Don’t get trapped by years and years of making minimum payments.  Don’t get scammed by a debt relief agency that makes empty promises. Ensure that you obtain different points of view from legitimate sources.  One way to check your source is to make sure they are a highly rated member of the Wisconsin Better Business Bureau.  Reputable and experienced bankruptcy attorneys can provide both bankruptcy and non-bankruptcy options to get your finances back on track. In addition, most bankruptcy law firms offer a free initial consultation.  Understanding the meaning behind some common bankruptcy terms would be excellent preparation for your first meeting with an attorney.

Debtor:  The person or entity seeking protection from creditors under the bankruptcy laws.

Creditor – a person to whom or business to which the debtor owes money or that claims to be owed money by the debtor.

Chapter 7:  “Liquidation” or “complete” bankruptcy to discharge credit card and other debts in a process that takes approximately 4-5 months.  Chapter 7 leaves you debt free and, in most cases, able to keep your property.

Chapter 13:  Bankruptcy allows a debtor to keep property and pay debts over time, typically 3-5 years.

Automatic stay: Suspension of actions, such as debt collection or foreclosure.  This occurs automatically when a bankruptcy petition is filed.

Exempt property:  Property owned by a debtor that the Bankruptcy Code or WI state law permits the debtor to keep from unsecured creditors, depending upon the state the debtor resides in.

Liquidation:  The dissolution of a company, or individual.  Typically operations cease and assets are sold by auction; Chapter 7 is usually employed for liquidations, businesses or individuals.

Means test:  A method for determining whether someone qualifies for a financial-assistance program. A common means test is the one used to determine eligibility for Chapter 7 bankruptcy.

Secured debts – debts backed by a pledge of collateral mortgage, or other lien. It is debt for which the creditor has the right to pursue specific pledged property upon default.

Unsecured debts are not secured by your property. If you default, the creditor cannot take anything of yours without first obtaining a money judgment against you in court.  (Ex:  Medical bills, student loans, rent, utility payments, etc.)

Dischargeable debt :  Debt for which the bankruptcy code allows the debtor’s personal liability to be eliminated.

Understanding the nuances of dischargeable debt and its implications can be intricate. To delve deeper into the specifics of how debt relief functions and its long-term impact, resources such as the overview on our main website, the accolades we’ve received as the best bankruptcy law firm in Wisconsin, insights into how citizenship status affects bankruptcy, and strategies for post-bankruptcy recovery can provide invaluable guidance. Additionally, for those seeking personalized advice in the Milwaukee area, our dedicated Milwaukee WI office offers a wealth of local expertise and support.

*Debt Advisors Law Offices has a reputation across Wisconsin as reputable and experienced bankruptcy attorneys.  Get honest answers and solutions for real financial problems.

Learn about bankruptcy protections, types of bankruptcy, how to get started, what to expect, and who to trust. Filing bankruptcy is the ONLY way to completely eliminate debt. If bankruptcy is right for you, it offers powerful protections that cannot be achieved through alternative solutions such as hardship relief, loans, or debt settlement.

  • Exceptional service. The entire team was friendly and knowledgeable. The attorney took his time to walk me through step by step. I will recommend this law office to anyone!

    J Burks

  • I went through Debt Advisors as a referral by a friend. I am very happy I did so. The staff that I worked with were very helpful and showed a high level of professionalism. They were always able to answer any questions that I had. I was very happy with the attorney that I worked with, Michael Georg. Very professional.

    Terri Grote

  • Attorney Chad Schomburg and Debt Advisors helped me with my debt about three years ago. Chad explained the process to me and answered any questions I had, and the assistants compiled my documentation very efficiently while keeping my case moving forward. They were always available when I needed them, and even years later, I’m able to reach out to them, and they are willing to help. They have turned my life around 100%, and I could not have done it without them! Absolutely recommended!

    Tim Harris

  • They were there for my family from day 1 until the end, 5 years later (Ch. 13). Whenever I had questions or concerns they were always very responsive and gave me excellent advice. Michael and Jeremy are both exceptional bankruptcy attorneys. I highly recommend Debt Advisors.

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    J Hammond

  • Chad Schomburg and his Staff did a phenomenal job for me and in an expeditious manner. I’ve recommend countless clients to Chad Schomburg, Wow!!! Outstanding customer service from the Schomburg office:)

    Lisa Williamson