Experienced Milwaukee Bankruptcy Attorneys

Over 18 Years Experience Helping Clients Navigate the Tough Decision for Filing for Bankruptcy and Relieving their Debts

What is a bankruptcy attorney?

A bankruptcy attorney is a legal counselor that works in the insolvency procedure, and is knowledgeable on the different kinds of liquidation, recording the necessary archives with the court and issues with lenders.

You did everything you possibly could to avoid it. You cut back on spending. You sold stuff to make payments. But even with all your efforts, you’ve come to one painful conclusion—you may have to file for bankruptcy.

Bankruptcy is still very confusing to many. Besides the emotional stress, filing for bankruptcy is a serious decision as well. Therefore, it is best to contact a trusted bankruptcy attorney to guide you through the process and help make the best of the difficult situation. At Strouse Law in Milwaukee, our attorneys specialize in the entire bankruptcy process and will help you navigate your situation.

 

What is Bankruptcy?

Bankruptcy is a legal process where a person (or a business) attempts to relieve themselves of or restructure their debts. In Wisconsin, this can be achieved for an individual through chapter 7 bankruptcy, chapter 13 bankruptcy, or by what is called a state action 128 in Wisconsin. It is a formal declaration of an entity’s inability to repay debts. Depending on a person’s situation, they may not be able to file a Chapter 7 Bankruptcy. This method can enable a person to start over by wiping out most or all debts.

There are restrictions for this form of bankruptcy. A person cannot have a lot of assets and file Chapter 7. In addition, certain assets may be forced to be liquidated in order for a person to successfully go through this process. When a person is unable to file chapter 7 or would like to simply restructure his/her debts, a State Action 128 or Chapter 13 Bankruptcy is used. Both devices involve negotiated payment plans with creditors. There are time limits for each method.

Filing a Chapter 13 or State Action 128 can allow a person to keep their assets and resolve a troubling situation.

Chapter 13 vs Chapter 7 Bankruptcy Infographic

Now, there are two broad categories of bankruptcy:

  • Personal Bankruptcy: student loans, child support and alimony, expensive buying
  • Business Bankruptcy: Government debts like taxes, fines, or penalties.

What do I need to do before filing for Bankruptcy?

  • Paperwork organizing
  • Financial coaching may be helpful
  • Get professional advice from trusted bankruptcy attorneys like Strouse Law

What Strouse Law Can Do For You

  • Absolutely free consultation with one of our lawyers before you are charged for any services.
  • Every family needs a home, and Attorney Paul Strouse will help you with bankruptcy protection. We will make sure that you stay comfortably in the home.
  • In most cases, high car payments contribute to an individual’s bankruptcy. Strouse Law will help you negotiate a lower monthly payment.
  • Immediate relief from harassing bank and bill collectors through Chapter 7, Chapter 13, or State Action 128.
  • We provide each our clients with constant support during the process.

We can also help with:

  • Stopping Bill Collectors
  • Stopping Law Suits
  • Stopping Repossessions
  • Stopping Foreclosures
  • Negotiating Past Due Taxes
  • Stopping Garnishments
  • Help With Student Loans

We suggest that you stay away from myths and rumors. Get in touch with professionals to guide you through the process. If you’re facing the decision of filing for bankruptcy in Milwaukee, reach out to Strouse Law for a free consultation.

Should A Person File For Bankruptcy?

Deciding whether or when to file bankruptcy requires significant thought. A person needs to look at where they are in life in regards to work/income, age, family status, cash reserves, retirement goals, and other factors. If a person is looking at unconquerable debts, bankruptcy may be the only solution. Unsecured (credit card) debts are frequently the target of bankruptcies.

Many times, people get in financial trouble through excessive balances on their cards. When a person is deciding whether to pursue bankruptcy to wipe out debt, this could be coupled with an investment strategy for a person to redirect funds that would have been used for debt repayment to fund a retirement account. Or, if that person feels that they cannot afford important educational, family, or other important expenses without debt relief, bankruptcy could be the solution.

Filing bankruptcy is a tough and emotional decision. However, when a person is backed into a corner because of insurmountable debts, he or she may need to choose a bankruptcy plan that either eliminates debt or restructures it into affordable payments. It all depends on what assets a person has and what his or her goals are. Outside of filing bankruptcy, a person could contact a consumer credit counselor (CCC) to try and restructure and/or renegotiate debts. This includes making a monthly budget. The counselor could get a person’s interest rates reduced in order to help make payments more realistic.

Facing Bankruptcy in Milwaukee? Get Strouse Law on Your Side!

If you’re dealing with the tough decision of filing for bankruptcy, a quality attorney that specializes in bankruptcy law is worthwhile! Schedule a free consultation and let our Milwaukee bankruptcy attorneys help you get relief.

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