Bankruptcy And Debt Relief Attorneys In Eau Claire
What Is Bankruptcy?
Bankruptcy is a legal option for individuals or companies struggling with debt to restructure or eliminate the remaining balance of what they owe. The process provides a pathway out of debt and allows debtors to regain their financial stability.
You may seek to file bankruptcy if you:
- Are unable to pay your bills
- Are a victim of predatory lending
- Are facing mounting medical bills
- Are going through a divorce
- Have experienced an accident
- Have suffered a personal injury
No matter which particular scenario applies to you, Nicolet Law Office, S.C., is prepared to meet these challenges head-on and provide you a newfound sense of reassurance and support.
The decision to file for bankruptcy can be difficult since it can affect more than just your finances. During this challenging time, Nicolet Law Office, S.C., will be there for you. Our team of compassionate attorneys will systematically guide you through each step of the filing process and help position you for greater financial stability in the future.
Types Of Bankruptcy
The types of bankruptcy include:
- Chapter 7: Individuals (liquidation)
- Chapter 11: Large companies/organizations
- Chapter 12: Family farms
- Chapter 13: Individuals (repayment)
Chapters 7 and 13 are most commonly filed by individuals. Chapter 7 is liquidation bankruptcy, meaning your assets are used to offset the remaining balance of your debt. Chapter 13 usually involves debt consolidation and repayment.
Which Debts Can Be Eliminated?
Bankruptcy allows most, if not all, of your debts to be discharged, meaning you will no longer be personally responsible for them. However, not all debts can be eliminated.
The debts that can be discharged are consumer debts like medical bills, credit card balances, personal loans, and various nonpriority, unsecured debts. Certain debts such as student loans, government debts, alimony, and child support cannot typically be discharged.
When you become a client of Nicolet Law Office, S.C., we will thoroughly review your financial situation and provide you a list of your dischargeable debts.
What Is Chapter 7 Bankruptcy?
Chapter 7 is what most people think of when they hear the word bankruptcy. It discharges any unsecured debts such as medical bills, credit card balances and installment loans.
In most cases, you will be able to keep all of your assets. Chapter 7 bankruptcy is meant to forgive your debts and give you a fresh start with your finances. In many instances, you will still be able to apply for a credit card, refinance a car payment and even secure a car loan.
What Is Chapter 13 Bankruptcy?
Not everyone will qualify for Chapter 7 bankruptcy because of strict income eligibility requirements. If you do not pass the “means test,” you may be able to file Chapter 13.
With Chapter 13, you can consolidate and restructure your debt – allowing you, the debtor, to repay an independent trustee over the course of three to five years. You will enter into a payment arrangement with the trustee, who will distribute the funds to your creditors.
Only your disposable income will be allocated to the repayment plan. You will be able to pay your required bills while having enough money to pay for your family’s necessities. You can oftentimes lower vehicle interest rates, catch up on missed mortgage payments and eliminate second mortgages.
With Chapter 13 bankruptcy, you pay your creditors through a court-approved monthly payment system, allowing you to keep your assets and consolidate your debt at the same time. In many cases, debtors are not required to pay creditors back in full. If you successfully complete your payment plan, your remaining unpaid debt will be discharged or eliminated.
Nicolet Law Office, S.C., Knows How To Help
Nicolet Law Office, S.C., files bankruptcy for individuals, families, small-business owners and anyone else facing debt issues. We can help you eliminate your debt and take the first steps toward rebuilding your credit and overall financial well-being.
Our attorneys are here to guide you through this complex legal terrain. Along the way, we will work to end debt collection harassment and prevent creditors from seizing your paychecks. Our team will fight to keep you in your home and stop your vehicle from being repossessed.
What Does It Cost?
Your financial situation is already an obstacle. We won’t let it keep you from getting the relief you need now. You can file and pay attorney fees later. We offer flat-fee bankruptcy filings, convenient payment plans and reasonable rates.
Our Eau Claire Office Location
In Eau Claire, Nicolet Law Office, S.C., is located at 402 Graham Avenue. We chose the downtown area for greater accessibility to all Eau Claire residents and to those in neighboring towns like Chippewa Falls, Ludington and Augusta.
We opened our practice in Eau Claire to provide all Chippewa and Eau Claire County residents with the relief they need during uncertain times. Our team is prepared to listen to your unique situation and offer tailored support to suit your individual needs.
Contact A Top Eau Claire Bankruptcy Lawyer Today
Feeling trapped under a mountain of debt? Contact a trusted bankruptcy attorney today. At Nicolet Law Office, S.C., your first consultation with an attorney is free of charge. We would be delighted to meet with you in person, on the phone or through video chat.