Is Chapter 7 Bankruptcy Right for You in Wisconsin?

If you’re struggling with debt in Wisconsin, you may be considering filing for bankruptcy. One of the most common types of bankruptcy is Chapter 7 bankruptcy, which allows you to discharge certain debts and start over with a clean slate. But before you decide to file for Chapter 7 bankruptcy, it’s important to understand what it entails and whether it’s the right choice for you.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy allows you to discharge certain debts. This means that after filing for Chapter 7 bankruptcy, you no longer have to pay back these debts. The types of debts typically discharged in Chapter 7 bankruptcy include credit card debt, medical bills, personal loans, and other unsecured debts.

How Does Chapter 7 Bankruptcy Work?

When you file for Chapter 7 bankruptcy in Wisconsin, you will need to provide the court with a list of all of your assets and liabilities. This list will be used to determine how much of your debt can be discharged. After the court evaluates your assets and liabilities, they will issue a discharge order which states which debts can be discharged and which debts cannot be discharged.

After the discharge order has been issued, you no longer will have to pay back the debts that have been discharged. You will however have to pay any debts that were not discharged. 

What are the Benefits of Chapter 7 Bankruptcy?

The main benefit of filing for Chapter 7 bankruptcy is that it can help you get out of debt and start over with a clean slate. By discharging certain debts, you will no longer have to worry about making payments or dealing with creditors. Additionally, filing for Chapter 7 bankruptcy can help you rebuild your credit score over time.

Is Chapter 7 Bankruptcy Right for You?

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.