Title: How Filing for Bankruptcy Helps You Manage Your Debt
Subtitle: Attorney Ashley Renz Discusses The Benefits of Chapters 7 and 13 Bankruptcy
Q1. How can bankruptcy help me?
Depending on the type of bankruptcy, you can basically get a fresh start. It gets rid of a lot of your debts, especially Chapter 7. You can get rid of medical bills, credit cards, past utilities, things along those lines. It can really give you a new start and give you a fresh chance.
Q2. What are the different types of bankruptcy? How are they different?
We focus mostly on chapters 7 and 13 because that tends to be the areas that most of our clients have an issue with. The Chapter 7 is basically like I said a fresh start. You can get rid of most of your debts, like I said: credit cards, medical bills, things along those lines.
The Chapter 13 is more of a debt repayment plan. You get three to five years and you’re going to pay off most of your debts within that time, and then after that time period if there’s stuff leftover, it can be discharged.
So really, the Chapter 7’s a liquidation, whereas the Chapter 13 is a repayment plan.
Q3. How can an attorney help me through bankruptcy?
What we do is we gather all the information from our clients. We ask for many different things for the clients to get for us that we don’t have access to, such as what are their bills, what is their income? And then what we do is we take all that information and we create the bankruptcy documents.We put in all the different numbers and we exempt the properties so that they won’t lose as much property as possible.
And then once that’s all submitted, we submit it to their trustee, and then we go with them to a meeting where the trustee questions them on their different paperwork. Then it’s our job to get any additional information the trustee might require before it can be discharged.
Schedule a free consultation to discuss your bankruptcy options or other legal concern with Attorney Ashley Renz or another Beloit attorney from The Fitzgerald Law Firm by clicking here. You can also reach us by phone by dialing (608) 318 3489 in Wisconsin or (224) 725 3489 in Illinois.