Chapter 13 Bankruptcy Attorney Milwaukee WI

If you are struggling with debt, filing for bankruptcy may be a way for you to start fresh.  There are various types of personal bankruptcy including Chapter 7, in which many of your assets are liquidated and many of your debts paid off from the proceeds.  But, there is another type of bankruptcy that may be more suited to your situation.  This type of bankruptcy is Chapter 13.  Filing for bankruptcy under Chapter 13 allows you to reorganize your debt, and your life, so that you can get back on your feet. If you are in the Milwaukee, Wisconsin area, I can help you decide if Chapter 13 is right for you and represent you in your bankruptcy proceeding.

Filing for bankruptcy under Chapter 13 allows you to call time out and huddle up with a team of financial advisors so that you can tackle your debt without giving up a lot of assets (like you have to do when you file for bankruptcy under Chapter 7). During the time out you get a break from paying your debts, but all the contracts you have stay in place, and the time out doesn’t count as a breach. You use the time out to work with your attorney, financial advisors, and the court to craft a repayment plan that allows you to catch-up on the debts that you owe over a set period of time, typically three to five years. 

While the plan is in place, you are required to make fixed payments to the court-appointed trustee, who then distributes the money to your creditors. If you keep up with the payments, your creditors generally do not harass you about your debt, attempt to sue you, or garnish your wages. Debtors also cannot foreclose on you, so this is a great way to save your house if your lender is threatening foreclosure. 

At the end of the repayment period, many of your unsecured debts (such as credit card debt and medical expenses) are discharged. Others debts (like student loan debt and taxes) remain in place, but you should be in a position to pay them off since your repayment plan will have put you in a better financial place. 

If you don’t stick with the repayment plan, the court may dismiss your case, or convert it into a Chapter 7 bankruptcy. If this happens you will lose the protections the repayment plan provided, and will be prevented from filing for bankruptcy again for several years. 

Chapter 13 bankruptcy might be best course of action for you. Reorganizing your debt, getting advice from a financial advisor, and having some debts wiped out can be the help you need to put you on the right track. As an attorney with over 30 years of experience helping Milwaukee area residents work their way through the bankruptcy system, I have helped hundreds of clients overcome their financial difficulties and get on with their lives. If you are ready to talk with someone about what your options are, please call me, Attorney Mont L. Martin, today at (414)436-8428 to schedule a free, initial consultation.

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933 North Mayfair Road , Suite 107, Milwaukee, WI 53226
| Phone: 414-436-8428

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933 North Mayfair Road, Suite 107, Milwaukee, WI 53226
| Phone: 414-436-8428