If you’re considering filing for Chapter 13 bankruptcy in Wisconsin, you likely have some questions, like:
- “Can I keep my home if I file for bankruptcy?”
- “What’s the process to file Chapter 13?”
- “What’s the difference between Chapter 13 and Chapter 11 bankruptcy?”
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.
If you would like to discuss your options under Wisconsin’s bankruptcy laws, contact a knowledgeable bankruptcy attorney in the state to discuss your financial situation.
What is a Wisconsin Bankruptcy Trustee?
Just as the court assigns a Bankruptcy Trustee to Chapter 7 bankruptcy cases, you will also be assigned a Bankruptcy Trustee if you file Chapter 13 bankruptcy in Wisconsin.
When you file for bankruptcy in Wisconsin, a bankruptcy estate is created. The person who oversees the management and ultimate discharge of that estate is the Bankruptcy Trustee. This person works for the estate, not directly for you or for your creditors.
The role of a Bankruptcy Trustee can essentially be broken down into 3 categories:
- 1. Gather the property of the bankruptcy estate
- 2. Convert that property to cash
- 3. Use that cash to pay off your creditors
An average Chapter 13 bankruptcy case typically takes three to five years before it is wrapped up and discharged, which means the Bankruptcy Trustee will become a central figure in your Wisconsin bankruptcy case should you choose to file for Chapter 13 in Beloit, Milwaukee or elsewhere in the state.
Read the article, “Filing Chapter 7 Bankruptcy: What You Need to Know” by The Fitzgerald Law Firm if you’re considering filing for Chapter 7 in Wisconsin.
Responsibilities of Chapter 13 Bankruptcy Trustee in Wisconsin
What Does a Chapter 13 Bankruptcy Trustee Do in Wisconsin?
During that time, your Wisconsin Chapter 13 Bankruptcy Trustee will perform a number of duties, including:
- Review your bankruptcy petition, including financial and tax return documents
- Determine the validity of your exemption claims
- Review and oversee your repayment plan
- Oversee the required meeting of your creditors
- Determine the validity of your creditors’ claims
- See that the condition of property in the bankruptcy estate is maintained
- Facilitate repayment to your creditors
- Review financial transactions
- Determine if and when your bankruptcy case can be discharged
This individual acts as an impartial overseer of your bankruptcy case, ultimately looking out for your creditors to make sure you are following your payment plan and meeting other requirements.
The best way to ensure you have someone in your corner advocating for your best interest as you move through any type of bankruptcy is to hire an experienced bankruptcy attorney.
Still Trying to Decide Whether or Not to File for Bankruptcy in Wisconsin?
While making the decision to file for bankruptcy in Wisconsin can be an incredibly important step for many individuals or couples to take for their financial futures, it’s not always an easy thing to do. It’s normal to have a number of questions before reaching the point where you are ready to take the first step to file for bankruptcy.
The Fitzgerald Law Firm understands you, too, might have questions and makes a point to share valuable and relevant information about bankruptcy and other legal issues in Wisconsin on a regular basis through its blog. Click here to learn more.
If you are considering filing for Chapter 13 in Wisconsin, but have concerns about maintaining ownership of your house, read the article, “Is it Possible to Keep Your Home When Filing for Bankruptcy in Wisconsin” by The Fitzgerald Law Firm.
FREE 15-Minute Consultation
If you’re ready to file for Chapter 13 bankruptcy in Wisconsin, or at least want to explore your bankruptcy options, The Fitzgerald Law Firm is happy to extend to you–at no obligation–a FREE 15-minute consultation to discuss your case. Get in touch right away and take the first step toward a new financial future.