Brunner Law Office, LLC
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Chapter 7 Bankruptcy
Chapter 7 Bankruptcies are for people who have no way of paying back the debts that they owe. Normally these types of situations arise when people are facing lengthy unemployment, job-loss, disability, medical illness, long-term care for loved ones, or other circumstances that make it unlikely that a person will ever be able to pay back their debts.
Eliminate Unsecured Debt:
Through a Chapter 7 Bankruptcy, you can can eliminate unsecured debts. Unsecured debts are debts that are not attached to property and include:
• Credit Cards • Medical Bills • Payday Loans • Wage Garnishments
Once these types of unsecured debts are discharged through a Chapter 7 Bankruptcy, you are no longer responsible for paying back those debts. There are some debts which cannot be eliminated through any type of Bankruptcy, including most student loans, certain debts owed to the Internal Revenue Service (IRS), and child support obligations, among others.
Stop Harassing Collection Activity:
As soon as your Chapter 7 Bankruptcy is filed with the Bankruptcy Court, all collection activities must stop. These activities include:
• Phone calls from bill collectors
• Collection Letters
• Wage garnishments
What About Your House or Your Car?
When you own property that is attached to a mortgage or loan, such as a home or car, it is considered a secured debt. If you want to keep your car or house, you simply need to make sure you are caught up on all your payments and continue making your regular monthly payments to your loan provider. If you can no longer afford to make the monthly payments, or no longer wish to keep the property, you can surrender the property to the creditor through the bankruptcy process and eliminate any deficiency remaining after the creditor sells the collateral.
How to Qualify for a Chapter 7:
In order to qualify for Chapter 7 bankruptcy, you must fall within a certain income bracket. There are specific financial guidelines for each state, including Wisconsin. If your income exceeds the amount set by Bankruptcy Law, you may need to explore filing for Chapter 13 Bankruptcy.
Contact Us to Explore Your Options:
If you are interested in learning more about Chapter 7 Bankruptcy, feel free to contact us to schedule free consultation. We can answer all your questions and provide you with additional details about the Chapter 7 process. We will provide you with the information you need to determine if filing for Bankruptcy is the best option for you.