Bankruptcy Lawyers In New Richmond
What Is The Definition Of Bankruptcy?
Bankruptcy is a legal proceeding through which an individual or company that is unable to pay its debts may seek relief from some or all debts. Bankruptcy law helps individuals eliminate debts or create a repayment plan. The bankruptcy process is set up to provide those that can no longer pay their debts with a fresh start.
Do You Get Out Of All Debts If You Declare Bankruptcy?
Bankruptcy can help eliminate or discharge most debts for consumers. However, it doesn’t cover student loans, government debts, alimony, child support and other secured debts.
The debts that can be discharged include:
- Medical bills
- Credit card balances
- Personal loans
- Additional unsecured debts
Nicolet Law Office, can offer you support while you are dealing with this tough time. Our experienced lawyers will guide you through each step of the bankruptcy process.
Is Bankruptcy Right For Me?
Deciding to file for bankruptcy is not an easy decision, especially since it impacts more than your finances. There are many factors to consider before going through the process. If one or several of the following applies to you, it may be time to seriously look into bankruptcy.
Contact our bankruptcy lawyers at Nicolet Law Office, if you:
- Are unable to pay bills
- Are having trouble paying off all your credit card bills
- Are being constantly harassed by your creditors
- Recently got into an accident or sustained an injury
The bankruptcy attorneys at Nicolet Law Office, in New Richmond, can assess your financial situation, lay out your options and give you advice on how to proceed.
There are various types of bankruptcy, including ones for large organizations, farms and municipalities. The two types of bankruptcy that apply to individuals are Chapter 7 and Chapter 13.
What Is The Difference Between Chapter 7 And Chapter 13 Bankruptcy?
A means test and a repayment plan differentiate Chapter 7 and Chapter 13 bankruptcy. Chapter 13 is for individuals who earn above the income requirement on the means test, and it involves a repayment plan.
Description Of Chapter 7 Bankruptcy
Chapter 7 eliminates any unsecured debts such as medical bills, installment loans and credit card balances. You must take the means test to determine your eligibility for this type of bankruptcy.
This bankruptcy is often called “Liquidation Bankruptcy” and is described to require a liquidation of certain assets in exchange for the elimination of debts. However, in the majority of cases, you can keep most of what you own like your house, vehicle and additional personal property.
Description Of Chapter 13 Bankruptcy
If you do not qualify for Chapter 7 protection based on the means test, you may be eligible for Chapter 13. This bankruptcy allows for the consolidation and reorganization of your debt.
With Chapter 13 bankruptcy, you enter a payment arrangement with a trustee, lasting three to five years. This trustee distributes your payments to your creditors.
The payments will only come from your disposable income. Meaning, the rest of your income will be allocated to paying your rent, mortgage, car payments and providing your family with the necessities.
If you pay the amount that was determined in your case, you will be rewarded with the elimination of the debt you have leftover.
How Can An Attorney Help Me With My Bankruptcy Case?
Your financial standing can be altered through the complex bankruptcy process. Thus, the process should be taken seriously, and an attorney can help you get the results you deserve.
Bankruptcy attorneys can:
- Advise on whether or not you should file
- Advise on which chapter suits your situation
- Identify which of your debts can be eliminated
- Identify what assets you will be able to keep
- Explain bankruptcy law
- Explain the filing process
- Help complete and file paperwork
Our bankruptcy attorneys at Nicolet Law Office, are experienced and have seen it all when it comes to bankruptcy cases. Our lawyers can assist you at your hearings and answer questions that you can’t find online.
We know that you are already in a difficult place financially, so we offer affordable attorney fees and reasonable rates. Also, we provide convenient payment plans and flat-rate bankruptcy filings. Our Nicolet Law Office, is here to help you get back on your feet.
Our New Richmond Office
Our New Richmond office is near W Richmond Way and WI-65 on Madison Avenue. We are located in the building along with Spine Pro Chiropractic, The Press Room gym, and BlendSmart Smoothies. We opened our office in New Richmond to give the tight-knit community the legal support they need.
Contact A New Richmond Bankruptcy Lawyer Today
Nicolet Law Office, knows bankruptcy. We are here to help you get the fresh start you deserve. Get in touch with our local, award-winning lawyers today.