Experienced Attorneys For Chapter 7 Bankruptcy
It’s a heavy word and no one likes the idea of going through the bankruptcy process. At Richman & Richman LLC our Wisconsin bankruptcy attorneys understand that you are not having the best time of your life. The good news is that Chapter 7 bankruptcy can be used to provide you with a fresh start and allow you the chance to build a better future.
What Is Chapter 7 Bankruptcy?
Also known as “liquidation” bankruptcy, Chapter 7 is the most common bankruptcy used by individuals to eliminate outstanding debts and rebuild their finances. In some cases, a business will use Chapter 7 as a means to wind up business affairs and discontinue operations.
The Means Test
You must be eligible from an income perspective to file for Chapter 7. If your income is too high for Chapter 7, you will likely find Chapter 13 to be the most attractive alternative.
Chapter 7 Property Exemptions
The word “liquidation” is another heavy word that many prospective bankruptcy filers are leery of. The good news is that Chapter 7 has exemptions that prevent the loss of property through the bankruptcy process. Exemptions include the family home, vehicles, as well as a certain threshold of financial assets.
The Chapter 7 Bankruptcy Process
The steps of a Chapter 7 bankruptcy are as follows:
- Bankruptcy petition is filed
- Automatic stay goes into effect, preventing creditors from harassing you, repossessing your assets, and garnishing your wages
- Paperwork is submitted
- Meeting of creditors takes place
- Financial management course is completed by the debtor
- The court will discharge remaining debts and close the case
We have been representing individuals, families, and businesses in Chapter 7 bankruptcy proceedings for decades. We will make sure you are fully prepared for the process ahead and guide you through the intricacies of the bankruptcy process.
Get Started Today
Take the first step to a better future with our help. 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.