If you’re considering filing bankruptcy in Milwaukee, WI, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

Filing for bankruptcy in Milwaukee, Wisconsin, or anywhere else in the United States, is a complex legal process that is subject to federal laws and regulations. Bankruptcy is designed to provide individuals and businesses with a fresh financial start when they are overwhelmed by debt. To determine if you are qualified to file for bankruptcy in Milwaukee, WI, you need to understand the eligibility criteria, types of bankruptcy, and the process involved.

Eligibility Criteria:

There are two main types of bankruptcy that individuals commonly file for: Chapter 7 and Chapter 13. Each has its own set of eligibility requirements.

1. Chapter 7 Bankruptcy:

Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, allows you to discharge most of your unsecured debts, such as credit card debt and medical bills. To qualify for Chapter 7 bankruptcy in Milwaukee, you must meet certain criteria:

• Means Test: You need to pass the means test, which evaluates your income and expenses. If your income is below the Wisconsin median income for your household size, you generally qualify for Chapter 7. If your income is higher, your eligibility may depend on your disposable income and other financial factors.
• No Recent Chapter 7 Discharge: You cannot file for Chapter 7 if you have received a discharge in a Chapter 7 case within the past eight years or a Chapter 13 discharge within the past six years.
• Good Faith Filing: You must file for Chapter 7 in good faith, meaning you cannot be attempting to abuse the bankruptcy system.

2. Chapter 13 Bankruptcy:

Chapter 13 bankruptcy involves creating a repayment plan to pay off your debts over a three to five-year period. To qualify for Chapter 13 bankruptcy in Milwaukee, you must meet certain criteria:

• Regular Income: You need to have a regular source of income to fund the repayment plan.
• Debt Limit: Your unsecured debts have limits which are subject to change with inflation adjustments).
• Previous Filings: There are time limits between previous bankruptcy filings. You cannot file for Chapter 13 if you received a Chapter 7 discharge within the last four years or a Chapter 13 discharge within the last two years.

Process of Filing for Bankruptcy:

Once you determine your eligibility, the bankruptcy process in Milwaukee, WI, involves several key steps:

1. Credit Counseling: Before filing, you must complete a credit counseling course from an approved agency. This course helps assess your financial situation and explore alternatives to bankruptcy.
2. Filing Bankruptcy Petition: You or your attorney will file a bankruptcy petition with the U.S. Bankruptcy Court in Milwaukee. You’ll need to provide detailed information about your income, expenses, assets, debts, and financial history.
3. Automatic Stay: Upon filing, an automatic stay goes into effect, which prohibits creditors from pursuing collection activities like wage garnishment, foreclosure, or repossession.
4. Meeting of Creditors: You will attend a meeting of creditors, also known as the 341 meeting, where you’ll answer questions about your financial situation. Creditors have the opportunity to attend and ask questions but rarely do.
5. Chapter 7 Discharge or Chapter 13 Plan: If you’re eligible for Chapter 7, your eligible debts will be discharged, usually within a few months. In Chapter 13, you’ll propose a repayment plan, which must be approved by the court. You’ll make monthly payments to a trustee, who will distribute them to creditors.
6. Financial Management Course: After filing for bankruptcy, you must complete a financial management course to receive your discharge.
7. Chapter 13 Discharge: Upon successful completion of your Chapter 13 repayment plan, you’ll receive a discharge of your remaining eligible debts.

Moreover, bankruptcy laws are complex and subject to change, so consulting with an experienced bankruptcy attorney in Milwaukee, WI, is strongly recommended. An attorney can help you navigate the legal process, understand your options, and determine the best course of action for your unique financial situation.

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Do You Need a Lawyer to File For Bankruptcy in Milwaukee, WI?

Filing for bankruptcy in Milwaukee, Wisconsin, or any other location in the United States is legally possible without an attorney, but it’s often highly advisable to have legal representation due to the complexity of bankruptcy laws and the potential long-term consequences of your filing.

Here are some key points to consider when deciding whether or not to hire a lawyer to file for bankruptcy:

1. Understanding Bankruptcy Laws:

Bankruptcy law is intricate and multifaceted, with numerous rules and regulations that can be challenging for a layperson to navigate. A bankruptcy attorney in Milwaukee is well-versed in the intricacies of both federal and state bankruptcy laws. They can help you understand the different chapters of bankruptcy (Chapter 7, Chapter 13, etc.), eligibility criteria, exemptions, and how these laws apply to your specific situation.

2. Determining the Best Bankruptcy Chapter:

One of the crucial decisions when filing for bankruptcy is choosing the appropriate chapter. A skilled bankruptcy lawyer can assess your financial circumstances and recommend the chapter that best suits your needs. For example, they can help you decide between Chapter 7, which involves liquidation, or Chapter 13, which involves a repayment plan.

3. Completing Required Documentation:

Bankruptcy involves extensive paperwork and documentation, including the bankruptcy petition, schedules of assets and liabilities, income and expense statements, and more. An attorney can assist you in accurately completing these forms to ensure that you disclose all relevant information to the court.

