Take Second Mandatory Debt Education Course
You must take a second mandatory debt education course in Wisconsin before filing for discharge. Once you receive the certificate of completion, your attorney or you would add that into your filing to show proof of completion.
See the list of approved debtor education courses in Wisconsin. Once filed, you now just have to wait for discharge.
Attend The Meeting Of Creditors
The 341 meeting of creditors and the hearing where all debtors must attend in a bankruptcy proceeding. The meeting often occurs between 21 and 50 days after filing the petition. It generally takes 10 to 15 minutes. The meeting is a recorded conversation between the trustee, your bankruptcy attorney, and yourself about the paperwork you filed. The bankruptcy trustee will ask questions to ensure that you understand the bankruptcy process.
Do Creditors Show Up?
Understand Wisconsin Court Locations
Many 341 meetings of creditors have been over the phone or over Zoom due to the pandemic. That said, you may want to see where the courthouse is in Wisconsin if there are any meetings that need to take place in person. Below are the court locations for filing bankruptcy based on the bankruptcy district.
- United States Federal Building and Courthouse517 E. Wisconsin Ave. Rm. 362Milwaukee, WI 53202
- 125 S. Jefferson St., Rm. 102Green Bay, WI 54301-4541
- 120 N. Henry St., Rm. 320Madison, WI 53703
What Questions Should I Ask A Bankruptcy Lawyer
Not sure what to ask a bankruptcy lawyer? Here are a few sample questions to get you started:
- How long have you been in practice?
- How many bankruptcy cases have you handled?
- How much does a bankruptcy filing cost? How much of that cost is attorney fees vs. filing fees?
- Where is your office in Milwaukee located?
- What are the next steps?
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Chapter 13 Bankruptcy Milwaukee Wisconsin
Our Chapter 13 Bankruptcy Attorneys can stop foreclosure, stop auto repossession, and stop tax levies!
What is a Chapter 13 bankruptcy?
Chapter 13 Bankruptcy, also known as consolidation bankruptcy, allows you to place all of your debt into a simple repayment plan and repay your debt over the span of 3 to 5 years. Chapter 13 Bankruptcy consolidates debt into a manageable monthly payment to the Chapter 13 Bankruptcy Trustee.
In most cases, the debtor ends up paying only a small fraction of their unsecured debt back. Upon filing a Chapter 13 Repayment Plan, creditors may no longer collect from you. They must adhere to the terms of your repayment plan.
Who may file Chapter 13 bankruptcy?
Chapter 13 bankruptcy is limited to individuals and unincorporated businesses that have a regular source of income, and whose secured debts are less than $1,010,650 with unsecured debts of less than $336,900. The term regular source of income has been interpreted to mean income that is sufficiently definite and certain to enable the debtor to assign it to the trustee on a regular basis for payment by the trustee to creditors.
When should you consider filing for Chapter 13 Bankruptcy?
If you answer yes to one or more of the following questions, then you may want to consider filing for Wisconsin Chapter 13 Bankruptcy.
Chapter 13 Bankruptcy makes it possible to:
ELIMINATE UNSECURED DEBT
STOP TAX LEVIES/COLLECTIONS
Four Signs That You Need To Speak To A Bankruptcy Attorney
- Are you a debtor that owns significant amounts of personal property and real estate that you wish to keep?
- Do you have a complicated financial situation that will take proper care to handle correctly?
- Do you have pending lawsuits filed against you?
- Are you not entirely sure that you need to file for bankruptcy?
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Will I Lose My Assets If I File Bankruptcy
In some cases you can stand to lose assets when you file bankruptcy. That is why Sapinski Law Office, S.C. will review all of your assets with you before filing your case. If you accurately communicate what you have before you file, everything should be protected.
Almost all my clients who file bankruptcy keep 100 percent of their property. I am able to protect their property in a variety of ways. Through careful use of “exemptions” you can protect your assets.
