Filing Bankruptcy in Wisconsin

Filing Chapter 7 Bankruptcy

Chapter 7 is a basic liquidation proceeding. It is sometimes called straight bankruptcy or ordinary bankruptcy. Virtually any kind of entity other than a government unit, a bank, insurance company or a railroad can use Chapter 7. A Chapter 7 proceeding is begun by the filing of a document called a bankruptcy petition, an Interim Trustee is appointed. The Trustee's job is to determine if there are any assets available for the benefits of the creditors that are not protected by the exemption law. An exemption is a privilege provided for by law which allows a debtor to keep certain property. Exemptions were created in order to provide debtors with the basic essentials needed to help them with their fresh start.

Chapter 7 offers several benefits to a debtor who is an individual. It allows an individual the means to a discharge or eliminate all of their unpaid debts, unless statutory grounds exist denying the debtor that discharge. While the scope of a Chapter 7 is not unlimited, it is usually broad enough to give an individual debtor the opportunity to get back on his or her feet.

Filing for Small Business Bankruptcy

Attorney Richard A. Check devotes a large portion of his practice helping small businesses with debt related issues. Often small businesses with debt issues have options other than shutting the doors of the business the minute there is a financial problem.

Attorney Check has extensive experience in debt negation, business restructuring, and bankruptcy. WE can do all these things while keeping the business operating. We have eight offices conveniently located to serve you better. We offer a free 1 hour consultation where you meet with an attorney who will go over your situation and give you the best advice.

Filing Chapter 13 Bankruptcy

Chapter 13 offers individual debtors an alternative to the Chapter 7 liquidation process by allowing them to repay a portion of their debts over an extended period of time. Chapter 13 is available to virtually any individual debtor who has access to regular income. This includes a debtor whose income comes from farming, pensions, welfare, or investments. Only individual debtors can use Chapter 13. Corporations, partnerships, and other artificial entities are ineligible for Chapter 13 relief.

A Chapter 13 debtor must also have income regular enough to fund a Chapter 13 plan. However, if a husband and wife file a joint Chapter 13 petition, only one of them need have regular income. A Chapter 13, like a Chapter 7, also begins with the filing of a voluntary bankruptcy petition. The filing of a Chapter 13 petition not only automatically stops creditor actions against the debtor and the debtor's property, it also stops actions against individuals whom the Chapter 13 debtor persuaded to co-sign for his or her debts.

Although there is a trustee in every Chapter 13 case, Chapter 13 differs radically from Chapter 7 in how the property of the estate is administered. The debtor remains in possession and control of that property throughout the Chapter 13 case without interference from the trustee. If the debtor is in business, the debtor can continue to operate that business during the course of the Chapter 13 case.

Bankruptcy Attorney Milwaukee serving our clients in offices throughout the state of Wisconsin including the cities of Milwaukee, Racine, Manitowoc, Fond Du Lac, West Bend, Waukesha, New Berlin, West Bend, Pewaukee, Brookfield, Racine, Kenosha, Delafield, Menomonee Falls, Grafton, Germantown, Jackson, Racine, West Allis, and Wauwatosa, Oshkosh, Appleton, Neenah, Menasha, Fond Du Lac, Sheboygan, Madison, Green Bay as well as the following counties: Milwaukee County, Waukesha County, Washington County, Dodge County, Sheboygan County, Fond du Lac County, Ozaukee County, Winnebago County, Jefferson County, Brown County, Door County and Dane County.