What is the Role of a Chapter 13 Bankruptcy Trustee in Wisconsin?

What is the Role of a Chapter 13 Bankruptcy Trustee in Wisconsin?

What is the Role of a Chapter 13 Bankruptcy Trustee in Wisconsin?If you’re considering filing for Chapter 13 bankruptcy in Wisconsin, you likely have some questions, like:

From years of helping individuals and couples with their bankruptcy cases, The Fitzgerald Law Firm in Beloit, Wisconsin understands the importance of providing answers to those with questions before filing for bankruptcy.

If you’re considering filing for Chapter 13, and would like to have a better idea of what’s involved in the bankruptcy process before choosing to file, keep reading to learn more about a very important person who would be closely involved in your bankruptcy, should you choose to file Chapter 13 in Wisconsin: your Bankruptcy Trustee.

Understanding the Role of Bankruptcy Trustee in Chapter 7

Understanding the Role of Bankruptcy Trustee in Chapter 7Many people who consider filing for Chapter 7 bankruptcy in Wisconsin approach the decision-making process frustrated and overwhelmed. If you are in a similar situation, you may still be trying to decide which type of bankruptcy is right for you.

If you have already determined that a Chapter 7 filing is the right path forward, you may be wondering how to file and navigate the bankrupcty process itself.

You may find it helpful to gain a thorough understanding of what is involved in the process of filing before taking the first steps toward debt forgiveness. This article will answer questions about the role of a bankruptcy trustee in order to give you a better idea of what to expect if you decide to file for Chapter 7 in Wisconsin.

What to Expect if You Convert from Chapter 13 Bankruptcy to Chapter 7 in Wisconsin

What to Expect if You Convert from Chapter 13 Bankruptcy to Chapter 7 in WisconsinIf you’ve been struggling to keep up with your Chapter 13 bankruptcy payment schedule, you may be surprised to learn you might have another option which could relieve you of that debt: Chapter 7 bankruptcy.

In Chapter 13 bankruptcy your debt is reorganized, allowing you to pay back your creditors under a revised payment plan and schedule. In Chapter 7, by contrast, your deby is forgiven — unburdening you from the debt you may be struggling to get out from under.

Before pursuing a change to Chapter 7 bankruptcy, it is important to understand what the conversion process might entail. This article offers a simple rundown of what is involved as you convert from Chapter 13 to Chapter 7 bankruptcy in Wisconsin.

How to Save Money When Filing for Bankruptcy and Divorce in Wisconsin

How to Save Money When Filing for Bankruptcy and Divorce in WisconsinGetting a divorce costs money; more if you and your spouse are having trouble reaching an agreement about division of property, child custody or other issues.

When your financial situation also dictates the need to file for bankruptcy at the same time as your divorce, the order in which you file for them can either wind up saving you money or costing you much more in the long run.

This article will explore potential costs you might face for your divorce and bankruptcy, and offer tips on how you might save money as you move toward a fresh start, both personally and financially.

When Can I Buy Property After Filing for Bankruptcy in Wisconsin?

When Can I Buy Property After Filing for Bankruptcy in Wisconsin?

When Can I Buy Property After Filing for Bankruptcy in Wisconsin?Trying to decide whether or not to file for bankruptcy can undoubtedly be a stressful time, especially when you have questions concerning your housing needs. One worry can follow the next, especially if you don’t have all the information you need to determine which type of bankruptcy makes the most sense for you to file.

In considering debt relief or reorganization, many people wonder, “Will I lose my house if I file for Chapter 13?” or “Can I buy a house after Chapter 7?”

Keep reading to learn if you can buy a house or other property (and keep it) after filing for Chapter 7 or Chapter 13 bankruptcy in Wisconsin.

Filing Chapter 7 Bankruptcy: What You Need To Know

 

chapter 7 bankruptcy

Ah, to be young. This familiar refrain speaks to the mysticism associated with America’s youth. What freedom they have!

 

Freedom: yes. Financial security: no.

 

Today’s young adults have been deemed Generation Broke. They comprise a group of individuals stuck in a struggling economy and faced with a wealth of expenses at once.

 

Student loans, car payments, home purchases—the payments add up fast. It’s easy to get in over your head and wind up with a bundle of debt. The same is true of small businesses. In their youth, they too are faced with a lot of bills all at once and often sink into debt in order to remain afloat.

 

Though it may be tempting to put off dealing with your debt until, say, the economy turns around or your sales increase next season, it is essential to take action now. If not relieved, this debt can severely impact your future financial security. Filing for Chapter 7 bankruptcy will ensure it does not.

Bankruptcy Law: How Automatic Stay Can Protect Debtors

Bankruptcy Law: How Automatic Stay Can Protect Debtors

 

Bankruptcy Law: How Automatic Stay Can Protect DebtorsAs Beloit bankruptcy lawyers, we regularly consult Beloit-area individuals who are either seriously considering bankruptcy, or who’ve already identified bankruptcy as their best course of action in combating their debt.

 

Regardless of whether a solid plan to file bankruptcy is in place, our clients understandably voice concerns about their financial safety at this early stage of the

bankruptcy process:

 

  • Am I in danger of having my property repossessed at any point while undergoing bankruptcy?
  • Am I in danger of foreclosure or other lawsuits?
  • Will I continue to receive letters, phone calls, and other collection attempts from creditors?
 

These are important questions to consider upon filing for bankruptcy—by now, you’ve probably endured more nagging collection phone calls than you can remember, and would prefer they stop altogether if only for your own sanity.

 

And they will, thanks to an injunction embodied in the Bankruptcy Code called “Automatic Stay 11 U.S.C. Section 362.”