Bankruptcy Provides A Chance To Rebuild

Financial troubles can strike without warning. People often feel embarrassed about accumulating unmanageable debt and make unwise moves while attempting to resolve the situation themselves. One of the most common mistakes made by individuals who ultimately file for bankruptcy is waiting too long to speak with a knowledgeable bankruptcy lawyer.

At Leece & Phillips Law Offices, S.C., in Elkhorn, we help people who have unmanageable debt assess their options and choose the best solution for resolving the problem. Sometimes that involves filing for Chapter 7 or Chapter 13 bankruptcy. In other situations, it may be possible to avoid bankruptcy by restructuring your mortgage, selling your home or negotiating repayment plans for other debt.

The important first step — and it should be taken sooner rather than later — is to speak with our bankruptcy attorneys. We are here to help, not pass judgment on how you landed in this situation.

Understand What Bankruptcy Accomplishes

In assisting Wisconsin residents from all walks of life, we have learned that there are many misconceptions about bankruptcy — what it does and does not accomplish, as well as how an individual or couple can rebound following bankruptcy. The process is loaded with jargon and legal terms, but we will explain every aspect of bankruptcy in terms you can understand.

If it is determined that bankruptcy makes sense, the next decision is whether to file for Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, a trustee sells all nonexempt assets in order to pay creditors. All unsecured debt such as credit card balances and medical bills are discharged. There is a means test to qualify for Chapter 7 bankruptcy. If you have too much income, you may have to file for Chapter 13 bankruptcy.

In Chapter 13 bankruptcy, an individual reorganizes debt and works with a trustee to develop a repayment plan. It is designed for parties who have enough income to make regular payments to creditors. Many people opt for Chapter 13 bankruptcy because they want to avoid foreclosure and remain in a family home.

Let Us Help You Reset Your Financial Foundation

Many of those who delay calling a bankruptcy lawyer put themselves in a tougher position to get out of once they do seek legal guidance. Don't make the same mistake. We work with clients throughout Walworth County and neighboring counties. Call 262-427-1731 or use our online contact form to schedule a consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.