisconsin Chapter 7 bankruptcy can reinstate formerly discharged debts and bring other penalties. Consulting with your Wisconsin Chapter 7 bankruptcy attorney when making financial decisions following a bankruptcy can ensure compliance.

Certain debts cannot be discharged under Chapter 7. These include the following:

  • Some unpaid federal taxes and penalties
  • Some types of student loans
  • Past-due and ongoing child support
  • Past-due and ongoing alimony
  • Debts obtained under false pretenses.
  • Debts not disclosed to the bankruptcy court.
  • Criminal fines
  • Personal injury or wrongful death judgments following crashes caused by driving under the influence.

How Will Filing a Wisconsin Chapter 7 Bankruptcy Affect Your Credit Rating?

A Wisconsin Chapter 7 bankruptcy can remain on your credit report for as long as 10 years. You will still be able to apply for credit as well as get approved to buy a vehicle after filing your case. A knowledgeable Wisconsin affordable bankruptcy lawyer  at The Law Office of Toma Makedonski, will be able to walk you through the proper steps to rebuild your credit.