If you are swimming in debt and unable to afford your monthly demands, Chapter 13 might be a good option for you. With Chapter 13 bankruptcy, your debt is reorganized to an affordable payment that is paid to a trustee.
Have you ever considered bankruptcy and then wondered if you qualified? Many Wisconsin working individuals who struggle with debt believe they own or make too much to qualify for bankruptcy. If that is you, you will want to read on.
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.