Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is an attractive option that will reduce the stress of overwhelming debt by restructuring the debt into a manageable repayment plan. Wynn at Law, LLC will work with you to prepare and file your Chapter 13 Bankruptcy. Our attorneys strive to make sure you understand every step of the Chapter 13 Bankruptcy process.

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What Is Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy, also referred to as a “wage-earner” or “debt-adjustment” bankruptcy, is one of a few bankruptcy options for individuals in Wisconsin. Under Chapter 13 of the U.S. Bankruptcy Code individuals can consolidate and restructure unsecured debt by utilizing an individualized repayment plan. Typically, when establishing a repayment plan under Chapter 13, an individual must repay an agreed-upon portion of his/her debt over a 3 to 5 year period of time.

Other Types of Bankruptcy

In Wisconsin, there are several types of bankruptcy protections available to individuals, but the two most common are Chapter 7 and Chapter 13. Each of these different options has specific qualifications and requirements. It is best to consult with an experienced attorney, like those at Wynn at Law, LLC, to understand the best option for your situation. 

Chapter 7 is the most common form of bankruptcy in Wisconsin, as virtually all unsecured debt is discharged without requiring a repayment plan.  Individuals or households that do not meet the Chapter 7 “Means Test” qualifications often turn to Chapter 13 Bankruptcy. 

If the individual can repay their debts in less than three years, a Chapter 128 Debt Amortization Plan may be more suitable. An experienced bankruptcy law firm such as Wynn at Law, LLC is essential in evaluating your debt relief and bankruptcy options.

Why Should I Declare Chapter 13 Bankruptcy?

If you are facing increasing debt or unable to make regular payments, filing for bankruptcy may be financially beneficial and could ease the burden of your debt. Chapter 13 Bankruptcy is often used to avoid home foreclosure and stop the repossession of assets. After filing for Chapter 13 Bankruptcy, most people keep all of their assets.

It is important to contact a bankruptcy attorney as early in your financial troubles as possible. An experienced attorney will be able to educate you on your options, the bankruptcy process, and the consequences of filing for bankruptcy. Wynn at Law’s attorneys will fight to make sure you are treated fairly throughout the bankruptcy process, while also ensuring an efficient filing process.

Do I Need A Bankruptcy Lawyer?

It is crucial to have an experienced bankruptcy attorney on your side to achieve the best possible outcome for your situation. There are numerous risks and pitfalls if you try to file for Chapter 13 Bankruptcy without professional assistance. Although Wisconsin law allows an individual to represent themselves in Bankruptcy Court, it is always better to entrust your future to an experienced legal professional that knows the process.

Continued Reading: 10 Benefits of Hiring a Bankruptcy Lawyer

Work With Wynn at Law, LLC

There are many reasons to choose to work with the bankruptcy attorneys at Wynn at Law, LLC for your Chapter 13 Bankruptcy. Below are some of the reasons that clients choose to have our experienced bankruptcy lawyers represent them:

  • Wynn at Law, LLC has an Excellent rating on both Google and Facebook, with over 50 reviews from past clients.
  • We are proud of our proven track record and successful bankruptcy discharge rate.
  • Bankruptcy is one of Wynn at Law, LLC’s primary practice areas. You can regularly find our lawyers in bankruptcy meetings, talking with bankruptcy trustees, and in the courthouse.
  • Wynn at Law, LLC is accessible – Our attorneys schedule meetings that fit our clients’ schedules and lifestyles.
  • Wynn at Law, LLC has three Wisconsin law office locations: Lake Geneva, Delavan, and Salem Lakes. This allows us to conveniently serve our clients in Kenosha County, Walworth County, and Southeastern Wisconsin.
  • We offer convenient payment plans for bankruptcy clients and can create a personalized payment plan to fit your financial situation.
  • Our attorneys were born, raised, and live in Walworth County. We assist Southeastern Wisconsin residents with bankruptcy because we truly want to help our friends and neighbors in our local communities.
  • Wynn at Law, LLC offers a free bankruptcy consultation to help individuals evaluate their debt relief and bankruptcy options.

How To File For Chapter 13 Bankruptcy

Declaring bankruptcy typically includes preparing bankruptcy forms, budget analysis, credit counseling, structuring a debt repayment plan, creditor meetings, and more. A bankruptcy attorney will maximize your chances of a successful bankruptcy filing which allows you to maintain your assets. Wynn at Law’s attorneys will explain these steps and the initial requirements of Chapter 13 Bankruptcy in a free consultation.

The necessary paperwork, petitions, and forms must be filed with the Eastern District of Wisconsin, United States Bankruptcy Court. This is the bankruptcy court for Wisconsin residents in Walworth County and Kenosha County.

After your bankruptcy paperwork has been officially filed and a Chapter 13 repayment plan is created, all of your creditors will be notified with a notice of your filing. An automatic stay will stop lawsuits, collections, repossessions, foreclosures, evictions, wage garnishments, and utility shut-offs. Additionally, it will put an end to the harassing phone calls and letters from debt collectors. As your Chapter 13 Bankruptcy case progresses your attorney will continue to communicate with you about the next steps.

Common Misunderstandings

Too often, incomplete and incorrect information is spread about bankruptcy and it may be difficult for non-professionals to identify the truth. To clear up some of the common confusion we have listed four quick clarification points below. 

  • When individuals file for bankruptcy it is not publicized or posted.
  • You do not need to file for bankruptcy jointly with your spouse; it is possible to file for bankruptcy alone.
  • Bankruptcy is often less expensive than all the fees and late payment charges you will incur if you do not pay off your debt.
  • Most people that file for bankruptcy can keep all of their assets including their car, home, retirement account and more.

Contact Wynn at Law, LLC for a Free Chapter 13 Bankruptcy Consultation

We provide legal advice and representation to residents throughout Southeastern Wisconsin. If you have questions regarding Chapter 13 Bankruptcy, contact us by email or call 262-725-0175. We are a debt relief agency that can help people file for bankruptcy relief under the U.S. Bankruptcy Code. If bankruptcy is not the right option for you, we also negotiate with creditors on our client’s behalf. We often receive a significant reduction in the amount owed. 

Our law offices are located in Lake Geneva, WI, Delavan, WI, and Salem Lakes, WI, serving all of Southeastern Wisconsin.

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