What You Should Know About Chapter 7 Bankruptcy
Kenosha Consumer Bankruptcy Attorneys - Serving Southeastern Wisconsin
In a Chapter 7 bankruptcy — also known as a "liquidation" or "straight" bankruptcy — all debts are completely discharged. In return, the debtor is required to forfeit all property that is unsecured and not "exempt" from liquidation. Wisconsin law allows reasonably liberal exemptions under State and Federal law. We at Lakelaw Wisconsin will help you claim every exemption to which you are entitled so that you can keep as much property as possible. If all of the debtor's property is secured and exempt — and it frequently is — then all of the debt can be discharged without having to give up any property whatsoever.
Contact Lakelaw online or call 262.694.7300
However, in order to be eligible for Chapter 7 bankruptcy, you first have to pass what is called a "means test." The means test is a measure of your income and expenses. For example, if you are a single individual making $100,000 per year, you probably will not be eligible for Chapter 7 bankruptcy.
While most debts are dischargeable under Chapter 7 bankruptcy, many are not. A short list of these includes:
- Domestic support obligations (alimony or child support)
- Certain taxes
- Student loans (except in cases of extreme hardship)
- Debts incurred through fraud
- Debts incurred through intentional and malicious injury to another
While a Chapter 7 bankruptcy can discharge your mortgage debt, it cannot stop foreclosure proceedings at the same time. For that, you would need to file a Chapter 13 bankruptcy.
Attorneys to Guide You Through the Complex Bankruptcy Process
There are many eligibility requirements and exceptions faced when filing for bankruptcy. In order to find the best option for you it helps to have a lawyer who understands all of them. At Lakelaw, our two board-certified or board eligible bankruptcy attorneys have over 60 years of combined legal experience and have handled tens of thousands of cases. In addition, both Jim McNeilly and David Leibowitz have served as trustees in Chapter 7 bankruptcy court, since as early as 1987.
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If you are facing harassment from creditors and bill collectors who demand you to pay them money that you just do not have, do not wait any longer before taking action. Contact Lakelaw today. Contact us online or call 262.694.7300 to schedule a consultation. 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.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
