Filing for Personal Bankruptcy
Lakelaw - Lawyers Serving Southeastern Wisconsin
Do creditors keep calling you? Do bill collectors harass you?
Are you struggling with debt that you do not think you will ever be able to pay?
If so, it may be time to consider filing for personal bankruptcy. The two AV® Peer Review Rated* attorneys at Lakelaw have over 60 years of combined legal experience and they have handled tens of thousands of bankruptcy cases. Our attorneys are ready for even the most complex of matters. Contact us online or call 262.694.7300 to schedule an initial consultation.
What Is Personal Bankruptcy?
At Lakelaw, we have helped clients discharge credit card debt and debt for car loans, and we have even stopped foreclosure proceedings for clients who have fallen behind on mortgage payments.
Personal bankruptcy is a legal procedure in which the federal government forces creditors to discharge, or "forgive", the debts of overwhelmed debtors. There are two varieties of personal bankruptcy: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, all debts are discharged, but the debtor's Chapter 7 trustee has the right to sell off any "nonexempt" and unsecured assets in order to pay back part of the debt. Fortunately, Wisconsin provides for liberal exemptions under both Federal and State law. Most of our clients end up keeping all of their personal property in Chapter 7 bankruptcy cases. Chapter 13 bankruptcy allows debtors to keep their assets, but they are expected to pay a portion of their income over the next three to five years.
Not All Debts Are Eligible for Relief
Most debts are discharged through personal bankruptcy. Certain debts, such as domestic support obligations, alimony, child support, certain taxes, debts arising from fraud or intentional and malicious harm to others, among others, are not subject to debt relief. Student loans are not subject to debt relief unless they pose a "substantial hardship." This is difficult to prove.
Bankruptcy, Predatory Lending and Mortgage Rescue Fraud
Lakelaw’s attorneys are on the cutting edge of using consumer protection laws to fight back against predatory lending and mortgage rescue fraud. In light of the ongoing subprime mortgage crisis — and the threat it poses to our clients and the national economy — our attorneys have been teaching lawyers in the Midwest and throughout the nation how to renegotiate the terms of unfair mortgages. Do not fall for scam-artists who ask you to deed our house to them so that you can get it back some day when your credit is better. They are trying to steal your equity. We can help you save it!
At Lakelaw, we treat each client with the care, kindness, courtesy, respect, professionalism and dedication that they deserve. We treat each case and each client as unique. To learn more, visit our Getting Ready for Bankruptcy page or contact our offices. We can be reached online or by calling 262.694.7300. You may also contact us toll-free at (866) LAKELAW (525.3529). At Lakelaw, in Kenosha, you do not need to go to Milwaukee to get “big city” service and knowledge.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
*CV, BV and AV are registered certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies.
Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell Ratings fall into two categories — legal ability and general ethical standards.
