When economic times are bad, many people have questions about how to deal with their financial problems. Which solution is easiest? Which will cause the least long-term harm? Which will cost the least amount of money in the long run? How can you get the answers to these dilemmas? In Wisconsin, a bankruptcy attorney has the answers you need. A competent bankruptcy lawyer can lead you through the process to an optimal finale. As an extra added bonus, you will emerge from the process equipped with the knowledge needed to handle your future finances with skill. What are your options when you decide to get help with your financial problems? A good bankruptcy lawyer can present you with the viable options and help you to select the one that will work best for you. Three options are debt settlement, Chapter 7, and Chapter 13.
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Debt settlement is the simplest, least drastic solution. When you opt for debt settlement, your lawyer can work with you and your creditors to work out a plan for your entire debt total to be paid off. The creditors would prefer payment to bankruptcy. This fact provides the lawyer with some leverage on your behalf. As the lawyer works with the creditors to build a plan, he or she can present the prepared schedules for bankruptcy as a means of working out the most advantageous plan for you. On some occasions, a large payment may be required. If this is a viable possibility for you, the lawyer can work out the details with you.
If debt settlement cannot work for you, the next decision is which type of bankruptcy is best for you. In many ways and in many situations, Chapter 13 is the option for you. The first requirements are a small fee and some classes. The first class is the same one that is provided to people pursuing debt settlement. The second is the 341 creditor meeting. During this meeting, the meeting normally consists of the lawyer, the debtor, and the bankruptcy trustee. (Creditors do not always attend.) During this meeting, the bankruptcy plans are laid out so that everyone has all the facts. These facts include the reason for the bankruptcy filing and the list of all debts. Third is a financial management course. The value of these meetings should be obvious if your goal is to get a new start and handle your money responsibly in the future. The goal of Chapter 13 is for you to repay an agreed-upon portion of all debts.
If the financial problems are extreme, Chapter 13 may not be the best choice. In these instances, Chapter 7 will be the answer. For this option, the same meetings and classes are also required. The main characteristic of Chapter 7 is that the debts are not paid back-they are wiped clean. Under this plan, you can keep assets such as your home, car, and personal property as long as their value does not exceed the bankruptcy exemptions that you are allowed to take. On the other hand, you are not able to escape certain debts, some of which include taxes owed to the IRS or state, student loans, alimony, and maintenance or support payments.
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