Milwaukee Lawyer FAQs
The practice of law inevitably delves into some extraordinarily complex matters. This, of course, is why lawyers exist. Often, clients have questions about a legal matter which do not require an attorney to answer in person. To assist both existing and potential clients, we have compiled this Frequently Asked Questions section.
Here you will find answers to some of the most commonly asked questions about family law and other legal issues we handle in our practice. This section will be routinely updated with additional questions and answers. The answers here should not be construed as comprehensive, as many issues are far too complicated to address in their entirety here and the specifics of individual cases differ.
If you have a legal matter which will require the counsel of an experienced attorney, please contact the attorneys of The Fields Group to arrange an initial conversation about your particular legal problem.
Contact our Milwaukee Bankruptcy Attorneys online for a free initial consultation or call (414) 763-3200.
How do I qualify for Chapter 7 or Chapter 13 Bankruptcy?
If you meet the qualifications for both Chapter 7 and Chapter 13 bankruptcy, then you can choose the type of bankruptcy that best fits your financial situation. Unfortunately you might not have a choice.
To get more information about Bankruptcy and find out if you qualify for Chapter 7 or Chapter 13, contact The Fields Group Law Firm today. Call 414-763-3200 or contact us here.
What is an Automatic Stay?
When you file for bankruptcy, the court may issue something called an “automatic stay.” One of the many powerful benefits of filing for bankruptcy, an automatic stay essentially puts a “hold” on most or all of the debts against you, requiring creditors to stop collection efforts (including phone calls, letters or other communications).
For those facing the stress and panic that often accompanies overwhelming debt, an automatic stay can bring a welcome relief to the constant feelings of being harassed by creditors. Additionally, an automatic stay can be used to block foreclosure.
If you are considering filing for bankruptcy and have questions about what an automatic stay could mean for you, contact one of our experienced bankruptcy attorneys at 414-763-3200 for a free consultation.
What is a Chapter 13 Repayment Plan?
When you file for Chapter 13 bankruptcy, you are required to submit something called a “Plan of Reorganization.” A Plan of Reorganization is a legal document that outlines how you will repay the monies you owe, including how often you will make payments and how much each payment will be.
Once submitted, your Chapter 13 plan must be approved by the judge assigned to your case and your creditors. Chapter 13 plans may be made from three years to five years, depending on the filer’s financial situation.
If you are considering Chapter 13 bankruptcy and have questions about putting together a repayment plan that will help you regain your financial freedom, contact one of our experienced bankruptcy attorneys at 414-763-3200 for a free consultation.
What are the different types of Bankruptcy?
Unless you are a lawyer or legal professional, knowing which type of bankruptcy is right for you can be difficult. Because the government offers federal protection and assistance for those who face an excessive amount of debt, it can be both confusing (and important) to know precisely which type of bankruptcy applies to you.
Each type of bankruptcy is named for its respective chapter in the United States Bankruptcy Code. These chapters are:
Chapter 7: Liquidation and debt elimination (the most common type)
Chapter 9: Municipality bankruptcy (for cities, counties and other municipalities)
Chapter 11: Reorganization (a complex type, for businesses)
Chapter 12: Farmers and fisherman (for farm owners)
Chapter 13: Individual debt adjust (like Chapter 11, but for individuals)
Chapter 15: Ancillary and cross-border bankruptcy (for international cases)
For a professional evaluation of your financial situation and which type of bankruptcy is best for you, contact one our experienced bankruptcy attorneys at 414-763-3200 for a free consultation.
Does Bankruptcy cover ALL my debt?
Certain debts cannot be discharged in bankruptcy. These debts include, but are not limited to, back child support, alimony, and certain kinds of tax debts. Student loans will not be discharged unless you can show that repaying the debt would be an undue burden, which is a very tough standard to meet. And other types of debts might not be discharged if a creditor convinces the court that the debt should survive your bankruptcy.
How does Debt Settlement work?
Debt Settlement works by negotiating the balance owed (principal) on your unsecured personal debt accounts through the time-honored process of creditor negotiation. This is different from simply reducing the interest rate as with Debt Consolidation and Credit Counseling, which do not affect the total debt balance. By negotiating the balance itself, Debt Settlement provides a much faster means of satisfying your debt. Most creditors are willing to accept a settlement below the balance owed in order to close out an account rather than lose the entire amount in a bankruptcy proceeding.
Is Debt Settlement right for me?
Debt Settlement is not an easy out for people who do not like to pay their bills. You must qualify by having significant financial hardship that has prevented you from meeting your financial obligations, such as loss of income, medical issues or divorce/separation. You must also owe at least $10,000 in unsecured debt, be committed to satisfying your debt and be able to settle with every creditor that you owe. Unlike out-of-state debt settlement companies, The Fields Group can utilize Wisconsin laws to protect your rights in a debt settlement program.
To find out if debt settlement is the right solution to help you get out of debt, contact The Fields Group Law Firm today. Call 414-763-3200 or contact us online.
What is Loan Modification?
The regulations surrounding loan modifications can change often, so please contact The Fields Group Law Firm for the most up-to-date answers to your questions.
Debt Consolidation - Chapter 128
What is Debt Consolidation and Wisconsin Chapter 128?
Debt Consolidation (Chapter 128) is unique in that it affords Wisconsin citizens the only non-bankruptcy, debt consolidation and repayment proceeding in the nation. Featuring a 36-month debt repayment plan, a Wisconsin Chapter 128 can help:
- Consolidate credit cards, payday loans, med bills, lawsuits, personal loans, and WI taxes.
- Affordable Monthly Payments.
- Stop Collections, Wage Garnishment, and Bank Levy.
- INTEREST FREE payment plan.
- NO CREDIT CHECK. Bad Credit = OK.
- Avoid Bankruptcy.
The Fields Group Law Firm has extensive experience in Debt Consolidation for credit cards, payday loans, med bills, lawsuits, personal loans, WI taxes. The certain and somewhat abbreviated nature of the three-year consolidation repayment plan is becoming an increasingly popular option for our clients.
Debt Consolidation and Chapter 128 is a debt relief method unique to Wisconsin. It affords citizens the only non-bankruptcy, circuit court-ordered repayment proceeding in the United States. Featuring a 36-month debt repayment plan, Chapter 128 helps stop collections, wage garnishments, interest and late payments, as well as avoiding bankruptcy. To learn more about the Chapter 128 Proceeding, please call The Fields Group at (414) 763-3200 for a free consultation.