Finding A Fresh Start With A Chapter 7 Bankruptcy Lawyer In Madison
Financial challenges can easily become overwhelming. It is important to know that you don’t have to face financial burdens alone. Our Madison law firm, Capital Law Group, S.C., is dedicated to helping Wisconsin families and small businesses navigate difficult financial times. If you are considering bankruptcy as an option for debt relief, our Chapter 7 bankruptcy lawyers can answer your questions, help you evaluate your options and provide you with customized legal guidance and advice.
Understanding Chapter 7 Bankruptcy
Chapter 7 bankruptcy offers individuals and businesses a fresh start. Filing for a Chapter 7 bankruptcy can eliminate many of your debts. As part of a Chapter 7 bankruptcy, you may be required to sell some of your assets to pay off creditors. However, there are several exemptions that allow you to keep essential property, like your home and car. Once the bankruptcy court grants a discharge, you are no longer legally obligated to pay the debts included in the bankruptcy.
What Property Is Exempt In A Chapter 7 Bankruptcy?
The Chapter 7 bankruptcy process will require you to sell assets to pay creditors. However, under Wisconsin laws, some property is exempt, allowing you to protect essential items. Common exemptions in Wisconsin can include:
- A certain amount of equity in your home
- A vehicle
- Household goods
- Personal belongings
- Retirement accounts
- Tools that you need for your job
The specific amounts and types of property that are exempt can change, so it’s important to consult with a Wisconsin bankruptcy attorney to understand which exemptions apply to your situation.
Who Is Eligible To File Chapter 7 Bankruptcy?
Determining your eligibility for Chapter 7 bankruptcy involves assessing your income and assets. The court will look at your income over the past six months and compare it to the median income for Wisconsin families of similar size. If your income is below the median, you likely qualify for Chapter 7. If your income is above the median, you may still be eligible after passing the “means test,” which analyzes your ability to repay your debts.
What Debts Can Be Discharged During A Chapter 7 Bankruptcy?
Chapter 7 bankruptcy can discharge many common debts, including credit card debt, medical bills, personal loans and some older tax debts. However, some debts cannot be discharged, such as child support, alimony, most student loans and certain tax obligations. A Wisconsin bankruptcy attorney can assess your specific situation and advise you on which debts are dischargeable.
How Can An Experienced Wisconsin Chapter 7 Bankruptcy Attorney Help?
Filing for bankruptcy can be confusing and complex. Our bankruptcy lawyers at the Capital Law Group, S.C., can help you understand the differences between Chapter 7 and Chapter 13 bankruptcy filings. They can help you understand the eligibility requirements, complete the necessary paperwork and represent you in court.
Our Chapter 7 bankruptcy law firm is committed to providing personalized legal services to families and small businesses throughout Wisconsin. We will take the time to understand your unique circumstances and develop a legal strategy designed specifically to achieve your legal goals.
Consult An Experienced Chapter 7 Bankruptcy Lawyer
Our Chapter 7 bankruptcy attorneys are available by appointment to answer your questions and help you evaluate your options. They also offer an initial consultation for free. To schedule your free appointment, you can call us at Call or send us a message through our website. We can help you better understand if Chapter 7 bankruptcy is right for you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.