Last updated 16 days ago
Under the United States Bankruptcy Code, there are two bankruptcy options for individuals: Chapter 7 and Chapter 13. Both the local rules of each bankruptcy court and the Federal Rules of Bankruptcy Procedure dictate the process under which individual bankruptcy petitions are filed. Whether you are filing a Chapter 7 or Chapter 13, there are some basic steps you will need to go through.
Meeting with an Attorney
One of the first decisions you will need to make is what Chapter you should file under. While a Chapter 7 allows you to discharge (forgive) your bad debt, a Chapter 13 bankruptcy establishes a repayment plan through which you slowly re-pay your obligations over time. Your income, types of debt, and assets will all determine what Chapter is best for you and what Chapter you are eligible for. An experienced bankruptcy attorney can help you determine the best course of action for you and your family.
Undergoing Credit Counseling
When you file your bankruptcy, you will need to undergo special courses with an agency approved by the Office of the United States Trustee. The first course (a pre-bankruptcy CREDIT COUNSELING course) must be taken before you file bankruptcy. Your case is subject to immediate dismissal if you fail to file a certificate that certifies completion of the class before your bankruptcy filing. A second course (a FINANCIAL MANAGEMENT course) is required after you file bankruptcy. If you do not take this second course, the Bankruptcy Court won’t give you a bankruptcy discharge.
Filing the Necessary Documents
When you file bankruptcy, you will need to prepare and file complicated forms and schedules that provide the Court detailed information regarding your monthly budget, financial history, current assets, and debts.
In addition, when you file Chapter 13 bankruptcy, you will need to present a detailed repayment plan that addresses how your different creditors will be paid. Even though there is no official federal form for this plan, many of the various bankruptcy courts have a specific version they always require. Your lawyer will know what forms are required and how to prepare them.
To speak with an experienced Milwaukee bankruptcy attorney, contact Sapinski Law Office S.C. at (877) 939-1739. For a meeting in the Appleton area, call (920) 358-0333. There are a variety of ways to relieve debt obligations, and we provide counseling on both bankruptcy and non-bankruptcy options. We can help end harassing phone calls from creditors, wage garnishments, the threat of car repossession and home foreclosure.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
Last updated 1 month ago
If you are overwhelmed by your current financial situation, you have many bankruptcy and non-bankruptcy options for debt relief and elimination. Sapinski Law Office, S.C. is committed to finding a way out of financial hardship for each and every one of our clients. Click on the links below to learn more about how a bankruptcy lawyer can help you work through the debt relief process:
-
To determine if you are eligible to discharge your tax debt by declaring bankruptcy, contact your bankruptcy lawyer and familiarize yourself with these IRS regulations for assessment during bankruptcy proceedings.
-
To find out more about how you can declare bankruptcy for tax debt, read this article by The Wall Street Journal.
-
If you need a private trustee for a Chapter 7 or Chapter 13 bankruptcy declaration, use this private trustee locator from the U.S. Department of Justice.
-
Has your debt collector gone too far? Know your rights and protect yourself against unfair debt collection practices with this fact sheet from the Privacy Rights Clearinghouse.
-
To learn even more about the Fair Debt Collection Practices Act, read the full text at the Bureau of Consumer Protection.
-
Check out these answers to frequently asked questions about bankruptcy from Wisconsin’s Public Interest Law Network.
-
Read this article from the Wisconsin Law Journal to learn more about declaring Chapter 13 for your outstanding student loan debt.
-
If you and your spouse have been struggling with credit card and housing debt, you are not alone. Read this couple’s story from The New York Times.
-
Find out if you pass the means test to qualify for Chapter 7 bankruptcy in Wisconsin by using this helpful means test calculator.