Exemptions are values or dollar amounts which apply to homes, cars, personal property, retirement accounts, depository accounts, cash, and other types of property. The exemption declares an amount up to which that particular type of property is protected. Through careful and diligent use of these exemptions, Sapinski Law Office, S.C. routinely protects the property of bankruptcy clients.
While you can keep your exempt property, non-exempt property can be seized by a Chapter 7 bankruptcy trustee, liquidated, and used to pay your creditors. Many who find they have un-exempt assets can still keep them if they file Chapter 13. Each state has its own set of laws regarding the use of exemptions.
Under the Wisconsin exemptions, you may keep almost all your property, including:
Other assets that may be shielded from liquidation include pensions, security disability benefits, and personal injury awards. Some states allow you to use the federal exemptions. Wisconsin is one such state.
Chapter 13 Vs Debt Consolidation
Chapter 13 bankruptcy is a reorganization of debt. It immediately imposes an automatic stay to keep creditors from taking further action against you, giving you protection during the filing process. Unsecured debts will be discharged at the end of your plan, and it is usually necessary to repay a small percentage of these debts during your plan. How much of your debt you should expect to pay depends on the amount of disposable income you can dedicate towards a 3-5 year repayment plan.
Debt consolidation usually involves getting a low interest loan to pay off higher interest debts. Once you’re stuck making monthly payments to a debt consolidation program it takes many years to get in the clear again. To make matters worse, a lot of these debt relief services insist on automatic withdrawals from your bank account.
Meanwhile, your creditors are still charging you interest and collectors are still harassing you day and night. Learn more about the pros and cons of going with a debt relief company and other types of debt management.
Chapter 13 Bankruptcy Requirements
Filing for Chapter 13 bankruptcy puts money back in your pockets.
When trying to figure out how to file for Bankruptcy under Chapter 13, there are a few things our Milwaukee bankruptcy attorney wants you to know. While the majority of individuals and families do qualify for Chapter 13, those with a million dollars or more in secured debt or those with unsecured debts close to $400,000 may not qualify.
For those that qualify, our skilled team will assist you in gathering the necessary records and information. A list of all the documents and information needed can be found by clicking here. These items include:
- Monthly income
- Car titles
Your bankruptcy attorney will use this information to prepare all the necessary bankruptcy documents for filing. After your bankruptcy petition has been filed, a meeting of creditors will be scheduled at a location within reasonable distance from where you reside.
This bankruptcy meeting of creditors is a necessary step to receive approval your Chapter 13 payment plan. As with a Chapter 7 Bankruptcy, you will be required to take 2 financial management classes. These may be taken online or by telephone. With our Milwaukee bankruptcy attorney, this often stressful process is handled with utmost ease. As soon as your bankruptcy is filed, an automatic stay takes effect. This provision prevents creditors from contacting you or placing liens on your property.
How To File For Bankruptcy In Milwaukee
You must consult an experienced bankruptcy lawyer in order to understand how to file for Bankruptcy in Milwaukee. If you are considering bankruptcy and do not have any experience with this process, you should hire a lawyer who will assist you.
The process is complicated, especially since there is no set time frame when bankruptcy can be filed. Bankruptcy is often filed for a period of up to ten years. In Milwaukee, you must apply to the court at least six months before your filing date in order to be approved.
The most important step you will need to take is to gather all of the necessary documents before your bankruptcy is filed. These include any receipts or statements for all of your purchases, property appraisals, and any other financial information pertinent to your business.
When filing bankruptcy in Milwaukee, it is usually best to hire a professional bankruptcy attorney to help you with this process. Your attorney will advise you on how to prepare these documents and any necessary financial information.
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Can You File Bankruptcy In Milwaukee Wi For Free
If you dont earn less than 125% of the poverty level, but still dont make enough to pay your bills, you can file Chapter 7 bankruptcy in Milwaukee on your own. Also, if you dont own a home and have less than $10,000 in personal property. Upsolve may be able to help you, for free.
