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Chapter 13 Bankruptcy For Individuals And Sole Proprietors

The second most common bankruptcy for individuals, Chapter 13 is designed to help individuals restructure their debts and reorganize their finances over a period of three to five years.

At Richman & Richman LLC, we bring decades of experience to Chapter 13 bankruptcy filings in Wisconsin. We can help you determine whether Chapter 13 is the best choice available to you and protect your rights throughout the bankruptcy process.

Is There A Means Test For Chapter 13?

Chapter 13 has a means test for the opposite reason that Chapter 7 has a means test.  To file Chapter 13, you must have enough income to reliably make payments on your debt reorganization plan over a course of three to five years. Chapter 13 is often an ideal option for people with too much income to qualify for Chapter 7 as well as homeowners looking to get caught up on their mortgage or car payments and avoid foreclosure or repossession.

Can A Business File For Chapter 13?

Entities such as LLCs or Corporations are not eligible to file for Chapter 13. However, sole proprietors and small business owners can benefit from the protections offered by Chapter 13. An attorney from our firm can help you identify whether Chapter 13 makes sense for you as a sole proprietor or small business owner versus pursuing options such as Chapter 11 or Subchapter V.

Chapter 13 Bankruptcy Protections

Once you file, an automatic stay will go into effect that makes it illegal for creditors to contact you. This will put an end to harassment, debt collection attempts, and wage garnishment. Chapter 13 provides a way to restructure your financial picture with dignity.

We’re Ready To Help

Take the first step toward debt relief today. Contact our firm to schedule a consultation with our Wisconsin bankruptcy lawyers by calling 608-630-8990.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.