Greater Milwaukee Bankruptcy Lawyers
What Is Bankruptcy in Wisconsin?
Bankruptcy is a federal court procedure that affords individual consumers and business owners a means to eliminate debts and/or repay creditors. By filing a bankruptcy petition, a debtor asks the court to grant its protection from creditors and debt collectors during the proceedings.
Most individuals filing Chapter 7 or Chapter 13 can claim their personal property as exempt under federal or state exemptions. Federal exemptions are found in the United States Bankruptcy Code. State exemptions are in Wisconsin Statutes. Both are written to provide protection to honest debtors and allow them to keep their homes, vehicles and other personal property. The exemptions foster the honest debtor’s fresh start after the court enters a discharge order eliminating most or all individual debt. These kinds of case are known as “no asset” cases because the Trustee does not find any assets to liquidate to satisfy creditor claims. The bankruptcy attorneys ast the Law Office of Rollie R. Hanson, S.C. will review and analyze your case to make sure you are able to claim your property as exempt property and keep it.
In cases where the debtor in not able to claim all property as exempt, the court requires the debtor to satisfy certain debts, either through liquidation or reorganization. In liquidation, all nonexempt property is sold, with proceeds divided to pay creditors. In debt reorganization, the court approves a management and repayment plan for all or part of the debt owed to creditors. The repayment to approved creditors may take place over a set period, as long as three to five years.
Filing bankruptcy is a complex procedure, and the services of an experienced bankruptcy attorney can facilitate the appropriate petition for your situation and move you through the process expeditiously. The Milwaukee bankruptcy lawyers at the Law Office of Rollie R. Hanson, S.C. can help you determine the best approach to resolving your debt situation in Wisconsin's bankruptcy courts. We serve clients in Greater Milwaukee and throughout southeast Wisconsin who need to file for debt relief through Chapter 7, Chapter 11 or Chapter 13 bankruptcies.
Experienced Bankruptcy Attorneys in Waukesha County
A debtor considering bankruptcy may not know which way to turn and what to expect before, during, or after filing for bankruptcy protection. There are so many issues to be considered in the process. The knowledgeable attorneys at the Law Office of Rollie R. Hanson, S.C. can help you answer the many questions you may have about bankruptcy, such as:
- Why should I have a lawyer help with my bankruptcy?
- What can I expect in legal fees?
- What bankruptcy filing is best for my situation?
- Do I have to go to court?
- What are the penalties and liabilities of filing bankruptcy?
- How long does it take to complete the bankruptcy?
- What expenses should I include in my debt?
- Do I list all my creditors?
- When do I stop paying bills after filing?
- If I declare bankruptcy, will I lose my home?
- Can bankruptcy stop foreclosure on my home?
- What property can I keep after bankruptcy?
- How do I handle my mortgage and car payments?
- How does bankruptcy affect my credit report?
- How do I establish credit after bankruptcy?
- Will I be able to buy a home after bankruptcy?
- Are others on my credit accounts affected by my bankruptcy?
- Can I stop a bankruptcy petition midstream?
Experienced Bankruptcy Representation in West Allis, WI
The Law Office of Rollie R. Hanson, S.C. will help you understand bankruptcy and answer every question you may have as you weigh your options for addressing your financial insolvency. We can give you a clear understanding of all types of bankruptcy options. With hundreds of successful bankruptcy petitions filed for clients, our Milwaukee bankruptcy lawyers can help you achieve the best outcome in your case. Contact us at (414) 321-9733 for an initial consultation and let us set you on the path to debt relief. From our offices in West Allis, WI, we serve clients in Milwaukee, Ozaukee, and Waukesha Counties, and communities throughout southeast Wisconsin.