Milwaukee Bankruptcy Center is Attorney Peter J. Zwiefelhofer Zwiefelhofer is a mouthful, so his clients call him Pete and you can too. Pete will handle your case from start to finish. You will not be passed off to a junior associate or paralegal.
Rebuild Your Credit After Filing Bankruptcy
Unfortunately, Chapter 7 bankruptcy can negatively impact your credit and Chapter 13 can negatively impact your credit. That said, you have an opportunity to rebuild your credit shortly after bankruptcy. To assist, you can use our free credit rebuilding portal designed to help you increase your credit score by 100 points in less than 6 months.
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Choose Legal Help To File For Bankruptcy In Milwaukee Wi
Dealing with a divorce or bankruptcy is difficult without an attorney by your side. Make the work as easy and pain free as possible. A legal professional tells you all of the moves you must take. As a client, all you have to do is follow the steps and collect the documents. If you have multiple problems, choose a law firm that has different specialties. Look at the experience of each professional and ask plenty of questions beforehand.
If you have significant debt, consider filing for bankruptcy. The laws are made to give a new start to a debtor. However, you should not file for an inessential bankruptcy. Use a lawyer who will lay out your File for Bankruptcy Milwaukee WI options. Learn if you qualify for chapter 7 or chapter 13 bankruptcy. Chapter 7 removes your debt and reduces your financial liabilities. This filing does not remove unpaid taxes, loans and child support payments. If you cannot receive chapter 7, try to qualify for chapter 13, which allows you to secure your possessions and set up regular payments. You are not at risk of losing your home, vehicle or possessions. For either option, use File for Bankruptcy Milwaukee WI service providers.
Will I Be Required To Go To Court If I File Bankruptcy
You won’t have to appear in front of a judge, especially if the attorney does his or her job. You will, however, be required to attend a 341 meeting and meet with a bankruptcy trustee. These meetings are usually held at a courthouse near you.
If you hire Sapinski Law Office, S.C., my team will fully prepare you for this meeting and will make sure all the required documents are submitted. With this ground work, you will find the meeting to be quite painless.
Most of the time, the 341 meeting is a short and simple procedure. You will be asked, under oath, about your bankruptcy forms and financial situation. In most cases, creditors do not bother to even show up for the meeting!
On occasion, complications can arise or a creditor may choose to dispute a debt. In these situations you may need to appear before a judge at a hearing. If you need to go to court, you will receive a notice from the court and from your attorney.
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Do I Qualify To Apply For Chapter 7 Bankruptcy In Wisconsin
To generally qualify for Chapter 7 bankruptcy, you must be an individual, corporation, partnership or other business entity. Wisconsin employs a âmeans testâ to determine whether you qualify for Chapter 7 relief. This test compares your household income to the median household income in Wisconsin. If your income is less than the median income, you qualify for Chapter 7 relief. If your income is above the median income, you must determine your âactual expensesâ to determine if you qualify.
Do I Have To Pay In Full Prior To The Filing Of My Case
For chapter 7 cases, you must pay your attorney fees in full prior to the filing of your case. Under 7th Circuit case law, if you owe your attorney money when your case is filed, that debt to your attorney is wiped out by your bankruptcy filing. In addition, under the rules of the Supreme Court of Wisconsin, your attorney has an ethical responsibility to inform you that your unpaid balance has been wiped out by your bankruptcy filing.
You can pay the filing fee to the court after your case is filed. Typical terms are $113 within 30 days after filing, a 2nd $113 within 60 days after filing & a final $112 within 90 days after filing.
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Eliminate Unsecured Debt With The Help Of Our Milwaukee Bankruptcy Attorneys
Our believe Chapter 7 bankruptcy should be considered a “fresh start.” Often referred to as liquidation bankruptcy or straight bankruptcy, it relieves individuals of most debt and allows you to keep your assets as long as the value of those assets does not exceed a specific dollar amount. Our Milwaukee Chapter 7 bankruptcy lawyers will help you with creditor reaffirmation agreements that allow you to keep certain secured debt a vehicle or a house as long as you are current on those payments.
