When you feel as if you’re drowning in debt and nothing you do can keep your head above water, it might be time to speak with a bankruptcy attorney in Ozaukee WI. There are options available to stop the harassing collection calls and help you get a handle on your overwhelming debt. Depending on your situation, Chapter 7 or Chapter 13 bankruptcy will help relieve your debt and allow you a fresh start. In Wisconsin, there is another option that is usually recommended to be tried before filing for bankruptcy. For those with a steady income, filing a Chapter 128, an alternative to bankruptcy, it may help you to avoid bankruptcy altogether, yet allow you to be out of debt within 3 years.
A Chapter 7 bankruptcy is usually suggested for a debtor with no assets to speak of but much-unsecured debt, such as credit cards or medical bills. There are limitations for vehicle and home equity, but if you have little equity in either, they should not affect the ruling. After the Bankruptcy Attorney files the papers, and you have an approved court appearance, your debts are discharged, and you are debt free. It’s that simple.
A Chapter 13 bankruptcy is a bit more involved, but allows the debtor to keep some of his assets, as long there is a proven record of steady income. With this bankruptcy, basically a budget is set up, and the debtor pays monthly payments to the trustee paying down the debt, sometimes including mortgage and vehicle payments. This plan must be approved by the court and usually involves all the debtors disposable income for a period of 3-5 years. Pennies on the dollar are usually given to unsecured debts, but when the payment plan is completed, the remaining portion of the debts are discharged.
A Chapter 128 is an alternative to bankruptcy. In this recommended first consideration, the interest, penalties and garnishments for any unsecured debts are stopped. The debtor can pay on these debts, up to 3 years, without accruing any interest. This allows the debtor to get back on his feet without having to file bankruptcy.
Speaking with a Bankruptcy Attorney in Ozaukee WI, will allow you to understand all your bankruptcy and debt repayment options and you’ll be able to receive advice as to the best choice for you in your particular situation.
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