We are Kenosha bankruptcy lawyers who specialize in getting people out of debt. Contrary to what you may have heard, you can build a better credit score after bankruptcy. You can get a loan. You can buy a home, and you can buy a car. Best of all, filing bankruptcy is affordable & convenient with virtual options for clients.
The Kenosha Wisconsin Debt Advisors office is conveniently located at intersection 11th and 56th streets, near the “Dinosaur Discovery Museum.” To get here take I-43 / I-94 / US-41. Look for exit 342 towards Kenosha and continue on towards 56th street.
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When you’re out of answers, bankruptcy may be your solution. Debt Advisors Law Offices Kenosha has helped thousands of families in Southeastern Wisconsin get out of debt for good. Many folks from Kenosha and South Kenosha prefer this location.
We also serve those who live or work in Racine, Pleasant Prairie, Somers, Zion, Beach Park, Twin Lakes, Union Grove, Burlington, Lake Geneva, Woodworth, Bristol, Salem, and Oak Creek Wisconsin. Because Kenosha is right on the Wisconsin-Illinois border, we sometimes see people from Gurnee Il, Russell Illinois, Zion Illinois and Waukegan Illinois.
Debt Advisors Kenosha is located in Kenosha county, but is also situated near Racine County, Rock County, and Walworth County Wisconsin. If our Kenosha location is right for you, great! If not, please know that we also have six other Wisconsin locations for your convenience.
Don’t let the bank repossess your car or foreclose on your home when filing bankruptcy may be an option to save them. Empower yourself with information about what bankruptcy can do to save your home, save your car, and resolve your debt problems. All you have to do is request your Debt Advisors consult with an attorney. It’s free for your first conversation. Our attorneys are ready to hear the details of your personal situation.
If bankruptcy is filed, an “automatic stay” could prevent the banks from taking your home and car, and stop creditors from calling. Don’t wait another day! You have nothing to lose by gaining more information about bankruptcy and how it may help you and your family escape the mountain of debt you are in.
Construction near Debt Advisors Law Offices Kenosha. https://projects.511wi.gov/region/southeast/
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BEGIN YOUR FINANCIAL RECOVERY TODAYKey Differences, Processes, and Benefits
Bankruptcy is a term that often evokes a sense of dread and uncertainty. Yet, when faced with insurmountable debts and relentless creditors, it can serve as a viable solution and a path to financial freedom. Understanding the intricacies of bankruptcy, particularly the differences between Chapter 7 and Chapter 13, is important for anyone contemplating this significant financial decision. Each chapter offers a distinct approach to debt relief, and the choice between the two can have long-lasting implications on one’s financial health and lifestyle.
Debt Advisors, specializes in guiding individuals through the process of bankruptcy. With years of experience and a team of dedicated Milwaukee bankruptcy lawyers, Debt Advisors offers a comprehensive suite of services designed to help clients make informed decisions. Whether it’s liquidating assets to discharge debts in a Chapter 7 bankruptcy or restructuring debts in a Chapter 13 repayment plan, the firm provides expert advice tailored to each client’s unique financial situation.
While Chapter 7 offers a relatively quick resolution, it may require the liquidation of non-exempt assets to pay off creditors. On the other hand, Chapter 13 allows individuals to keep their valuable assets but demands a long-term commitment to a repayment plan. Both options come with their own sets of eligibility criteria, benefits, and drawbacks, making it crucial to consult an expert for personalized guidance.
In the following sections, a detailed exploration of Chapter 7 and Chapter 13 bankruptcy will be provided, covering definitions, eligibility criteria, processes, benefits, and drawbacks. An FAQ section will address common concerns and questions, aiming to offer a comprehensive understanding of these complex financial tools. The objective is to equip Milwaukee residents with the knowledge they need to navigate their financial challenges effectively and to highlight Debt Advisors’ commitment to providing reliable, compassionate bankruptcy services.
Chapter 7 bankruptcy, often referred to as “liquidation bankruptcy,” provides individuals an
opportunity to eliminate most of their unsecured debts. These debts typically include credit
card balances, medical bills, and personal loans. Unlike other forms of bankruptcy, Chapter
7 allows for a relatively quick discharge of debts, offering a financial fresh start.
To qualify for Chapter 7, individuals must pass a means test. Conducted by a Milwaukee
bankruptcy lawyer from Debt Advisors, the means test evaluates an individual’s financial
situation by comparing income to the median income in Wisconsin. Expenses such as rent,
utilities, and healthcare are also considered. Failing the means test may disqualify an
individual from Chapter 7, but other bankruptcy options like Chapter 13 could still be
available.
Initial Consultation: The first step involves scheduling a meeting
with
a Milwaukee
bankruptcy lawyer at Debt Advisors. During this consultation, the attorney will
assess
the financial situation, discuss options, and determine if Chapter 7 is the most
suitable path.
Filing the Petition: After the initial consultation, necessary
documents are compiled
and submitted to the court to initiate the bankruptcy process. These documents
include
lists of assets, debts, income, and expenses.
Bankruptcy Trustee: Upon filing, a bankruptcy trustee is appointed
to
oversee the case.
