Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Madison, United States Attorneys in related practice areas.
Bankruptcy & Debt law in Madison falls under the jurisdiction of both federal and Wisconsin state laws. If you are unable to repay your debts, filing for bankruptcy might be a viable option. This might allow you to eliminate all or part of your debt, or it may help you to repay a portion of what you owe over time. However, various types of bankruptcy exist, such as Chapter 7 and Chapter 13. The right one for your situation will depend on various factors, like your income, assets, and the type of debt you have.
Filing for bankruptcy comes with complexities. Navigating bankruptcy law can often be overwhelming. A bankruptcy lawyer can guide you on the best time and type of bankruptcy to file, help you protect important assets, represent you at creditor meetings, and ensure your rights are protected throughout the process. Moreover, if you're dealing with persistent or aggressive debt collectors, coming under wage garnishment, or facing lawsuits over outstanding debts, speaking with a lawyer can help you explore your legal options.
In Madison, debtors are allowed to protect certain assets through exemptions. These can make a significant difference in your bankruptcy case. Some of the exemptions are state-specific, such as the availability of a state homestead exemption that allows you to protect some equity in your primary residence. Moreover, Wisconsin consumer act and Fair Debt Collections Practices Act obligations regulate the behaviour of debt collectors. Understanding local laws, exemptions, and debtor rights can be intricate, hence having legal assistance can be beneficial.
Chapter 7 Bankruptcy essentially wipes out your general unsecured debts without a repayment plan, but not everyone qualifies for it. Conversely, Chapter 13 Bankruptcy incorporates a repayment plan of 3 to 5 years to pay off all or parts of your debts.
No, not all types of debts can be discharged in bankruptcy. Some non-dischargeable debts include most student loans, child support, alimony, and some tax debts.
Yes, temporarily. Filing for bankruptcy initiates an 'automatic stay' that temporarily halts actions by creditors, including foreclosure or eviction proceedings.
Bankruptcy can negatively impact your credit score and remain on your credit report for 7-10 years, depending on the bankruptcy chapter. However, over time, the impact reduces, and there are strategies to rebuild your credit post-bankruptcy.
This depends on the exemption laws in your jurisdiction and whether you're current on your payment. In many cases, you can keep your property, but it's important to discuss specific details with a legal professional.
The United States Courts website is a great resource for understanding different aspects of federal bankruptcy laws. The Wisconsin State Law Library website provides general information about Wisconsin state laws, including state exemptions related to bankruptcy. The State Bar of Wisconsin may also have resources and lawyer referrals available.
As a first step, you should find a reputable, experienced bankruptcy attorney who can guide you through the process. They will evaluate your financial situation and advise you on whether bankruptcy is the right option, and if so, what type. Remember to gather as much information as possible about your debts, assets, income and expenses to help the initial consultations be more productive.
