Chapter 7 Bankruptcy

Is Chapter 7 Bankruptcy Right for Me?

People ask me every day What is Chapter 7 Bankruptcy and is a Chapter 7 Bankruptcy right for me? Chapter 7 is known as a liquidation or “straight” bankruptcy, where most debts are fully discharged in the bankruptcy court. For those in dire financial straits, Chapter 7 bankruptcy provides a means for a fresh start. Prior to filing, it is critical to speak with a lawyer about the best way to proceed.

A Chapter 7 bankruptcy is the quickest, easiest and least expensive form. In most instances Chapter 7 debtors can file for Chapter 7 without losing any assets because State or Federal Exemptions will protect their assets. So you won’t have to start over.

Gaining a better understanding of Chapter 7 bankruptcy will help you determine whether it is suitable for your circumstances. When financial distress is taking over your life, you do not need to suffer. You have legal options, and a lawyer at our firm can help you find a solution that best suits your needs. Stop asking yourself, What is Chapter 7 Bankruptcy or Is Chapter 7 Bankruptcy right for me, Attorney Angell may be able to tell you fairly quickly if it is reasonable for you to consider bankruptcy or not. Not everyone with debt needs to file. Attorney Angell will tell you right away if you don’t need to go through the time, hassle, and the personal expense if it is not necessary for your situation.

Prior to cashing out retirements or draining your savings call Attorney Angell to get advice geared to your particular situation.

If you are stressed out, harassed by creditors, and keep asking yourself and your spouse “What is Chapter 7 bankruptcy?” Call Angell Legal, LLC. Attorney Angell can help. A Chapter 7 Bankruptcy may be right for your family and the smart choice to move on with your life.

What is Chapter 7 Bankruptcy and What Are the Benefits to Chapter 7?

Bankruptcy has many benefits. Our clients often comment that as soon as they file their petitions, they feel a weight lifted off their shoulders. As soon as you file Chapter 7, an automatic stay is ordered by the bankruptcy court, which means:

  • Creditors are no longer allowed to contact you
  • Wage garnishments are halted
  • Repossessions are stopped
  • Court actions filed by creditors are halted
  • Foreclosures are halted

A business or an individual can declare bankruptcy. Since most debts are relieved after bankruptcy discharge is ordered, this court action will provide a chance to start over from a financial point of view. Before you cash-out a retirement account, take out a home equity line of credit, or reverse mortgage, please look into your options under the bankruptcy code. You may be turning an exempt asset into non-dischargeable debt.

You may have entered a debt management plan in an attempt to payback your creditors and realized you will not be able to keep up with the payments. Remember you are not alone – over 1 million people file for Chapter 7 bankruptcy each year. My clients are able to experience life after chapter 7 where they are not burdened with excessive debt.

Attorney Angell will help provide the strength and support you need through these tough times. Call her at (920) 727-0775 to schedule an appointment so she can help you with a fresh start. Serving the following areas: Menasha, Neenah, Appleton, Green Bay, De Pere, Oshkosh, Fond du Lac, Madison, Wisconsin; and including their surrounding communities in Wisconsin.

Call us today to help you find your fresh start (920) 727-0775.

Are you struggling with any of these questions?

  • Do you continually receive harassing phone calls from creditors?
  • Are you unable to make your mortgage payments?
  • Are you behind with your credit cards or medical bills?
  • Are your other debts piling up?

Call for a free consultation

Mobile: (920) 727-0775

Office: (608) 258-8555

Krekeler Strother, S.C.
2901 West Beltline Highway, Suite 301
Madison, WI 53713

Questions we will discuss with you:

You will be asked to disclose all of your assets as well as their fair market value. State and federal law provide exemptions that will allow you to keep most of your assets up to a specific value. The Trustee appointed to your case may have the right to take possession of and sell the remaining property that is not exempt or otherwise pledged and use the sale proceeds to pay your creditors.

Yes, you will be asked to disclose all of your creditors at the time of your bankruptcy. Once you file the bankruptcy the Court will provide notice to all of those creditors, who then will have time to object to you discharging those debts. If a creditor can prove that you obtained credit through fraud, breach of fiduciary duty, or theft the bankruptcy Court may rule that the particular debt is non-dischargeable.
Generally no. This is a hot topic right now and the laws may be changing. But currently there are very few ways to discharge your student loan debt. Attorney Angell will go over your situation and discuss your options.
Yes, you may be responsible for taxes, domestic support and child support obligations, fines, penalties and criminal restitution obligations. We will review these obligations with you and help determine their dischargability under the current law.
Yes, once your bankruptcy case is filed all garnishments must stop. You may also be entitled to demand the return of funds that have been garnished.Call us today to help you find your fresh start (920) 727-0775.