Burgfechtel & Parent - Bankruptcy Law
Bankruptcy Basics
Bankruptcy is the term for cases arising under Title 11 of the United States Code. Bankruptcy can help people that have more debt than they can repay. Creditors must stop calling, pending lawsuits can be stopped, and garnishment halted. In many case we are even able to recover amounts that have already been garnished from paychecks on behalf of our clients. These cases can take several forms.
Here are several short videos that do a good job of explaining the process and issues in bankruptcy.
Each of the types of cases outlined below have exceptions and deviations to what may happen or the procedure. What is listed here is the typical course. You should not rely on the information on this page as it is not legal advice or specific to your situation. Call us today at (800) 411-2943 to learn how we can help you.
Chapter 7
Cases filed under Chapter 7 of the bankruptcy code are the most common in our area and are usually what you think of when you hear the word "bankruptcy". Most often, it is the shortest, the easiest and the most beneficial case for our clients. Often we are able to protect all of the assets of our clients, and discharge their debts. This means the client is able to "start over" with a fresh financial start.
The Chapter 7 case begins with the filing of a Petition. When this document is filed, the automatic stay goes into place. From this point any credit card companies, collection agencies or other creditors can not attempt to collect from our client. In most cases our clients never need to see a Judge, and the only hearing is a relatively informal proceeding in front of another lawyer called a meeting of creditors.
Chapter 13
Cases filed under Chapter 13 of the bankruptcy code are a court-ordered repayment plan based upon what you can afford. Your income and expenses are examined, and the amount you are required to pay each month is based upon this budgeting. This case can also end in a discharge, a permanent end in creditors trying to collect on declared debts. In many cases, this results in a significant decrease in the total amount of debt you ultimately owe.
Chapter 13 also provides several areas of relief a Chapter 7 can not. A few of these are allowing our clients to catch up on mortgage payments and discharging certain debts not dischargable in a Chapter 7 case.
Chapter 11
You may have heard of a company filing for bankruptcy. Many times, these filings are done under Chapter 11. This type of case allows a company to continue operations while restructuring its debts. It is also available and recommended to individuals in certain circumstances.
Chapter 12
Cases under Chapter 12 share many similarities with those under Chapter 13 and Chapter 11. However, Chapter 12 cases can only be filed by certain farmers and fishermen.
Chapter 128
Cases under Chapter 128 of the Wisconsin Statutes are not truly bankruptcies. They are filed under Wisconsin Law, and do not come with an option of discharge any debts. However, these cases can be very useful and beneficial to our clients.
Chapter 128 cases are repayment plans. This means the debt must be entirely paid off within three years. However, this case stops interest, garnishment and other collection activity. Our clients can also pick and choose what debts to include.
Call us today to discuss what option may be best for you. We do not charge for the initial telephone consultation, and can be reached toll-free at (800) 411-2943.
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The information offered by Burgfechtel and Parent contained herein, regarding Wisconsin and United States statutes pertaining to family, personal injury, criminal and bankruptcy law is general in scope. No attorney client relationship with Burgfechtel & Parent is hereby formed and none of the information contained herein is intended as formal legal advice. Please contact Burgfechtel & Parent regarding your specific inquiry. Additionally, we are a debt relief agency, and we help people file for bankruptcy relief under the bankruptcy code. See Terms of Use.
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