4. Protecting Your Assets:

Wisconsin has its own set of bankruptcy exemptions that determine what property you can keep when filing for bankruptcy. A bankruptcy lawyer in Milwaukee can help you make the most of these exemptions to protect your assets. If you make mistakes in this process, you might risk losing property that you could have otherwise kept.

5. Avoiding Costly Mistakes:

Bankruptcy errors can have severe consequences, including the dismissal of your case or the denial of a discharge. Hiring an attorney can help you avoid common mistakes such as failing to attend mandatory meetings, failing to disclose all assets and debts, or attempting to hide assets.

6. Navigating the Legal Process:

Bankruptcy involves court appearances, meetings, and negotiations with creditors. An experienced attorney can represent your interests, negotiate with creditors, and ensure you are treated fairly throughout the process. They can also guide you through the mandatory credit counseling and financial management courses.

7. Handling Complex Situations:

If your bankruptcy case involves complications, such as tax debts, student loans, or allegations of fraud, an attorney’s expertise becomes invaluable. They can help you address these complex issues and work to find the best solutions.

8. Minimizing the Impact on Your Credit Score:

While bankruptcy will affect your credit score, an attorney can help you navigate the process in a way that minimizes the damage. They can provide guidance on rebuilding your credit after bankruptcy.

9. Providing Peace of Mind:

Bankruptcy is a stressful and emotional process. Having a lawyer by your side can provide peace of mind, knowing that you have a legal advocate who will work in your best interests and ensure that you follow the necessary steps correctly.

While it’s technically possible to file for bankruptcy without an attorney in Milwaukee, WI, it’s a risky proposition due to the complexities and potential consequences involved. Bankruptcy lawyers have the knowledge and experience to help you make informed decisions, protect your assets, and navigate the legal process effectively. Given the importance of your financial future, it’s often advisable to consult with a bankruptcy attorney before proceeding with a bankruptcy filing. Their expertise can help ensure that you achieve the best possible outcome for your specific circumstances.

Cost to File Chapter 7 Bankruptcy in Milwaukee, WI

The cost to file Chapter 7 bankruptcy in Milwaukee, Wisconsin, consists of several fees and expenses. It’s essential to understand these costs when considering bankruptcy as they can significantly impact your financial situation.

Here’s a breakdown of the main expenses associated with filing for Chapter 7 bankruptcy:

1. Attorney Fees: One of the most significant costs of filing for Chapter 7 bankruptcy is hiring an attorney. While you have the option to file bankruptcy without an attorney (pro se), it is highly recommended to have legal representation due to the complexity of bankruptcy laws. Attorney fees can vary depending on the complexity of your case, but they typically range from $1,190 to $2,780 or more. It’s crucial to discuss fees with your attorney during your initial consultation.
2. Filing Fee: The United States Bankruptcy Court charges a filing fee to submit your bankruptcy petition. This fee may change over time due to inflation adjustments, so it’s essential to check the most recent fee schedule on the court’s website.
3. Credit Counseling and Financial Management Course Fees: Before and after filing for bankruptcy, you are required to complete credit counseling and financial management courses from court-approved agencies. These courses typically cost around $58 to $118 each. Some agencies offer fee waivers or reduced fees for individuals with low incomes.
4. Credit Report Fees: You may need to obtain a copy of your credit report to provide accurate information when filing for bankruptcy. Credit reports from the three major credit bureaus (Equifax, Experian, and TransUnion) can cost around $13 to $25 each.
5. Miscellaneous Costs: Depending on your circumstances, there may be additional expenses, such as notary fees for signing documents, postage for mailing required notices, and document copying costs. These costs can vary but are generally not prohibitively high.

It’s essential to note that if you cannot afford the Chapter 7 filing fee or the credit counseling and financial management course fees, you may be eligible for fee waivers or reduced fees based on your income. You will need to complete the necessary forms and provide documentation to demonstrate your eligibility for such waivers. Additionally, many bankruptcy attorneys in Milwaukee, WI, offer payment plans or sliding-scale fees to help individuals who are struggling financially to access legal representation.

Cost to File Chapter 11 Bankruptcy in Milwaukee, WI

Filing for Chapter 11 bankruptcy in Milwaukee, Wisconsin, is a complex and costly process primarily designed for businesses, but individuals with significant debts may also use it in certain situations. Chapter 11 bankruptcy involves the reorganization of a debtor’s finances and operations to repay creditors while continuing business operations. The costs associated with Chapter 11 bankruptcy can be substantial due to its complexity and the involvement of legal and financial professionals. Here’s a breakdown of the main expenses:

