Nicolet law office
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Nicolet Law managing attorney Russell Nicolet

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Is Chapter 7 Bankruptcy Right For All Wisconsin Residents?

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Is Chapter 7 Bankruptcy Right For All Wisconsin Residents?

Older Wisconsin couple analyzing their finances to determine whether bankruptcy is right for them

Did you know that you have alternatives to filing for Chapter 7 bankruptcy? If you do not qualify or do not find the provisions in Chapter 7 bankruptcy to be appropriate for your financial situation, you could pursue personal bankruptcy proceedings under Chapter 13 of the bankruptcy code. This alternative form of filing can let you to keep more of your personal property, allowing you to move forward with your financial success faster than you thought possible.

Can I save my home during bankruptcy?

Using a Chapter 13 proceeding makes it far more likely that you will be able to keep your home from foreclosure. By choosing this method, you could set yourself up with a payment plan that allows you to "catch up" on house payments while you are working to discharge debt. Chapter 13 has a variety of other advantages -- namely, that it is less likely to be dismissed than Chapter 7 bankruptcy. Those clients who are facing primarily consumer debt may have their Chapter 7 case thrown out; that process involves liquidation of debt and is more inclined toward debt forgiveness. Chapter 13, however, often requires a special repayment plan to resolve debts, allowing for more flexibility. Chapter 13 cases may be less likely to be disallowed during courtroom evaluation.

How does the "means test" affect me?

Courts decide who is eligible to file for Chapter 7 bankruptcy in Wisconsin by applying the means test. That is, certain categories of earners cannot qualify for liquidation of debt. Those include consumers whose current monthly income (over five years) is higher than $12,475 or is more than 25 percent of the filer's unsecured debt amount. Such cases can be converted to Chapter 13 repayment from Chapter 7 liquidation with the consent of the filer.

Bankruptcy issues can quickly become convoluted and confusing. Determining which type of bankruptcy is best for your personal situation can be particularly challenging. Increase your chances of courtroom success by seeking legal assistance from the very start of your bankruptcy process.

Source: United States Courts, "Chapter 7 - Bankruptcy Basics," accessed July 17, 2015

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SEE HOW NICOLET LAW MAKES A DIFFERENCE IN OUR CLIENTS’ CASES

CAR ACCIDENT

Result with Nicolet Law 
$1,200,000.00

CAR ACCIDENT

Offer before Nicolet Law
$50,000.00

SEMI-TRUCK ACCIDENT

Result with Nicolet Law 
$700,000.00

SEMI-TRUCK ACCIDENT

Offer before Nicolet Law
$75,000.00

SLIP AND FALL ACCIDENT

Result with Nicolet Law 
$180,000.00

SLIP AND FALL ACCIDENT

Offer before Nicolet Law
$5,000.00

PEDESTRIAN HIT BY CAR

Result with Nicolet Law 
$1,050,000.00

PEDESTRIAN HIT BY CAR

Offer before Nicolet Law
$0.00 - denial

DRUNK DRIVING ACCIDENT

Result with Nicolet Law 
$815,000.00

DRUNK DRIVING VICTIM

Offer before Nicolet Law
$0.00

UTV ACCIDENT

Result with Nicolet Law 
$250,000.00

UTV ACCIDENT

Offer before Nicolet Law
$5,000.00
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Awards & Recognitions

Nicolet Law Office is honored to have been nominated for numerous awards for excellence in service and client satisfaction. Our attorneys have appeared in such prestigious lists as Top 40 Under 40 and Rising Stars. While we’re thankful to have the support of industry peers and independent third-party organizations, nothing beats the feeling of gratitude we share with clients when we can make a positive impact on their lives.

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Contact us today to request a free case evaluation with a dedicated local attorney. With twelve convenient office locations throughout Minnesota and Wisconsin, accessing award-winning legal services has never been easier. If you have a medical condition that prevents you from traveling, we would be happy to meet you at your home or schedule a private virtual consultation.

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12 locations in Wisconsin and Minnesota to serve you

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Wisconsin Locations:

EAU CLAIRE:

402 Graham Ave.
Suite 305
Eau Claire, WI 54701

Phone: (715) 835-5959
Map & Directions

HUDSON:

517 2nd Street
Unit #205
Hudson, WI 54016

Phone: 715-226-6158
Map & Directions

LA CROSSE:

119 N 19th St S
La Crosse, WI 54601

Phone: 608-527-0876
Map & Directions

NEW RICHMOND:

1500 Madison Ave.
Suite 220
New Richmond, WI 54017

Phone: 715-226-6164
Map & Directions

RICE LAKE:
337 North Main Street
Rice Lake, WI 54868

Phone: (715) 790-1114
Map & Directions

RIVER FALLS:
215 S 2nd St #20
River Falls, WI 54022

Phone: (715) 716-5869
Map & Directions

SUPERIOR:
1200 Tower Ave.
Superior, WI 54880

Phone: (715) 718-2969
Map & Directions

WAUSAU:
408 3rd Street
Suite 303
Wausau, WI 54403

Phone: (715) 716-5092
Map & Directions

Minnesota State Icon

Minnesota Locations:

DULUTH:
306 West Superior Street,
Suite 606 West
Duluth, MN 55802

Phone: (218) 729-0628
Map & Directions

HIBBING:
Howard Court Bldg.
302 Howard Street, Suite 123
Hibbing, MN 55746

Phone: 218-217-0659
Map & Directions

MINNEAPOLIS:
225 South 6th Street
Suite 3900
Minneapolis, MN 55402
Phone: (608) 315-5639
Map & Directions

WOODBURY:
724 Bielenberg Drive
Suite 126
Woodbury, MN 55125

Phone: (651) 815-0017
Map & Directions

Wisconsin and Minnesota’s Local Award-Winning Injury and Disability Attorneys.
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