Bankruptcy Information
Chapter 7 bankruptcy and Chapter 13 bankruptcy offer different forms of protection. If you’re facing a financial crisis, a local bankruptcy attorney can help you determine whether Chapter 7 bankruptcy or Chapter 13 bankruptcy might be the right answer for you.
Generally speaking, Chapter 7 bankruptcy is intended to wipe the slate clean by discharging unsecured debt—debts like credit card debt, medical bills, and unsecured loans. Chapter 13 bankruptcy, on the other hand, is intended to give a debtor time to catch up past due payments over a period of 3-5 years, while keeping secured property like houses and cars.
Just complete this form & let Bankruptcy.me connect you with a bankruptcy attorney near you.It took a while for the full impact of the financial meltdown and other economic problems to hit this region, but once it did it hit with a vengeance. Many things happened in addition to the financial meltdown, including home values slumping, savings being wiped out, jobs lost and businesses closing. The region didn’t experience the huge speculation bubble in real estate that other areas did, so the declines haven’t been as dramatic, but the numbers of foreclosures are certainly much higher than a year ago.
Talk to any bankruptcy attorney in Milwaukee and the story is the same. People appear before them who have never even considered bankruptcy. The average bankruptcy attorney in Milwaukee is seeing individuals who were once in the forefront of industry and commerce, or who were well paid professionals.
A good deal of the people who find themselves in economic distress are quite surprised to be in this type of condition. Many were quite responsible, didn’t live beyond their means and always paid bills on time. So when they began to get the creditor phone calls and harassing letters, they sometimes panicked and arrived at an lawyer ready to do most anything. The attorney usually can address their concerns and map out a plan of action for them.
There is a lot of advertising in various media, especially television, about how to reorganize your finances with little or no pain or loss and for just a small amount of money. Many times these are not bankruptcy attorneys offering these services but financial consultants of some type. The only caveat is “buyer beware”. There is usually no simple solution to a person’s financial distress, because most peoples finances are complicated. Simple lesson: if it sounds too good to be true, it likely is. Don’t do it.
Instead, take some time and educate yourself on personal bankruptcy. There have been some major changes since 2005, and it can affect your filing or even the consideration if you can file. A lawyer can advise you ultimately. But it always pays to have background and information.
Once you do decide to reorganize your personal finances, then you can seek out a good attorney. There are many sources, including the television advertising that are blanketing most stations today. The bigger firms will advertise on television, but a good attorney can be found by referral and by internet searches.
When you have a bankruptcy lawyer in Milwaukee WI on retainer then you can begin to seriously restructure your financial situation and to begin to formulate a plan for the future. That plan may include a Chapter 7 filing or a Chapter 13 filing or no filing at all. Your attorney will advise you and you will be on your way to a positive outcome, and so will your creditors, in most cases.
