Have you tried negotiating debt with your creditors but still struggle to handle all of your payments? If you answered yes, then filing for Chapter 7 bankruptcy in Wisconsin may be a solution to minimize your debt load.
Bankruptcy can be complicated. If you’re considering filing for Chapter 7 bankruptcy, continue reading to learn how hiring a lawyer can help you with the process. At Wynn at Law, LLC, we work with clients to determine if Chapter 7 bankruptcy is the best course of action to get control of their debt while retaining most assets and property. This blog will discuss the steps and benefits of filing for Chapter 7 bankruptcy, so you have the information you need to decide if it’s the right choice for you.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy discharges unsecured debts like credit cards, medical bills, personal loans, judgments, and garnishments. Secured debt, such as a vehicle loan or mortgage, may also be discharged if the individual no longer wants to keep the property that secures the debt. Some types of bankruptcies have income requirements to file. However, in a Chapter 7 bankruptcy, the debt is discharged without a payment plan, so you do not need to meet an income requirement to file. This provides people with lower income an option to start fresh and build a solid financial foundation for the future.
The first step in filing for Chapter 7 bankruptcy is to make sure you qualify by taking Wisconsin’s Means Test. Wynn at Law, LLC can help you assess your qualifications using this test. If you do not qualify, our experienced attorneys will help you explore other bankruptcy options that may be a better fit.
When Should I File for Chapter 7?
You probably have many questions and concerns about whether you should file for Chapter 7 bankruptcy. If you answer yes to one or more of the questions below, then you may want to consider contacting Wynn at Law, LLC:
- Does the thought of figuring out everything you owe overwhelm you?
- Can you only make your minimum credit card payments?
- Are debt collectors constantly calling you?
- Do you use your credit cards to pay other bills?
- Are your wages being garnished?
When debt leads to filing for bankruptcy, it can feel paralyzing, but it is important to remember that over 16,000 people in Wisconsin declare bankruptcy each year. Yet, with the help of a compassionate and local bankruptcy lawyer, there’s hope for a more financially stable future.
The attorneys at Wynn at Law, LLC are Wisconsin bankruptcy professionals who have a 100% bankruptcy discharge rate. Since one of our firm’s primary practice areas is bankruptcy, we are up-to-date on the law and highly experienced.
What Are the Steps to File for Chapter 7 Bankruptcy?
Meeting with an Attorney
Your first step in the Chapter 7 bankruptcy process is consulting with a lawyer and determining if you qualify. Wynn at Law, LLC offers free, in-depth bankruptcy consultations where they gather information to develop an accurate picture of your property, income, expenses, and debts. Then, Wynn at Law, LLC will complete the Means Test to see if you qualify for Chapter 7. If Chapter 7 is not an option for you, they will discuss other options.
Preparing Your Petition and Schedules
The next step is to prepare your bankruptcy petition and schedules. Our attorneys will use the information you provide to assemble these documents. Since the bankruptcy petition can be complex, Wynn at Law, LLC is ready to explain every step of the process to help you feel more comfortable and educated.
Credit Counseling Course
When filing for Chapter 7 bankruptcy, the court requires you to take a credit counseling course. Once you have completed the credit counseling course and all filing documents are reviewed and approved by you, Wynn at Law, LLC will file your bankruptcy with the court.
I Filed for Bankruptcy. Now What?
After your Chapter 7 bankruptcy case is filed, there are some additional steps to complete before your debt is discharged or eliminated.
Meeting with the Trustee
After filing your Chapter 7 bankruptcy, you’ll meet with the Chapter 7 bankruptcy trustee. The bankruptcy court appoints the bankruptcy trustee to confirm your identity, review your bankruptcy papers, and ask questions about your income and property. This is a brief meeting, also called the 341 meeting. During the 341 meeting, it is common for the bankruptcy trustee to find that you don’t own any property he or she can sell to pay your creditors. If this is the case with your bankruptcy, the trustee files a Report of No Distribution, telling the creditors involved in your case that you don’t have any assets which will be taken from you.
The bankruptcy court will discharge your debts approximately 60 days after your 341 meeting. Therefore, it is usually 3-5 months from the time you initially file for Chapter 7 bankruptcy to when your debts are discharged.
Schedule a Free Bankruptcy & Debt Consultation with Wynn at Law, LLC
If you are considering bankruptcy and have questions, don’t hesitate to contact our bankruptcy attorney, Shannon Wynn. Wynn at Law, LLC offers free, in-depth bankruptcy consultations. Our bankruptcy attorneys are here to listen, advise, and help during your financial difficulties so you can move forward with your life.
You can reach our bankruptcy attorney by phone at 262-725-0175 or our website’s contact page. Wynn at Law, LLC has bankruptcy law offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.