If you live in Milwaukee or the Fox Cities area, contact bankruptcy lawyer Andrew Sapinski. With over 13 years of experience providing non-bankruptcy and bankruptcy debt relief options, Sapinski Law Office, S.C. is proud to offer our clients a dedicated, compassionate bankruptcy experience. Call (877) 939-1739 today to reach our Milwaukee area office or call (920) 358-0333 for our Appleton location.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
Last updated 1 month ago
Are you considering filing for bankruptcy but need an attorney to guide you through your options? Watch this video to learn about Chapter 13 bankruptcy, also known as a wage earner plan.
Chapter 13 bankruptcy is designed for people who have a steady income and are able to pay back some or all of their debt to over a period of 3-5 years. One advantage of Chapter 13 is that debtors aren’t required to liquidate their non-exempt assets to pay their creditors.
If you live in Milwaukee or the Fox Cities area and want to learn more about Chapter 13, call Sapinski Law Office. Andrew Sapinski has helped thousands of Wisconsin residents find solutions to their debt problems through bankruptcy and debt negotiation. To schedule a bankruptcy consultation in Milwaukee, call (877) 939-1739. For our Appleton location, call (920) 358-0333.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
Last updated 1 month ago
Did you know that even married couples are eligible to file for bankruptcy in Wisconsin as individuals? When one spouse has incurred a substantial amount of debt in his or her name, he or she is legally allowed to file for bankruptcy without the other. However, not filing with your spouse may cause problems. Here are a few things for married couples who are thinking about declaring bankruptcy to consider:
Property Affected
Financial troubles can be hard on any marriage. Wisconsin is a community property state and the debts one spouse incurs during marriage become the responsibility of the non-incurring spouse. If debts were incurred before marriage or, in some cases, if the debts are only in one spouse’s name you may be tempted to not file bankruptcy together. However, you may find your marital property, like your family home or vehicle, is not fully protected when you file without your spouse. This is because you lose exemptions when you file on your own. For example, if you file bankruptcy in Wisconsin by yourself, you can only exempt $75,000 of equity in your family home. If you file with your spouse, your exemption can double to $150,000.
Make sure you first review your specific case with a bankruptcy lawyer who can help you determine exactly which assets may be subject to liquidation.
Type of Bankruptcy Declared
Even if you are filing for bankruptcy alone, the court will likely consider total household income—including your spouse’s salary and other income sources—in order to determine if you are eligible to file for Chapter 7. If the household income is more than the qualifying median income required for filing Chapter 7, your best legal option may be to file under Chapter 13. When your current monthly income is calculated in Chapter 13 to determine disposable income (and how much you must pay creditors through your Chapter 13 debt re-payment plan), your spouse’s monthly income and expenses will also need to be factored-in.
Loss of exemptions
If you don’t file bankruptcy with your spouse, you may not be able to declare as many exemptions. This may place your property at risk of being seized and liquidated by a Chapter 7 Bankruptcy Trustee. For example, if you file bankruptcy as an individual, you can only exempt $75,000 of equity in your home. If you file with your spouse, your exemption can double to $150,000.
Only a bankruptcy lawyer can determine what kind of bankruptcy is right for you, file all documents properly, and ask the right legal questions of the court. Sapinski Law Office has been providing bankruptcy services in Appleton and Milwaukee for over a decade. Call (877) 939-1739 for a free consultation with bankruptcy attorney in Milwaukee or call (920) 358-0333 to reach our Appleton location.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
Last updated 1 month ago
Are you considering filing for bankruptcy but you aren’t sure whether your debt makes you a good candidate? In this video, a certified financial planner explains what consumers need to know about unsecured debt.
Unsecured debt refers to money that you’ve borrowed wherein there is no collateral if you fail to make a payment. Common examples of unsecured debt include credit card payments and student loans.
No matter what kind of debt problem you are facing, there is hope. Sapinski Law Office, S.C. of Milwaukee is staffed by skilled and caring professionals who can help you get back on track financially. Schedule a free consultation with an experienced bankruptcy lawyer in Milwaukee at (877) 939-1739 or call (920) 358-0333 to reach our Appleton office.
Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