The trustee’s role includes reviewing the documents, liquidating non-exempt assets,
and
distributing the proceeds to creditors.
341 Meeting of Creditors: Named after Section 341 of the Bankruptcy
Code, this meeting
allows creditors to question the debtor about their financial affairs and property.
While attendance is mandatory, creditors rarely appear, and the meeting is usually
brief.
Discharge of Debts: Approximately 60 to 90 days after the 341
meeting,
most unsecured
debts are discharged, meaning they are legally eliminated and no longer require
repayment.
Swift Relief from Unsecured Debts: One of the most
significant
advantages of
Chapter 7 is the quick elimination of unsecured debts, often within a few
months.
No Mandatory Repayment Plan: Unlike Chapter 13, Chapter 7
does
not require the
debtor to enter into a repayment plan. Once the debts are discharged, the
individual is no longer responsible for them.
Retention of Exempt Assets: Wisconsin law allows individuals
to
keep certain
assets, such as a primary residence or a modest car, even after filing for
Chapter 7.
Risk of Losing Non-Exempt Assets: Any asset not covered by
Wisconsin’s exemption
laws is at risk of being sold by the bankruptcy trustee to repay creditors.
Negative Impact on Credit Score: Filing for Chapter 7 will
significantly lower a
credit score and will remain on a credit report for up to 10 years. However,
many individuals find that they can start rebuilding their credit soon after
the
discharge.
Chapter 13 bankruptcy, often termed “reorganization bankruptcy,” serves as a legal framework
for individuals to restructure their debts while retaining valuable assets like a home or
car. Unlike Chapter 7, which liquidates assets to pay off debts, Chapter 13 allows
individuals to create a repayment plan to pay back a portion of their debts over a period of
3 to 5 years.
Qualifying for Chapter 13 involves meeting specific criteria. A steady source of income is
crucial, as the debtor must prove the ability to meet the repayment obligations under the
proposed plan. Additionally, there are debt limits for Chapter 13; as of 2022, unsecured
debts must be less than $419,275, and secured debts must be under $1,257,850. A Milwaukee
bankruptcy lawyer from Debt Advisors can help assess eligibility based on these and other
factors.
Initial Consultation: The journey begins with a comprehensive
consultation with a Milwaukee bankruptcy lawyer at Debt Advisors. During this
meeting,
the attorney will evaluate the financial situation, discuss the pros and cons of
Chapter
13, and help decide if it’s the right choice.
Repayment Plan: After the initial consultation, a 3-5 year repayment
plan is developed. This plan outlines how much will be paid to each creditor and in
what
time frame. The amount is usually based on disposable income, which is the income
remaining after essential expenses.
Filing the Petition and Plan: Once the repayment plan is ready, the
next step involves filing a petition along with the plan and other required
documents
with the bankruptcy court. This action officially initiates the Chapter 13 process.
Confirmation Hearing: After filing, a confirmation hearing is
scheduled. During this hearing, a judge reviews the repayment plan to ensure it
meets
legal requirements and is fair to creditors. If approved, the plan goes into effect.
Commencement of Payments: Following plan approval, payments must
begin
within 30 days, even if the court has not yet approved the plan. Payments are
usually
made to the bankruptcy trustee, who then distributes the funds to creditors.
Discharge: Upon successful completion of the repayment plan, the
remaining unsecured debts are discharged, effectively eliminating the obligation to
pay
them.
Opportunity to Catch Up on Mortgage or Car Payments:
Chapter 13 allows individuals to make up for missed mortgage or car payments
through the repayment plan, thus avoiding foreclosure or repossession.
Safeguarding of Non-Exempt Assets: One of the most appealing
aspects of Chapter 13 is the ability to keep valuable assets that might be
lost
in a Chapter 7 bankruptcy.
Financial Discipline: The structured nature of the repayment
plan helps instill financial discipline, as it requires regular monthly
payments
over an extended period.
Extended Commitment Period: One of the most significant
challenges of Chapter 13 is the length of the commitment. The repayment plan
lasts for 3 to 5 years, requiring a long-term financial obligation.
Steady Income Requirement: Chapter 13 demands a consistent
income to meet the repayment obligations. Loss of income during the
repayment
period could result in the failure of the plan, leading to case dismissal or
conversion to Chapter 7.
Our attorneys can assist with Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Repossession, Eviction, Foreclosure, Mortgage Modification, Wage Garnishment, Creditor Harassment, and Creditor and Debt Collector Lawsuits.
The Debt Advisors Kenosha is conveniently located at intersection 11th and 56th streets, near the Dinosaur Discovery Museum. Take I-43 / I-94 / US-41. Look for exit 342 towards Kenosha and continue on towards 56th street.
Debt Advisors has many excellent reviews from clients, with an overall 4.9/5 Google rating.
With a dedicated team and a deep understanding of local financial landscapes, the Kenosha office remains committed to serving residents in Kenosha and its surrounding areas.
If you live in the Kenosha area and are seeking solutions for your financial situation, contact Debt Advisors Kenosha. A free consultation with our team includes a case evaluation to determine if bankruptcy is the right choice for you. Let our team help you gain financial stability and move toward a brighter future.
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