If you have insurmountable debt and you are considering a Walworth County Bankruptcy, you probably have a lot of questions. Some questions you may be asking yourself are: Is bankruptcy right for me? What will happen to my debt? How much does it cost? Below we have outlined some frequently asked questions regarding the basics of filing a Walworth County bankruptcy.
Frequently Asked Questions Regarding Walworth County Bankruptcy
Q: How do I know if filing a Walworth County bankruptcy is right for me?
A: If you owe debt beyond your ability to repay in the foreseeable future, you should consider bankruptcy. If you are going to lose the majority of your income or your property due to repayment of a debt to a creditor, you should consider bankruptcy. There are different types of bankruptcy available. Which type of bankruptcy you file depends on your specific circumstances. Bankruptcy may not be the best option in all situations. You should consult with a Walworth County Bankruptcy attorney before making any final decisions regarding bankruptcy. Filing a Walworth County bankruptcy is a complicated legal process which should be handled by an expert bankruptcy attorney. Individuals who fail to comply with bankruptcy requirements or do not file all required paperwork properly risk dismissal of their Walworth County bankruptcy cases.
Q: Who Can File a Walworth County Bankruptcy?
A: “Any person, and almost any partnership, corporation, or business trust may file a bankruptcy petition. A business that is not a partnership, corporation, limited liability company or business trust, cannot file a separate bankruptcy petition on its own, but must be filed as an individual bankruptcy under the name(s) of the owner(s). Only a family farmer or family fisherman may file a chapter 12 petition. Only an individual with regular income may file a chapter 13 petition.” – The United States Bankruptcy Court Eastern District of Wisconsin
Q: What Are the Different Chapters of Bankruptcy? What Do They Mean?
A: Most personal bankruptcies are filed under Chapter 7 or Chapter 13. Debtors with a regular income may file a Chapter 13 bankruptcy. Chapter 13 allows a debtor to repay debts over a period of three to five years. Chapter 13 bankruptcy will stop all collection processes. Chapter 13 bankruptcy will also allow a debtor to slowly catch up on mortgage and vehicle payments. Debtors without a regular income or who do not make enough for a Chapter 13, may file a Chapter 7 bankruptcy. Chapter 7 bankruptcy has no repayment plan. The majority of Chapter 7 bankruptcy filers get to keep their home and vehicle. Chapter 7 bankruptcy stops all collection processes and wipes out all unsecured debt (credit cards, medical bills, etc.)
Q: How Much Does it Cost to File a Walworth County Bankruptcy?
A: Bankruptcy attorney fees can be paid in one lump sum upfront. However, we know our local community members are struggling financially. That is why we now offer payment plans for our bankruptcy clients. You can choose between our standard payment plan which starts at $125.00 per month, or we can create a personalized payment plan just for you. Contact Wynn at Law, LLC at 262-725-0175 to schedule a free, initial bankruptcy consultation. Remember, the collections stop as soon as you file bankruptcy. It is often better to put your monies toward the bankruptcy rather than paying creditors.
Q: Where Can I Get Legal Advice Regarding a Walworth County Bankruptcy?
A: Wynn at Law, LLC can help. We offer free, initial bankruptcy consultations. Our Walworth County bankruptcy law firm has a 100% discharge success rate on the cases we file. Schedule your free consultation today by calling us at 262-725-0175.
Q: Will Filing a Walworth County Bankruptcy Affect My Credit?
A: “There is no clear answer to this question. Unfortunately, if you are behind on your bills, your
credit may already be bad. Bankruptcy will probably not make things any worse. The fact that you’ve filed a bankruptcy can appear on your credit record for ten years from the date your case was filed. But because bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills, and you may be able to get new credit.” – National Consumer Law Center
Q: What Does a Bankruptcy Discharge Mean?
A: A bankruptcy discharge means that no creditor listed in the bankruptcy petition is allowed to attempt to collect on any debt owed by the debtor. Debts wiped out in the bankruptcy discharge stop the creditor from contacting the debtor by mail, phone, or otherwise. Creditors whose debts were discharged in the bankruptcy also cannot file any lawsuits against the debtor, garnish any wages, place liens on any property, or any other action which is an attempt to collect on the discharged debt.
Q: How Long Does It Take to Receive a Walworth County Bankruptcy Discharge?
A: The timing of discharge can vary, depending on the type of bankruptcy petition filed. Normally, Chapter 7 bankruptcy filings discharge in three to five months after filing the petition.
Contact Our Walworth County Bankruptcy Attorney
If you believe you may benefit from filing a Walworth County bankruptcy, please contact Wynn at Law, LLC. Our Walworth County bankruptcy attorney will listen to the details of your situation, answer all of your questions, and help you decide which bankruptcy or non-bankruptcy option is best for you. Wynn at Law offers a free, initial bankruptcy consultation. Our Walworth County bankruptcy attorney can be reach by phone at 262-725-0175 or by email via website’s contact page. Wynn at Law, LLC has bankruptcy offices located in Delavan, Lake Geneva, Muskego, and Salem, Wisconsin.
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*The content and material on this web page is for informational purposes only and does not constitute legal advice.