Should I be filing for bankruptcy?
The Fitzgerald Law Firm is a Wisconsin law firm specializing in filing for bankruptcy in Wisconsin and Illinois. We understand filing for bankruptcy can be an intimidating process. Clients come to us wondering whether or not bankruptcy is the right decision.
There is no blanket answer to the question, “Is filing bankruptcy bad or good?” Whether or not filing bankruptcy is the right decision for you will depend on your specific situation. The best way to determine if filing bankruptcy is the right choice for you is to contact a lawyer who specializes in bankruptcy cases.
Having helped many clients–individuals and businesses–looking for debt forgiveness or financial reorganization, we have seen how bankruptcy can offer debt relief and a fresh start when greatly needed.
What type of bankruptcy should I file?
Based in Beloit, Wisconsin, our attorneys at The Fitzgerald Law Firm understand the question, “Should I file bankruptcy?” can weigh heavily on the minds of our clients. When making this important decision, it is best to first explore the pros and cons of filing for bankruptcy with a knowledgeable attorney.
Once you have consulted an experienced attorney and been able to determine that you do want to file bankruptcy, the next step is to answer the question, “What type of bankruptcy should I file?” In our experience, the best way to do this is to understand the differences between the different types of bankruptcy (Chapter 7 bankruptcy, Chapter 13 bankruptcy, Chapter 11 bankruptcy and Chapter 12 bankruptcy).
What are the different types of bankruptcy?
You can find a good overview of the different types of bankruptcy (including Chapter 7, Chapter 13, Chapter 11 and Chapter 12) at The Fitzgerald Law Firm website.
What is Chapter 7 bankruptcy?
Basically, Chapter 7 Bankruptcy is considered a liquidation bankruptcy and is typically filed by individuals, though some businesses are also able to file Chapter 7. In both Wisconsin and Illinois, before filing for Chapter 7 or Chapter 13 bankruptcy, you will first need to complete credit counseling from a designated U.S. Trustee in your state.
Filing for Chapter 7 bankruptcy became more complicated in 2005 and now requires your income and expense numbers fit within a certain guideline in order to qualify for Chapter 7 bankruptcy. To find out if you are eligible for Chapter 7 bankruptcy, it is a good idea to contact an experienced attorney.
What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy is a debt-consolidation and restructuring bankruptcy. It may be the right option for you if you have the resources to pay off your creditors on a different payment plan than what you currently have in place. This option can allow you to keep your vehicle for being repossessed and your home from foreclosure.
Contact an attorney who specializes in bankruptcy to help you determine if Chapter 13 is the right option for your business.
What is Chapter 11 bankruptcy?
This is the type of bankruptcy that businesses often file. Chapter 11 may allow you to work with your creditors to use interest or profits to pay off your loans or other debt. Talking with an informed attorney will help you determine if Chapter 11 bankruptcy is right for your business.
What is Chapter 12 Bankruptcy?
While Chapter 12 brings together elements of Chapter 7 and Chapter 13, it is not widely filed as it is a type of bankruptcy for family farmers and family fisherman. Contact a knowledgeable lawyer to find out if this is the right type of bankruptcy for you.
Does bankruptcy law differ depending on the state?
At The Fitzgerald Law Firm, we make it a priority to stay informed concerning the latest changes to bankruptcy law on both the federal and state levels. Why both?
Though the general process and procedures of bankruptcy are governed by federal law, bankruptcy law is further complicated by the requirement of state-specific documents. There are different requirements, exemptions, forms, courts and other variables depending on the state in which you make your filing.
As we are based in Beloit and help clients file for bankruptcy in Illinois and Wisconsin, we stay up to date on the latest requirements and changes to documentation for both states. This makes The Fitzgerald Law Firm an outstanding resource for individuals and businesses considering filing for bankruptcy in both states.
Next steps:
There are many reasons you may be considering filing Bankruptcy in Wisconsin & Illinois: debt collectors harassing you, high credit car interest rates, to protect against a lawsuit. Whatever your reasons, do yourself the kindness of consulting someone who can answer your questions and help start the process of easing your burden.
Contact The Fitzgerald Law Firm today to schedule a FREE 15 minute consultation.
We understand you may not be able to meet during traditional business hours, so please let us know a time that works with your schedule and we’ll do our best to accommodate you.
Photo credit: Kevin Dooley
