A Wisconsin Chapter 7 bankruptcy proceeding is often described as the liquidation process, where the assets of a business are heavily compromised to repay the debts. The attorneys at Helbing Law Office, L.L.C., with their many years of experience in bankruptcy, have observed that financial and legal problems arise in a bankruptcy proceeding. As a result, many debtors feel that they will lose their dignity if they are forced to file for bankruptcy. They fear that it will appear as though they have stopped trying, and they have been forced to give up. In most cases though, all other options have usually been exhausted before the debtor takes the drastic step of filing for bankruptcy.
There are a lot of advantages to filing for Chapter 7 bankruptcy. With the help of bankruptcy attorneys, it usually helps the debtor start over again after the debts have been discharged under the law. Attorneys can complete a Chapter 7 Bankruptcy proceeding within six months. Such bankruptcy proceedings might even be completed within three months, depending on the facts and merits of the case.
A bankruptcy proceeding can often adversely affect the debtor’s credit for almost a decade. However, the most important thing to note is that not filing for bankruptcy at the right time makes the situation even worse as the debtor’s assets might be repossessed due to defaults in debt repayments.
It is important to understand that some properties and assets are exempt from liquidation in a Chapter 7 Bankruptcy proceeding, including the debtor’s residential property. Often, any property that is bought by the debtor after filing for Chapter 7 is exempt from a bankruptcy proceeding, including any income that might be derived from such properties.
