We are Green Bay area bankruptcy lawyers who help people just like you get out of debt. Don’t go without basic things your family needs to pay off debt that never seems to go away. The most difficult part is reaching out for help. We provide honest advice. All of our services are designed to make filing bankruptcy safe, affordable, convenient and effective for our clients.
One of the great things about our Green Bay office is that there are major highways and interstates leading to the city from just about every direction. If coming from the South, choose either I-43 or I-41 and exit 168 and watch for Mason Street. (Wisconsin 41 also leads to the city from the North.) I-41 will take you past Lambeau Field, home of the Green Bay Packers. The most direct routes are Wisconsin Hwy 54 or Hwy 32. Interstate I-94 is a good option from the West. Wisconsin Highway 141 will lead to our office from the East or North. We are in a single-story building with a burgundy roof near Living Hope Church and not far from Home Depot.
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If you are near De Pere, Maribel, Luxemburg, Suamico, Brussels, Kewaunee, Bonduel, Embarrass, Clintonville, Sturgeon Bay, Algoma, Oneida, Seymour, Pittsfield, Glenmore, Champion, Ashwaubagon, Howard, Hobart, Shawano, Abrams, or Isaar Wisconsin, then you are very close to Debt Advisors Green Bay, and very close to a brighter financial future through the bankruptcy process.
Debt Advisors Offices Green Bay is located in Brown County, Wisconsin. However, we also see clients from Oconto County, Door County, Kewaunee County, Outagamie County, and Shawano County. If the Green Bay Office is not convenient, we do offer six additional Wisconsin locations.
Unexpected, unplanned events happen in life. They can happen to anyone, at any time. As a matter of fact, there are thousands of people from the small towns and villages surrounding the Green Bay area who have already filed bankruptcy, regained control of their finances, and have started to improve credit scores. If a tragic life event or a series of imperfect choices happen, we hope you come to us for advice on how to best get out from under your debt.
Everyone, including you, deserves a chance to refresh finances and re-establish a good credit score. Getting out of debt may be easier than you think! The first thing you should do is schedule that an appointment for a free case evaluation which is done over the phone. During this thorough initial consultation, you’ll speak directly with a bankruptcy attorney and receive sound advice about how to move forward. Road construction that may impact your arrival at Debt Advisors Law Offices Green Bay: https://projects.511wi.gov/region/northeast/
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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 office is conveniently located near the junction of I-41 and Highway 44.
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.
With a steadfast commitment to serving Green Bay and its surrounding communities, consulting with a local team offers unparalleled advantages. Expertise, dedication, and a deep understanding of local financial issues make Debt Advisors Green Bay an ideal choice for bankruptcy solutions.
Ready to take control of your financial future? Schedule a FREE consultation at the Green Bay location today, either in-person or virtually
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