Everyone can file for personal bankruptcy as long as that person is experiencing financial difficulties. In many cases, the creditors are the ones who file for bankruptcy. However, Wisconsin residents often file for bankruptcy themselves. Such a situation is known as a pro se personal bankruptcy filing. Debtors who file for personal bankruptcy often consult an attorney who specializes in that type of case.
Filing for pro se bankruptcy often comes with legal complexities. Many people are not aware of all of the aspects and legal formalities required for a personal bankruptcy filing. While there is no minimum debt default requirement in order to file for personal bankruptcy, the courts often look into the amount of debt that the person owes to the creditors in order to decide if the debtor qualifies for a pro se bankruptcy filing.
Wisconsin law offers various options for bankruptcy. A debtor may find it beneficial to consult a financial advisor and a bankruptcy attorney in order to understand which bankruptcy option to choose. However, the debtor should not consider any bankruptcy filing options unless the debts are so out of control that the debtor is unable to pay those debts without compromising or selling off some major assets, such as business assets or the person’s home.
Filing for various forms of bankruptcy according to existing statutes may also come with court fees that the person is obligated to pay. People who feel compelled to file for bankruptcy by definition are struggling with their finances. Therefore, researching bankruptcy laws with the help of a professional might be essential in determining a successful methodology so that the person can choose the most appropriate option.
Source: WIEB.USCourts.gov, “United States Bankruptcy Court,” Accessed on May 12, 2015