Bankruptcy And Debt Relief Attorneys In Superior
Bankruptcy can give individuals and businesses burdened by debt a fresh start. This legal process allows debtors to rebuild financially by either eliminating or restructuring their debts.
Bankruptcy could be right for you if you:
- Struggle to pay your bills
- Are incessantly harassed by creditors
- Experienced an accident or injury
- Are in the middle of a divorce
Filing is a difficult decision. During this fragile time, the bankruptcy lawyers at Nicolet Law Office are here to support and guide you through the process. Our experienced attorneys will evaluate your finances and highlight the options that best fit you and your goals.
What Is A Discharge In Bankruptcy?
A discharge releases a debtor from the personal liabilities for specific debts. The discharge, or elimination, of debts, also stops creditors from harassing the debtor. Bankruptcy can get rid of most individuals’ debts.
Consumer debts are often erased during the process, including credit cards and medical bills. Additional unsecured debts such as late utility payments and personal loans can be discharged. However, bankruptcy is not a cure-all. The debts that won’t be discharged include most student loans, child support, government debts, and alimony.
What Type of Bankruptcy Should I File?
There are various types of bankruptcy which are referred to as “chapters.” The two chapters that individuals typically file for are Chapter 7 and Chapter 13.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is meant to give debtors a fresh start with their finances. It discharges consumer and other unsecured debts, such as credit card bills and medical bills. In the majority of Chapter 7 cases, the debtors will keep all their assets.
Our team can help get your debts eliminated while protecting your car from being repossessed and your home from being foreclosed. Additionally, after a Chapter 7 bankruptcy, a debtor may see their credit rebuild quickly and many debtors can even refinance a vehicle payment, secure a car loan, and even apply for a credit card.
Chapter 7 requires individuals to meet a specific income requirement. Typically, if you make more than the required income, then Chapter 13 could be right for you.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy allows you to restructure your debt and start a repayment plan. There will be a confirmation hearing where the proposed payment plan will be reviewed. After it is approved, you will enter into a repayment plan with a trustee for about three to five years. This trustee distributes the payment to all your creditors.
The plan will only allocate your disposable income to the payments. The rest of your money is reserved for your bills and all essentials for you and your family. After you finish your repayment plan, the remaining total of your unpaid debt can be eliminated.
Nicolet Law Office In Superior, Wisconsin
Our Superior office is on the corner of Tower Avenue and 12th Street, next to Empire Coffee. It’s near the Tower Ave and U.S. Highway 2 intersection. The office is close to Thirsty Pagan Brewing and the Spirit Room.
Superior has a lot to offer when it comes to outdoor recreation. We enjoy taking in the view of Lake Superior from Wisconsin Point and exploring both Pattison State Park and Amnicon Falls. Our office is also only about a 10-minute drive from the tourist attractions of Canal Park and downtown Duluth.
Contact Our Superior Bankruptcy Lawyers
If you are feeling overwhelmed by debt, contact an experienced bankruptcy lawyer today. Our attorneys will help you get a fresh start. At Nicolet Law Office, your first consultation is free. Our team can set up a call, video chat, or an in-person meeting with our experienced bankruptcy attorneys.