Chapter 7 Bankruptcy
Eliminate Unsecured Debt with the Help of Our Milwaukee Bankruptcy Attorneys
Our Milwaukee bankruptcy attorneys believe Chapter 7 bankruptcy should be considered a "fresh start." Often referred to as liquidation bankruptcy or straight bankruptcy, it relieves individuals of most debt and allows you to keep your assets as long as the value of those assets does not exceed a specific dollar amount. Our Milwaukee Chapter 7 bankruptcy lawyers will help you with creditor reaffirmation agreements that allow you to keep certain secured debt – a vehicle or a house – as long as you are current on those payments.
Chapter 7 Bankruptcy Can Wipe Out Most of the Following:
- Credit Card Debt
- Pay Day Loans
- Medical Bills
- Wage Garnishments
- State & Federal Taxes (in certain situations)
- Other Unsecured Debt (subject to certain exceptions)
Chapter 7 bankruptcy will usually not wipe out the following debt: child support payments, ex-spousal maintenance, family support, student loans, certain fines and forfeitures, or any debt incurred by fraud. Also, Chapter 7 bankruptcy will usually not allow you to wipe out your vehicle payment or mortgage payment if you intend to keep your car or home.
Keep Your Property and Assets While Rebuilding Your Credit
Lenders have an interest in you keeping you in your property, even when you file for bankruptcy. Our attorneys will help you reaffirm loans for cars, homes, credit cards and other household goods. When a loan is reaffirmed with your creditors, you continue to pay the principal and the same interest rate as you were before filing for Chapter 7 bankruptcy. Although bankruptcy remains on your credit report for 10 years, our clients often receive credit card offers within months of filing for Chapter 7 bankruptcy relief. Most of our clients can even finance a home within two years of filing bankruptcy as long as they are able to make the monthly payments.
Your Next Step
Utilizing Chapter 7 Bankruptcy properly with the right attorney means putting an end to creditors’ harassing phone calls and letters, wage garnishments, and collections lawsuits. If Chapter 7 Bankruptcy sounds like it could be right for you, or you are unsure of the best option to relieve your debt, please contact us at 414-763-3200 to have a no-obligation, free consultation with one of our bankruptcy lawyers.