For many people, the closest they will ever come to bankruptcy is losing the board game Monopoly. Bankruptcy, however, is not a game, it is a serious financial decision that you should know all the facts about before deciding if it is the right move for you to make. If the information here seems relevant to you, we hope that you will call us to schedule a free, in-person attorney consultation at our office in Milwaukee so we can further discuss your situation and determine if chapter 7 bankruptcy is the right decision for you.
Most people who declare personal bankruptcy (as opposed to business bankruptcy) do so under Chapter 7 of the Bankruptcy Code. In a Chapter 7 bankruptcy the court appoints a trustee that liquidates most, but not all, of your assets, and uses the proceeds to pay off most, but not all, of your creditors.
So what assets do you get to keep and what debts are you still going to have after bankruptcy? In typical lawyerly fashion, the answer is it depends.
Your financial situation is not going to be exactly the same as anyone else’s, and the law recognizes that, so it allows you to customize a lot of things about your bankruptcy. In general though, it is probably not going to be possible to save your cabin up North or your Packers tickets. But you may be able to keep your house and your car if you have not fallen too far behind in your payments on them.
Contrary to popular belief, declaring bankruptcy does not get rid of all of your debts. A lot of debt is considered “non-dischargeable,” and you still have to repay it. Examples include student loans and child support. It is possible to renegotiate the terms or work out a payment plan for non-dischargeable debt though, so don’t lose hope if this is the sort of debt you are dealing with.
In Monopoly, when you go bankrupt the banker auctions off all your properties and you and your miniature iron are done, relegated to the sidelines until the game is over. In real life, declaring bankruptcy is a fresh start, not an ending. It is a way to wipe away credit card debt, medical expenses, and other money owed so that you can get back on your feet and move forward instead of spending all of your time worrying about money, avoiding creditors, and struggling to make ends meet.
If you are ready to talk with someone about your financial problems and what options for relief are available to you, please call me, Attorney Mont L. Martin, today at (414)436-8428 to schedule a free, initial consultation at my office in Milwaukee. Chapter 7 bankruptcy is a very serious decision, and an extremely complex area of law, so it is impossible to decide whether it is the right option for you just by reading a website. Please call my office today so we can discuss your situation in more detail.