All family law courts in the United States place a high importance on a parent's child support obligations. This means that child support cannot be discharged in any type of bankruptcy. In other words, courts always expect parents to pay their support obligations regardless of their financial situations.
You probably already know how difficult it is to stay ahead in the nation's economic environment. Despite your very best efforts, you may have reached the conclusion that bankruptcy is the only way to address your financial hardships. While it can be a sad realization, you are in good company as many other Wisconsin residents are in the same situation.
If you are like most residents in the Appleton region of Wisconsin, filing for bankruptcy is the last debt relief solution on your list of options. People naturally fear bankruptcy even though it does not carry the stigma it once did. When you realize that this option is your best choice, you must then decide whether to pursue a chapter 7 or a chapter 13 bankruptcy.
You know that non-exempt property matters a lot in a Chapter 7 bankruptcy case. After all, that is a liquidation case, so that property may be sold off to pay the debt. Exempt property is what you get to keep.
You work for yourself, and you have for five years. You have a stable income, but you overestimated how much debt you could afford. You're thinking of using Chapter 13 bankruptcy.
Bankruptcy is a process designed to offer those who qualify a fresh financial start. Different types are available, but one of the more common is a chapter 13 bankruptcy petition.
After an Appleton, Wisconsin, resident files for bankruptcy under Chapter 13, that person may obtain a discharge for the bankruptcy court before moving ahead with a clean slate. Therefore, understanding how the Chapter 13 discharge process works is very important. According to federal bankruptcy law, a Chapter 13 discharge can be either a normal discharge or may be due to hardships faced by the debtor. In both cases, a debtor is relieved of debt by the court, enabling that debtor to make a fresh financial start.
Day-to-day management of finances may not be everyone's cup of tea. Keeping track of expenses and cash inflow, payments, receipts and budgets can be confusing, as any Outagamie County, Wisconsin, resident may know. Dealing with high levels of debt and considering whether to file for bankruptcy can be highly daunting challenges which unfortunately need to dealt with, especially if no other options exist.
Most people know about the bankruptcy law that helps people liquidate their assets in order to pay off their debt, known as Chapter 7. But, some people may not know that they could be able to reorganize their debts under Chapter 13 bankruptcy law, which is sometimes preferable to Chapter 7 bankruptcy. A Chapter 7 bankruptcy may use all of the filer's assets to repay debt. Chapter 13 bankruptcy, however, helps reorganize the filer's existing assets and debts in order to regain a firm financial footing.
A Wisconsin resident may easily agree that filing for bankruptcy is an important decision that could affect one's self-image and one's personal financial status. Various provisions are made under the law for filing for bankruptcy in the United States. Under Chapter 13 bankruptcy proceedings, the debtor may undertake reorganization of finances after approval and subsequent supervision of a federal bankruptcy court.