When You Need a Milwaukee Bankruptcy Attorney

You must hire a Milwaukee bankruptcy attorney if you plan to file business bankruptcy. While federal bankruptcy laws do not require you to hire an attorney to file personal bankruptcy, you risk making costly mistakes on your bankruptcy paperwork if you try to file the case without assistance.

If you are willing to go out of business and do not want to involve your personal assets, your attorney will file corporate Chapter 7 bankruptcy. A Milwaukee bankruptcy court trustee will sell any corporate assets such as stocks or real estate and distribute any proceeds among your creditors. You can start a new business once you are out of business Chapter 7.

Chapter 11 is the only type of federal bankruptcy that allows you to combine partial repayment of business and personal debts and protects most of your assets. However, you must hire a Milwaukee bankruptcy attorney to file Chapter 11.

Your attorney will file personal Chapter 7 bankruptcy if you meet Wisconsin low-income guidelines. If you do not meet these guidelines, your attorney will select Chapter 13 bankruptcy. This type of bankruptcy enables you to partially repay your debts and impacts your credit rating for seven years from the date of case filing. On the other hand, Chapter 7 damages your credit rating for 10 years from the date of case filing. These time frames apply even if a Milwaukee bankruptcy judge denies your request, so it’s important to get it right the first time around and seek competent legal assistance from the start.

You cannot include recent tax bills, child support, alimony, court fines, bills incurred right before filing bankruptcy, future debts or any debts related to a crime in any type of Wisconsin bankruptcy case. Your Milwaukee bankruptcy attorney can attempt to convince the case judge to forgive your federal student loans if you are severely disabled.