Bankruptcy

The decision to file bankruptcy is not an easy one.

It will be one of the most difficult decisions of a persons financial life. Because this decision is such a major decision you should never choose a bankruptcy option without an in-depth consultation with an experienced bankruptcy attorney. Attorney Angell will help you make the right choice for you and your family.

Attorney Angell will discuss all of your non-bankruptcy and bankruptcy options with you so that you can make an informed decision. Just like every person is unique so are the factors that go into determining which chapter of bankruptcy fits your circumstance.

There are generally two chapter’s of federal consumer bankruptcy. The Chapter 7 liquidation bankruptcy and the Chapter 13 individual debt reorganization plan, which is also called the wage earners bankruptcy. In addition to those chapters you may qualify for a Chapter 11 reorganization or SubV bankruptcy.  The State of Wisconsin also offers its own bankruptcy relief in the form of a Chapter 128. Give Attorney Angell a call to discuss your options.

We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.

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Chapter 7 Bankruptcy

A Chapter 7 bankruptcy is a liquidation bankruptcy. All of your debt (that is dischargeable) will be discharged in this bankruptcy. In most cases, you will be allowed to keep your secured assets, as well as the debt that goes with them, if you can show the Court that it is not an undue hardship on your future financial situation to keep that debt. Attorney Angell will review your situation to determine if you qualify for a Chapter 7 bankruptcy.

Not everyone will qualify for a Chapter 7 bankruptcy. If you earn over the median income level for your family size or you have assets that are not exempt you may be required to file a Chapter 13 bankruptcy or our attorneys may recommend several non-bankruptcy options for your situation.

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Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is a wage earner repayment plan. It is designed for individuals with regular income who can pay all or part of their debts in installments over a period of time. You will be required to propose a plan to the Court which will repay your creditors a pro-rata share of your disposable income over the next 3-5 years. Both the amount you are required to pay and the period of repayment will depend upon your income, the type of debts, and many other factors.

Your proposed plan must be recommended for confirmation by the Trustee appointed to your case and approved by the Court. You must complete your plan in order for your remaining debts to be discharged. Attorney Angell will work closely with you to determine your expenses, income, and obligations and propose a plan that will be successful for your long term financial life.

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Chapter 128 Bankruptcy

A Chapter 128 bankruptcy is a very simplified version of a chapter 13 bankruptcy. A Debtor can include any unsecured debt (credit cards, payday loans, speeding tickets, medical bills, late utility bills and rent payments) that they want to. Debtors may not include secured debts such as mortgages and car loans.

The Debtor will make a repayment plan that will pay their debt in full over a 36 month period.

Unlike a Chapter 13, the Debtor will not have to disclose their tax records, assets, other debts or their income. They also do not have to go through court mandated credit counseling and typically there are no court dates. A debtor may file Chapter 128 repeatedly, unlike limitations in bankruptcy law on the amount of time that must pass before a person may file again. A Chapter 128 should not affect a credit report like a bankruptcy does, although some have reported that a Chapter 128 appeared on their credit histories due to the unique nature of the law.

The Chapter 128 is a great alternative to traditional bankruptcy but it does not offer the same benefits that traditional bankruptcy does. Chapter 128 plans cannot reduce or eliminate debt in the same way that a debt discharge under bankruptcy can. And a Debtor can still be sued while in the bankruptcy.

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.

Attorney Angell, with Renning, Lewis, and Lacy S.C.

Bringing confidence to your tomorrow.

We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.