There are many times when what a person owes and what they make, leaves them in a financial crisis. Job lose, medical emergencies or unexpected death can leave a person(s) with a lack of monetary resources. A bankruptcy attorney in the Milwaukee WI area can help individuals who have fallen behind and can no longer make even the minimum payments to their creditors. They can offer clear legal guidance on what to expect every step of the way.When considering bankruptcy, seeking the assistance of a licensed attorney is advisable, even if someone decides against bankruptcy later.
An attorney can describe the two types of bankruptcy that a person can file along with the steps that will be taken. Some will qualify for a Chapter 7 bankruptcy that will wipe clear all unsecured debt, and help to protect assets such as a home or vehicle. Other times a person will qualify for Chapter 13, which is a restructuring of the amount owed to all creditors with new payment arrangements being negotiated between the courts and the entities a person owes. A Bankruptcy Attorney in Milwaukee WI can determine what chapter of bankruptcy a person(s) qualifies for and handle all the necessary paperwork to submit to get the process started.Filing for bankruptcy offers individuals’ protection in many cases against harassing phones calls, garnishments and some types of liens placed on property and assets.
Clients will be asked to provide a listing of all their debts and account numbers, as well as any and all assets to provide to the courts. Customers will then submit paperwork on the property they want to have the courts consider exempt, for example, the home or vehicles. There are also things that cannot be considered when filing bankruptcy, student loan through the Department of Education, Alimony and child support. Anyone making payments for these reasons must continue to do so as they will not be forgiven.
Hiring a Bankruptcy Attorney is the best thing for anyone who has debt that is out of control. Attorney’s versed in bankruptcy law can help to get the process going and file the necessary documentation needed for the courts. They know how to negotiate settlements with creditors for their clients and can represent them in the bankruptcy courts. A good attorney has proper knowledge of all the new laws concerning bankruptcy and can get the right judgments for their clients.