Chapter 7 Bankruptcy Attorney Milwaukee
Chapter 7 bankruptcy Milwaukee is a helpful option for those looking to eliminate unsecured debt and re-establish normalcy in their lives. For consumers living a life burdened by outstanding unpaid credit card balances, medical bills and personal loans, every day can be a struggle. From harassing phone calls and letters generated by debt collectors and collections agencies to wage garnishments and foreclosure warnings, it can often seem as though peace of mind and a good night's sleep is nothing but a distant memory. If you've reached this point in your bout with debt, Chapter 7 bankruptcy Milwaukee can offer insurmountable relief. However, before you call up your local law office and begin filing, it's important to take a moment to understand exactly how Chapter 7 bankruptcy Milwaukee works - as well as how it can impact your future.
Firstly, you need to know what Chapter 7 bankruptcy Milwaukee means. Title 11 of the United States Code allows for the liquidation - or sale - of property for the purpose of repaying debts. In other words, if you file Chapter 7, the bankruptcy trustee will assist you by cancelling your debts and may sell certain pieces of property to repay creditors; however, a good law firm can exempt most if not all of your real and personal property so that you are able to keep everything you own even after Chapter 7 bankruptcy Milwaukee. The process generally takes less than six months and, with the right attorney, can help you get rid of your debt without losing your home or automobile. Chapter 7 is the most common type of bankruptcy filed in the United States. It is also relatively inexpensive. Most importantly, this type of bankruptcy allows people to start fresh and rebuild their credit.
Secondly, before you file, it is important to determine whether or not you are a good candidate for Chapter 7 bankruptcy Milwaukee. For example, some types of debts, such as student loan debt, legal restitution or child support, are not discharged by bankruptcy. If your debt comes from these sorts of fines and bills, or if your debts are small enough to be handled through consolidation and better budgeting, then filing Chapter 7 may not do you any good. Additionally, if you have already filed for bankruptcy within the last six to eight years, you may not be eligible. It's also important to note that your income level plays a major role in whether or not you will be granted Chapter 7 bankruptcy Milwaukee. If you have enough disposable income to pay off some, or all, of your debts, the court will likely dismiss your case. If your debt comes primarily from credit cards, personal loans and medical bills, and you do not have enough income to pay down these debts, however, filing Chapter 7 can be a desirable resolution to your financial problems.
Thirdly, you should remember that any "red flags" could quickly end your chances of achieving Chapter 7 bankruptcy Milwaukee. In other words, the court will be delving deep into your financial record, and any questionable acts could paint you as fraudulent. For example, if you're attempting to hide assets from creditors by unloading them to friends or family members, your case will probably be dismissed. Additional debts stemming from luxurious and lavish purchases during times of debt, or lying about your income level on credit applications, will also send up red flags to the bankruptcy court. In other words, keep in mind that bankruptcy exists to assist consumers in eliminating debts they can't afford and re-establishing their credit. It does not exist to relieve people with poorly managed finances from their debts so they can continue making expensive purchases outside their means. Additionally, failing to disclose all information about your property and financial affairs to the bankruptcy court will not only keep you from being granted Chapter 7 bankruptcy Milwaukee - it may also result in prosecution for fraud.
As with any type of bankruptcy, there are various benefits and drawbacks to filing. One of the greatest benefits for many suffering from debt is that it can keep you and your family in your home. In these precarious financial times, we hear a great deal about people losing their homes to foreclosure. If you're being threatened with foreclosure and repossession, it is imperative that you reach out to an attorney as soon as possible. Experienced attorneys, such as those of us here at The Fields Group Law Firm may be able to stop creditors from placing a lien on your home. However, this is not a full guarantee - especially if the debt has snowballed out of control and cannot be repaid through any other means. Therefore, if you are dealing with extensive debt, it is important that you call us as soon as possible. Time is always of the essence when dealing with your finances.
Lastly, before filing for Chapter 7 bankruptcy Milwaukee, you need to understand what this means for your future. After filing Chapter 7, all letters, calls and contacts from creditors will cease - and instead be directed to your attorney's office. At this point, you will no longer be making payments on unsecured debt, and we will work to resolve and repay your creditors. Some people are wary of filing for Chapter 7 bankruptcy Milwaukee because they know it will remain on their credit report for the next 10 years. While this is indeed a drawback of bankruptcy, many financial institutions are willing to work with consumers and will help them find affordable interest rates regardless of their credit score or bankruptcy standing. It is not unusual for people to enjoy fairly competitive rates on auto loans and home financing just a year or two after filing for bankruptcy. In other words, Chapter 7 bankruptcy Milwaukee should not be considered just an end to your debt problems, but a new beginning for your financial future.
Learn more about Chapter 7 Bankruptcy Attorney Milwaukee