1. Attorney Fees: Hiring an experienced bankruptcy attorney is crucial in a Chapter 11 case. The complexity and potential for disputes make legal representation essential. Attorney fees can vary widely based on the complexity of the case, the size of the business or individual’s estate, and the attorney’s hourly rates. In a typical Chapter 11 case, attorney fees can range from tens of thousands to hundreds of thousands of dollars.
2. Filing Fee: The filing fee for a Chapter 11 bankruptcy case in Milwaukee, WI, is $1,975. However, bankruptcy court filing fees can change, so it’s essential to check the current fee schedule on the court’s website.
3. U.S. Trustee Fees: In a Chapter 11 case, the U.S. Trustee’s Office assesses quarterly fees based on the debtor’s disbursements. These fees can be substantial and vary depending on the disbursements made during the case.
4. Professional Fees: In complex Chapter 11 cases, debtors often need to hire additional professionals, such as financial advisors, accountants, appraisers, and turnaround consultants. These professionals provide essential expertise in restructuring the debtor’s finances. Their fees can also be significant and depend on the scope of their work.
5. Operating Expenses: During the Chapter 11 process, the debtor must continue operating its business. This includes covering ongoing operating expenses such as rent, utilities, employee salaries, and inventory costs. These expenses can add up, especially if the business is struggling.
6. Credit Counseling and Financial Management Course Fees: Like other bankruptcy chapters, Chapter 11 filers must complete credit counseling and financial management courses, which can cost around $58 to $120 each.
7. Creditors’ Committee Expenses: In some Chapter 11 cases, a creditors’ committee is formed to represent the interests of unsecured creditors. The debtor may be responsible for paying the reasonable expenses of the committee, including legal and financial advisor fees.
8. Plan Confirmation Costs: The process of developing and confirming a Chapter 11 reorganization plan can be lengthy and costly. Debtor’s counsel and other professionals involved in plan development will incur additional fees during this phase.

Given the complexity and high costs associated with Chapter 11 bankruptcy, it’s crucial to consult with experienced bankruptcy professionals in Milwaukee, WI, to assess the viability of your case and to develop a strategic plan for addressing your financial challenges. These professionals can provide a more accurate estimate of the costs specific to your situation. Additionally, it’s important to stay updated on any changes in filing fees and other expenses by checking the latest information on the bankruptcy court’s website or consulting with your attorney.

Cost to File Chapter 13 Bankruptcy in Milwaukee, WI

Filing for Chapter 13 bankruptcy in Milwaukee, Wisconsin, is an option for individuals who want to reorganize their debts and create a manageable repayment plan. The cost of filing for Chapter 13 bankruptcy includes several fees and expenses that are important to understand before proceeding with your case:

1. Filing Fee: The filing fee for a Chapter 13 bankruptcy case in Milwaukee, WI, is $370. This fee may change over time due to inflation adjustments, so it’s essential to check the most recent fee schedule on the court’s website.
2. Attorney Fees: Hiring an experienced bankruptcy attorney is highly recommended when filing for Chapter 13 bankruptcy. Attorney fees for Chapter 13 cases can vary depending on your location, the complexity of your case, and the attorney’s hourly rates. On average, you can expect to pay between $3,520 to $4,950 in attorney fees for a Chapter 13 case. Some attorneys may offer payment plans to help make their services more affordable.
3. Credit Counseling and Financial Management Course Fees: Before and after filing for Chapter 13 bankruptcy, you are required to complete credit counseling and financial management courses from court-approved agencies. These courses typically cost around $60 to $120 each. Some agencies offer fee waivers or reduced fees for individuals with low incomes.
4. Chapter 13 Trustee Fee: In a Chapter 13 case, a trustee is appointed to oversee your repayment plan. The trustee’s fee is typically calculated as a percentage of the payments made under your plan. This fee is built into your monthly plan payments and does not require a separate upfront payment.
5. Miscellaneous Costs: Depending on your specific circumstances, there may be other costs involved, such as notary fees for signing documents, postage for mailing required notices, and document copying costs. These expenses can vary but are generally not prohibitively high.
6. Plan Payments: Under a Chapter 13 repayment plan, you’ll make monthly payments to the Chapter 13 trustee. The amount of these payments will depend on your income, expenses, and the terms of your plan. The total amount you repay to creditors through your plan will also vary based on your unique financial situation.

While filing for Chapter 13 bankruptcy involves costs, it can provide individuals with a structured plan to repay their debts and protect their assets. Consulting with an experienced bankruptcy attorney in Milwaukee, WI, is strongly recommended to ensure that you understand the total cost of your bankruptcy filing and to receive guidance on navigating the process effectively.

Reliable Bankruptcy Attorneys in Milwaukee, WI

Below is a list of reputable bankruptcy attorneys in Milwaukee, WI. They can help you with both personal and business bankruptcy information.

Bankruptcy Law Office of Richard A. Check S. C.
757 N Broadway # 401, Milwaukee, WI 53202, United States

Peter Francis Geraci Law L.L.C.
4550 S 27th St, Milwaukee, WI 53221, United States

Lombardo Law Office
2230 S 108th St, Milwaukee, WI 53227, United States

Watton Law Group
301 W Wisconsin Ave 5th Floor, Milwaukee, WI 53203, United States

ESSERLAW LLC
11805 W Hampton Ave, Milwaukee, WI 53225, United States

Milwaukee, WI Zip Codes We Proudly Serve:

3022, 53051, 53154, 53202, 53203, 53204, 53205, 53206, 53207, 53208, 53209, 53210, 53211, 53212, 53213, 53214, 53215, 53216, 53217, 53218

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