No matter how much money you make, there is a type of bankruptcy for you. Often people believe that they have to be unemployed to file Chapter 7 Bankruptcy. Not true! Most people working a normal job can file Chapter 7 Bankruptcy.
For those making too much to file a Chapter 7 Bankruptcy, they are eligible for Chapter 13 Bankruptcy. Chapter 13 Bankruptcy allows a person to only pay pennies on the dollar on debts and discharge the rest of his or her debts. Plus, no interest or late fees! It also stops foreclosure or repossession.
(2) I Will Lose My Home
The Bankruptcy Code is designed to protect what you have spent your lifetime accumulating, while giving you relief from your debts. The last thing any Bankruptcy Judge or Trustee wants is to leave someone who filed Chapter 7 Bankruptcy or Chapter 13 Bankruptcy destitute.
Although there are situations where a person who files a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy can lose their home, nearly all people can keep their homes through Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. This is why you need an experienced attorney, like those at Croke & Croke, S.C., to guide you through this process and protect your most valuable assets. Contact us to protect your home, or all us at (414) 539-6184 to allow us to protect your home
(3) I Will Lose My Car or Truck
People need cars and trucks in Wisconsin to get to work, get their children to school, and shop. Giving up your car and relying on the bus is not a realistic option for most people. The Bankruptcy Code reflects this. Most people are allowed to keep their personal vehicle through bankruptcy. After all, how can Bankruptcy help you, if it takes away your ability to work, take care of your children, and live a normal life? See our Guide on Bankruptcy.
(4) I Don't Have Enough Debts
There is no minimum debt requirement to file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy in Wisconsin. People file bankruptcies for many different reasons and with many different amounts of debts. What really matters is that your debts are stopping you from living your life. Whether that is having your energy disconnected, car or truck repossessed, or being hounded by creditors, Chapter 7 Bankruptcy and Chapter 13 Bankruptcy are designed to give a fresh start, and allow you follow your dreams.
Also, if you only have a few debts that are making your life difficult, you may want to look into Chapter 128 Debt Amortization. This is a non-bankruptcy option that will allow you to pay off your debts, in full, over a three year period, with no interest or creditor fees. See our Guide on Chapter 128 Debt Amortization.
(5) I Cannot Afford to File Bankruptcy
Bankruptcy in Wisconsin is more affordable than many think. While the fees for each case are different, for most people attorney fees are less than a month or two of their monthly debt payments. In the end, the cost to file bankruptcy is many times less than the cost of trying to pay your debts off outside of Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. Contact an attorney at Croke & Croke, S.C. at (414) 539-6184 to set up an appointment, or click this link to send us a message.
Originally posted 2/21/15.