When it comes to bankruptcy basics, people usually think of it as “being broke,” but most struggle to actually define it. In its simplest form, filing for bankruptcy is asking your creditors, the government and a qualified bankruptcy lawyer for help.
Aside from organizing debts, filing for bankruptcy stops creditor harassment, ends late credit card payments, slows down overdue utility bills, & more.
When filing for bankruptcy, you have an opportunity to present your case to all involved parties. At this time an appropriate financial assessment will determine the best course of action.
Filing Bankruptcy on Your Own
While it is legal to represent yourself when filing for bankruptcy, it’s strongly recommended that you hire a bankruptcy lawyer.
Most people who attempt to file for bankruptcy by themselves end up missing critical details in technical documents, lose more assets and owe more money than they would have with the expertise of a bankruptcy lawyer.
That being said, it’s extremely important to go with a bankruptcy lawyer that you feel 100% confident to represent your financial situation, assets, and best interests.
Filing for Bankruptcy in Illinois vs Wisconsin
Depending on whether you’re filing for bankruptcy in Illinois or Wisconsin, there will be different qualification requirements, processes and proceedings for each state. For example, Chapter 128 is only available to Wisconsin residents.
We have bankruptcy lawyers in Chicago & Milwaukee who help you navigate through navigate each state’s unique bankruptcy laws & loopholes.
How Do I Qualify?
The vast majority of people filing for bankruptcy have to undergo the “Means Test.” This is an evaluation of your finances that focuses heavily on your monthly income.
The Means Test determines whether or not you qualify for Chapter 7 bankruptcy, as individuals above a certain income level won’t.
Chapter 13 bankruptcy helps those who do not qualify for Chapter 7.
Is there a Bankruptcy Alternative?
In Wisconsin, Chapter 128 is a bankruptcy alternative, which is available only to state residents. While not a formal bankruptcy declaration, it has many of the same debt relief features as Chapter 13.
Chapter 128 is usually completed much faster than filing for bankruptcy, and doesn’t involve the same kind of restrictions and penalties as traditional bankruptcy.
How We Help
Every day, Credit Solutions helps people file for bankruptcy in Illinois and Wisconsin. We have conveniently located bankruptcy law firms in Chicago and Milwaukee to best serve you.
Our bankruptcy lawyers specialize in Chapter 128 (Wisconsin only), as well as Chapter 7 and Chapter 13.
Setup your FREE consultation now or ask us a question online.
DISCLAIMER: This site and any information contained herein is intended for informational purposes only and should not be construed as legal advice. Seek legal counsel for advice on any legal matter.