Bankruptcy And Debt Relief Lawyers In Hudson
What Is Bankruptcy?
Bankruptcy is a legal process through which a person can seek to get out of debt. It allows individuals and companies who are struggling financially to have their debts eliminated or restructured into a more manageable repayment plan. Put simply, bankruptcy gives debtors a fresh start and an opportunity to improve their financial well-being.
Bankruptcy may be right for you if:
- You cannot pay your bills
- Use credit cards to pay for necessities
- Are getting a divorce
- Suffered an injury
- Your home could be foreclosed
- Your wages might be garnished
Nicolet Law Office, S.C., can offer you support no matter which situation applies to you. Our team of compassionate attorneys will guide you through each step of the bankruptcy process.
What Types Of Debts Qualify For Elimination?
When you file for bankruptcy, you are seeking to have your debts discharged. Most debts can be eliminated, but there are some that bankruptcy law doesn’t cover.
Debts that can be eliminated are:
- Medical bills
- Credit card balances
- Personal loans
- Most unsecured debts
- Other consumer debts
Debts that cannot be eliminated are:
- Student loans
- Government debts
- Child support
- Traffic tickets
When you work with Nicolet Law Office, S.C., we will thoroughly review your finances and identify which of your debts are dischargeable.
What Is Chapter 7 Bankruptcy?
Chapter 7 is one of two types of individual bankruptcy. Chapter 7 eliminates debts in exchange for the liquidation of non-exempt assets, which is why it is also referred to as “liquidation” bankruptcy. However, in most Chapter 7 bankruptcies an attorney can help you exempt (save and keep) most of what you own like your house, vehicle, and other personal property.
Filing under Chapter 7 of the bankruptcy code can discharge any unsecured debts, such as medical bills, credit card balances, and some bank loans. In many cases, debtors are still able to apply for credit cards, refinance vehicle payments, and secure car loans.
Chapter 7 bankruptcy may be right for you if:
- You have trouble or are behind on paying your monthly bills
- Most of your debts are unsecured
- You are being endlessly harassed by creditors
- Your house is at risk of being foreclosed
Chapter 7 does have income eligibility requirements. If you don’t meet those requirements, Chapter 13 bankruptcy may be an option for you.
What Is Chapter 13 Bankruptcy?
Chapter 13 is known as “reorganization” bankruptcy because it involves consolidating and restructuring your debt. You will enter into a payment agreement with a trustee, who will issue funds to your creditors. The repayment arrangement generally lasts for three to five years.
Only your disposable income will be used for the repayment plan. So, you will still be able to pay your required bills and provide for your family. You may be able to decrease your vehicle interest rates. Additionally, you can get caught up on mortgage payments and even have second mortgages discharged.
With Chapter 13 bankruptcy, you will be able to both save your assets and consolidate your debt. If you can complete your repayment plan, the debt that remains will be eliminated.
Nicolet Law Office, S.C., Knows Bankruptcy
Nicolet Law Office, S.C., files bankruptcy on behalf of individuals, families, farmers, and small business owners. Our bankruptcy lawyers will work to eliminate your debt so that you can rebuild.
Our attorneys can help put a stop to:
- Creditors harassing you
- Creditors garnishing your paychecks
- Your vehicle from being repossessed
- Your house being foreclosed
Before you file, it is essential to fully understand the bankruptcy process and how it will impact you. A trusted bankruptcy attorney can help you make sense your options and guide you toward the right solution for you and your unique financial situation.
Here at Nicolet Law Office, S.C., we have payment plans and flat-fee bankruptcy filings. Your financial situation is already an obstacle. We won’t let it stop you from finding the financial relief you deserve.
Our Flagship Office In Hudson
Nicolet Law Office, S.C., made its home in Hudson to provide all St. Croix County citizens with the support they need following unforeseen circumstances. Our attorneys are dedicated to helping our clients and the community at large. You can find our office in downtown Hudson, near the intersection of 2nd and Locust Street – just steps from the St. Croix River and Lakefront Park.
Contact A Bankruptcy Lawyer Today
If you are feeling overwhelmed by debt and are looking for a way out, contact an experienced bankruptcy lawyer today. At Nicolet Law Office, S.C., your first consultation with an attorney is free of charge. We are happy to meet with you in-person, over the phone, or via video chat.