A Chapter 7 Bankruptcy will discharge or eliminate most kinds of unsecured debts, such as: credit cards, medical bills, utilities, pay day loans, and personal loans.
Certain debts are not dischargeable, such as: certain taxes, child support, and student loans (except under undue hardship). This is not a complete list of dischargeable and non dischargeable debts.
A Chapter 7 can also: stop garnishments, stop creditor harassment, keep your utilities connected or prevent them from getting disconnected, reinstate your driver’s license, and stop lawsuits, all while typically allowing you to keep all of your property.
A Chapter 13 Bankruptcy is a consolidation or reorganization of debts. Through a Chapter 13, you can repay your debts over the course of a 3-5 year plan. A debtor must have a regular source of income, and be able to afford basic living expenses as well as the monthly Chapter 13 payment.
In most cases, unsecured debts can be significantly reduced and are paid without interest. Under certain circumstances, even a car loan can be greatly reduced. As long as the debtor completes the Chapter 13 plan, the remaining dischargeable debts will be eliminated.
A Chapter 13 Bankruptcy is a powerful tool for stopping foreclosure, vehicle repossession, creditor harassment, and student loan garnishments. It is also a great alternative for those who do not qualify for a Chapter 7 for various reasons including the means test or those with nonexempt property.
Bay Bankruptcy LLC specializes in emergencies. Need to stop an immediate utility disconnection? Need to get your driver's license back and can not wait 6 months or more? We have a proven process that ensures quick and efficient filing while maintaining accuracy.
We will do what we can to accommodate family members that need to join on your scheduled appointment date.
General Bankruptcy Index / Reference List
Wisconsin Chapter 128 / Debt Negotiation
If you and your spouse are considering a divorce and have a lot of debt, a bankruptcy filing before starting a legal divorce proceeeding is a very good strategy.
Filing the bankruptcy first and eliminating the dischargeable debts, can in most circumstances greatly simplify a divorce. This can make it easier to negotiate how any remaining debts should be divided, and protect you should your ex spouse ever decide to file bankruptcy sometime in the future.
If only a few months behind, it may seem impossible to catch up with added attorney fees, late fees and miscellaneous fees. Even when you try and make a payment, they just send it back to you.
A Chapter 13 may facilitate keeping your home, or a Chapter 7 may elimiate a deficiency balance and buy a little more planning time.
“Because of her low overhead and practive of working directly with her clients, I was able to talk with (Amy) every time I called or emailed her with a question, which was probably over 30 times during the several month personal bankruptcy process. This is critical to getting thru this confusing and stressful process with minimal anxiety.”
“My life was crashing down around me and I was afraid of the past and unsure about the future. Then I met Amy Truran of Bay(shore) Bankruptcy. It was so unlike any other meeting I have had. She was kind, attentive, friendly, confident, open and knowledgeable......Amy and Bay(shore) Bankruptcy are a class act and if you want it done right the first time, work with Amy Truran.”
“My husband and I were forced to file bankruptcy due to bad financial decisions on both our parts before getting married to each other.
We found Amy to be personable, competetent in all areas of the bankruptcy, a professional of the highest calibre and best of all, non-judgmental about our decision to file BK.
We cannot recommend a better attorney than Amy Truran.”