Chapter 7 Bankruptcy Can Wipe Out Most of the Following:
- State & Federal Taxes
- Other Unsecured Debt
Chapter 7 bankruptcy will usually not wipe out the following debt: , ex-spousal maintenance, family support, student loans, certain fines and forfeitures, or any debt incurred by fraud. Also, Chapter 7 bankruptcy will usually not allow you to wipe out your vehicle payment or mortgage payment if you intend to keep your car or home.
Why File For Bankruptcy
People wind up filing for bankruptcy for many reasons, often involving outside forces or unforeseen expenses: Medical debt and unexpected health care costs can quickly spiral out of control, credit card debt can accrue due to business expenses or needing to use a credit card during periods of unemployment and low cash flow, investments in the stock market, real estate or other financial vehicles might suffer due to a financial crisis, or a supply chain shutdown can cause debt to cascade in times of pandemic or due to oil price fluctuations. In any of these situations, a bankruptcy attorney can help you find the best course of action.
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If I File For Bankruptcy Will I Lose My Home
It is possible to lose your home after filing for bankruptcy however, it will largely depend on the chapter you file, your loan status, and the exemptions you choose. Those who file for Chapter 13 bankruptcy will not lose their home if they stay current on their payments.
In Chapter 7 bankruptcy, chances of losing your home are higher. Since the court-appointed trustee has control over your assets, he may decide to liquidate non-exempt homestead property to pay back creditors. If your home has no equity or a homestead exemption covers all the equity in your home, then the trustee will most likely not choose to sell your home.
It is recommended that you speak with a bankruptcy attorney who can evaluate your options, if you want to keep your home.
Collect Your Wisconsin Bankruptcy Documents
Whether you are using an attorney, going through Upsolve, or filing Chapter 7 in Wisconsin without any help, the first step towards achieving your goal of financial freedom is collecting the documents you will need to go through the rest of the process. Some of them, like your or your bank statements will provide you with information you need to complete the official court forms. Additionally, some of the documents, such as your federal income tax return and your paycheck stubs, also need to be submitted to either the court or the trustee administering your case. Since you will need 6 months of paycheck stubs to ensure you meet the requirements for filing a Chapter 7 bankruptcy in Wisconsin , start by collecting those. If you get paid by direct deposit, chances are your paycheck stubs are emailed to you and easy enough to retrieve from your email inbox. Otherwise, go to your payroll department to ask for a copy of the last 6 months of paycheck stubs. You don’t have to tell them that you are thinking about filing bankruptcy in Wisconsin. You are simply working on your financials and want to make sure you have a complete picture. Remember, there is nothing shameful about taking charge of your finances!
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Collect Your Milwaukee Bankruptcy Documents
The place to start preparing for a Chapter 7 bankruptcy in Milwaukee, is collecting the necessary Wisconsin bankruptcy documents youâll need to complete all of your bankruptcy forms. Most of these will be financial documents, that you may, or may not, keep in a shoebox or similar container. One example is pay stubs. You should locate your last 60 days of pay stubs. If you are missing any, you can usually request them from the payroll department where you work or download them directly from your direct deposit account. You will also need your last six months of bank statements. These can also usually be downloaded through online banking or obtained from your local branch. The next required document is your most recent tax return. This should be a tax return that you have already âfiledâ with the IRS. If you did your tax return online and can no longer access the portal you used, you can request a tax return transcript from the IRS. These three sets of documents will likely all have to be shared with your court-appointed Trustee. The other documents you will need to help you prepare your bankruptcy forms to include financial records like a W-2, 401k or pension statement, insurance records and ownership documents for your car or home. Finally, you will also need your bills or a currentto list all your debts in your Chapter 7 bankruptcy in Milwaukee.