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Bankruptcy is a legal process that helps individuals or businesses who are unable to pay their debts to get some relief from their creditors. It is a process that can be used to get rid of debts, stop foreclosure, and make things easier for debtors. In the state of Wisconsin, there are several different types of bankruptcy that can be used depending on a person’s financial situation.
Common Forms of Bankruptcy in Wisconsin
The most common type of bankruptcy in Wisconsin is Chapter 7 bankruptcy. Chapter 7 is a liquidation bankruptcy that allows debtors to discharge most of their debts. This type of bankruptcy is often used by individuals who have high levels of debt, and it can help them to get out of debt quickly.
Another common type of bankruptcy in Wisconsin is Chapter 13 bankruptcy. This type of bankruptcy is also known as reorganization bankruptcy, and it allows debtors to reorganize their finances and repay their creditors over time. This type of bankruptcy is often used by individuals who have a steady income and are able to make consistent payments.
Finally, Chapter 11 bankruptcy is another type of bankruptcy that is available in Wisconsin. This type of bankruptcy is used by businesses to reorganize their finances and repayment plans. This type of bankruptcy is often used by businesses that have a lot of debt, and it can help them to keep their business running while they work to repay their debts.
No matter which type of bankruptcy you choose, it’s important to understand the process and how it can help you. Bankruptcy can be a difficult process, but it can also be a helpful tool for getting out of debt and getting a fresh financial start. If you are considering bankruptcy in Wisconsin, it’s important to speak with a knowledgeable attorney to ensure that you understand all of your options.
Are You Looking for a Wisconsin Attorney?
Making the decision to file for Chapter 7 bankruptcy in Wisconsin is a personal one and depends on what your current situation is. Our team at Kingstad Law has over 40 years of experience and can help you with our free consultation to see if this is the right choice for you. Attorney David Kingstad patiently and skillfully guides each and every one of his clients through the bankruptcy process, helping them earn the “fresh start” they truly deserve while preserving their dignity and livelihoods. Feel free to call us at (414) 281-5500.