Understanding Your Bankruptcy Options
Chapter 7 Bankruptcy
Trust the experienced attorney at The Law Office of Rollie R. Hanson, S.C., to provide you with effective counsel when you find yourself in debt and in need of filing Chapter 7 bankruptcy. Whether you’ve reached indebtedness from unexpected medical bills or unemployment, or debt from the loss of a loved one, we’ll help you assess your eligibility for bankruptcy.
You qualify for Chapter 7 bankruptcy protection if your monthly income is less than the median income for your household size in Wisconsin. Chapter 7 bankruptcy enables the debtor to receive a discharge within approximately three to four months following filing. The process involves:
- Your participation in mandatory credit counseling within 180 days prior to filing your bankruptcy petition
- Submission of a bankruptcy petition to the court
- A court-appointed trustee to administer your bankruptcy case
- The surrender of all nonexempt assets for liquidation and distribution (the majority of Chapter 7 cases do not have assets available for liquidation)
- Distribution of liquidation proceeds to approved creditors, in order set by bankruptcy code
- The court enters a discharge order
- Discharge and liability to creditors’ ends of most prepetition debts, with the exception of debts such as student loans, child support obligations and taxes
Chapter 11 Bankruptcy
If you own a business that has fallen on hard financial times but may have future viability, Chapter 11 bankruptcy may be right for you. Chapter 11 bankruptcy petitions, also referred to as “reorganization bankruptcy,” are normally used by corporations or commercial businesses to reorganize significant debt that is more complex in nature. Some individuals with substantial debt and assets may also petition for this type of bankruptcy protection.
Chapter 11 debtors are required to file a reorganization plan with the court and send a copy to all creditors, who then are given the opportunity to vote on the plan. If your business has reached a point where cash flow is not enough to meet increasing financial obligations but it can continue to operate after help from the courts, Chapter 11 bankruptcy might be your best solution for financial relief. This type of bankruptcy filing accommodates:
- A stay of creditor collection activity
- An intermediate remedy and debt restructuring
- Court supervision in company reorganization of debt and contract repayment
- Reduction in debt repayment obligations and settlement of debt with some creditors
- Extensions on debt repayment timelines
A fresh start following the completion of a debt restructuring and management plan
Chapter 13 Bankruptcy
The Law Office of Rollie R. Hanson, S.C., can help you determine if you meet the debt to income criteria for relief under Chapter 13 bankruptcy code. We can also greatly improve your chances of getting your petition through the courts promptly and successfully.
When you file for Chapter 13 bankruptcy protection, you’re involved in reorganization and rehabilitation through a court-appointed repayment plan. To be eligible to file for Chapter 13, your secured and unsecured debt must be below a certain amount. This type of bankruptcy typically stays on your credit report for up to 10 years but can help you keep your home and your vehicle. Chapter 13 bankruptcy involves:
- Participation in mandatory credit counseling within 180 days prior to filing your petition
- A bankruptcy petition filed in court
- An automatic stay to creditor debt collection activity
- Filing a Chapter 13 Reorganization Plan with the court
- Payment of debts covered in your Chapter 13 Plan from disposable income; payments may run for three to five years
- The court-ordered discharge of a portion or all debts (excluding debt such as student loans, certain taxes and support obligations), paid as specified in the plan, and liability to those creditors’ ends
25 Years Of Bankruptcy Experience
The experienced lawyer at The Law Office of Rollie R. Hanson, S.C., will help you determine which type of bankruptcy best suits your needs. With 25 years of successful outcomes in bankruptcy cases across Greater Milwaukee, put your trust in us. We will help you to assess your situation and achieve the best outcome for your case. Contact us today to get started by calling 414-321-9733.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.