Debt Relief Through Chapter 7 Bankruptcy
Families, businesses and individual clients come to Milwaukee’s #1 choice in a Chapter 7 Bankruptcy lawyer, Shane S Cigel Bankruptcy, to relieve their serious financial problems. Most of our clients are tired of the financial stress of unpaid bills, and the fear of harassing phone calls from creditors.
Your Chance For A Fresh Start
At Shane S Cigel Bankruptcy, I am here to help you. Call my firm at 414-831-0427 to discuss your options. You should not have to fear the telephone ringing or dread getting your mail. You don’t have to put up with creditor harassment. My firm helps to stop the creditors’ harassing phone calls, and bring an end to financial stress. I will help get you on the path to a fresh financial start that you need and deserve.
How Bankruptcy Works Under Chapter 7
In a typical Chapter 7, the debtor is allowed to keep all of their property. If a debtor owns too many assets that are non-exempt (legally unprotected), they can be sold off to satisfy creditor claims.
Debtors who wish to file a Chapter 7 bankruptcy must qualify by demonstrating that they “pass” the means test. Further, the bankruptcy court must also consider “bad faith” or the “totality of circumstances” to determine whether there has been an abuse of Chapter 7, or if the debtor has substantial net income on their Income and Expense Schedules; thereby making Ch 13 appropriate.
The vast majority of Chapter 7 cases are “no asset” cases, meaning you keep all of your property and are still eligible to discharge your debts. Debtors filing in Wisconsin have a choice to exempt their assets either under the Federal exemptions or the Wisconsin exemptions, both of which have recently been increased.
Advantages of filing under Chapter 7
- Automatically stops most collection activity.
- Stops utility disconnection.
- Stops garnishment of your wages.
- Allows you to obtain a fresh financial start by wiping away permanently most debts.
- Can stop creditor harassment.
- In the vast majority of cases, debtors are able to keep all of their property.
Some disadvantages of filing under Chapter 7
- Chapter 7 does not cure arrearage on homes and cars, so delinquent car loans or mortgages are generally better dealt with in Chapter 13.
- Chapter 7 does not cure arrearages or past due child support obligations.
- Chapter 7 does not cure state or federal tax obligations
- Chapter 7 can appear on your credit report for up to 10 years.
WISCONSIN AND FEDERAL BANKRUPTCY EXEMPTIONS – DUE TO RECENT CHANGES YOU CAN NOW PROTECT MORE ASSETS THAN EVER BEFORE. You also have a choice of choosing between state or federal exemptions. My law firm can help determine which set of exemptions is best for you.
Our experienced bankruptcy attorneys advise our clients on pre-filing exemption planning. We examine the specific facts of your case and help with exemption choices to maximize your exemptions and protect your property and assets. I will advise you as to which set of exemptions are better for your circumstances and help you through the bankruptcy process.
