Personal Debt


If you find yourself asking whether you should file for personal bankruptcy in Wisconsin, you also need to ask yourself the following questions:

  • Does the money I spend each month making loan payments, paying bills, and buying necessities like food and gas exceed the money I earn from all sources each month?
  • Do I have steady job with a steady paycheck?
  • What are my sources of income other than wages or a salary?
  • Do I have savings and investments I could tap into to get through a period of financial difficulties?
  • Can, or should, I sell valuable possessions to get rid of loans or raise funds to pay down debts?
And those are just a few of the questions you will need to answer upfront to know if filing a petition for a chapter 7 bankruptcy or chapter 13 bankruptcy protection is even a legal option.

Consulting with an experienced Wisconsin personal bankruptcy lawyer will help you review your current finances, project your financial future, and reach definitive answers to the listed questions and all the others you will need to clarify before preparing and submitting a bankruptcy petition to a federal court.

How Does Wisconsin Personal Bankruptcy Work?

Just formally asking for personal bankruptcy protection is a powerful tool for regaining control of your life, as it temporarily ends garnishments, lifts liens, and stops repossessions. It is not, however, available to everyone. Sitting down with a Columbus personal bankruptcy attorney to go over all your bank records, loan documents, tax returns, and pay stubs will help you understand if you are eligible for bankruptcy protection.

The in-depth review of your finances could reveal ways to spare you a bankruptcy filing all together. Meeting with a Columbus, Ohio-based personal bankruptcy lawyer as you begin the process will also help you prepare your petition to the federal court as fully and accurately as possible. Omitting or misstating information in the initial court filing can leave you unprotected from one, several, or all creditors.

You will also need to know which debts and financial obligations will remain even if you secure personal bankruptcy protection under Chapter 7 or Chapter 13. Some debts can only be renegotiated, meaning you can lower monthly payments and extend the deadline for paying in full, they cannot be forgiven. Other debts cannot be discharged through bankruptcy at all. Speaking with a lawyer in who has helped hundreds of other people in Ohio enter and go through bankruptcy will help you prepare to set and stick to a financial recovery plan.

Toma Makedonski personal bankruptcy attorney in Wisconsin can guide you through the personal bankruptcy process and represent you during negotiations and at court hearings. Your creditors will likely have their own legal representation, and you must appear at least once before a trustee and creditors who have filed official challenges to the claims you made in your petition.