Milwaukee and Waukesha Bankruptcy Lawyer
Basic Bankruptcy Facts
Filing a Chapter 7 or a Chapter 13 bankruptcy can help you
Save your house from foreclosure
Stop IRS or other tax levies
Stop harassing phone calls
Stop lawsuits and judgments
Stop wage garnishments
Help you get back on track with your finances
Get a fresh start
Protect your assets.
Question #1: Is bankruptcy still available?
Yes. Bankruptcy is still available although Congress changed some of the law s in October of 2005. Under the present law you will likely be able to qualify for either a Chapter 7 or Chapter 13 bankruptcy the same as before Congress passed the new laws. One basic rule of the new law is if you are over the median income for a household your size in Wisconsin, you will not be able to file a Chapter 7 bankruptcy except in special circumstances. Your bankruptcy lawyer can let you know if you qualify for a Chapter 7 bankruptcy. If a Chapter 7 is not available, you can still file a Chapter 13 bankruptcy.
Question #2: What is the Means Test?
The means test is the rule that says if an individual’s income is greater than the median income for a household their size in Wisconsin, they will not be allowed to file a Chapter 7 bankruptcy unless there are special circumstances. If your income is over the median income, the Bankruptcy Court will expect you to file a Chapter 13 Bankruptcy except in special circumstances. To see the median income chart for Wisconsin, click on the median income link.
Question #3: Will I get credit again if I file bankruptcy?
The answer to this question is yes. In some cases, the filing of the bankruptcy will help improve an individual’s credit standing because they will no longer have an overwhelming debt load. However, it will take time to rehabilitate your credit and most individuals will be based with higher finance charges for loans for at least several years after they have obtained a bankruptcy discharge.
Question #4: Will I lose everything if I file bankruptcy?
No. The policy of the Bankruptcy Code is to allow people to get a fresh start. Your bankruptcy attorney can help you save your house, car, important property and tools you need for your business.
Lawyer consultation
To set up an appointment to discuss your legal issue with lawyer Rollie R. Hanson, call 414-321-9733 or complete our simple contact form on this site. We are conveniently located in the Lincoln Center III on National Avenue in West Allis.
