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 all of 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 at 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 is 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 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. You 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.
At Law Office of Rollie R. Hanson, S.C., we 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. Call us
today at 414-321-9733 to schedule an appointment.