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BANKRUPTCY BASICS VIDEO
CASPER LAW OFFICE PROVIDES BANKRUPTCY ATTORNEY SERVICE TO CLIENTS IN THE EASTERN DISTRICT OF
WISCONSIN including FOND DU LAC, WINNEBAGO, DODGE, WASHINGTON, CALUMET, OUTAGAMIE, MANITOWOC and SHEBOYGAN Counties.
BANKRUPTCY LAW IS COMPLEX, AND YOU MUST CONSULT WITH OUR OFFICE OR OTHER QUALIFIED BANKRUPTCY COUNSEL
TO DETERMINE WHICH CODE PROVISIONS ARE APPLICABLE TO YOUR CIRCUMSTANCES AND TO DETERMINE YOUR ELIGIBILITY.
Bankruptcy provides legal and financial relief to individuals and married couples, partnerships, corporations and
other entities who find themselves unable to keep up with regular payments demanded by creditors and collectors either by
eliminating that debt outright, called "discharge of indebtedness" or by restructuring (modifying the terms of indebtedness),
rescheduling (extending the term for repayment or modifying it to accommodate ability to pay), and reducing the balance owed,
the rate of interest, and/or the monthly installment payments.
CHAPTER 13 is available even to those who
have filed a prior Chapter 7 case, and is used to stop home foreclosure, vehicle repossession and provides an opportunity
to pay certain debts (such as taxes) without interest, or to restructure payments on secured debts.
REORGANIZATION
under Chapters 11, 12 or 13 is far more complicated than regular Chapter 7 bankruptcy proceedings, and each case is unique.
However, there are certain basic rules, to wit: a) creditors must be paid, over time, at least as much as they would receive
in a Chapter 7 case, b) the debtor must demonstrate an ability to make proposed payments under the plan of reorganization,
and, c) the plan must pay all non-dischargeable debts in full and provide for payment of secured claims with interest.
CHAPTER 12 cases are restricted to individuals who are "family farmers".
CHAPTER 11
is usually a corporate or business reorganization.
CHAPTER 13, however, is widely used by consumer debtors.
Chapter 13 provides the debtor an opportunity to stop any impending repossession or foreclosure, to stop creditor wage garnishments
and IRS or state tax levies and thereby protect income and property by proposing a new plan for repayment of these and other
obligations, a plan devised to "fit" the debtor's budget and projected income over the next 36-60 months.
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ONLINE RELIEF IS JUST A CLICK
AWAY/COMPLETE FORM BELOW ____________________________________________________________
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FAQ: FREQUENTLY ASKED QUESTIONS ABOUT BANKRUPTCY
Q. WHO
IS ELIGIBLE TO FILE BANKRUPTCY?
A. Any individual, married couple, partnership, corporation or other legal entity
is eligible for relief under one or another section of the Bankruptcy Code, the more common sections or chapters being Chapter
7 and Chapter 13, which are primarily for consumer debtors, Chapter 11 which is usually for business reorganization and Chapter
12 which is for "family farmers". A Chapter 7 bankruptcy can only be filed every eight years, and there are relevant
intervals and restrictions regarding the other chapters, but is no formula or other qualification for bankruptcy; deciding
whether or not to file is an individual decision or judgment that it is necessary and in your best interests, although the
new law does involve qualification through "means testing" and, in effect, imposes and eligibility barrier for those
with incomes above the median.
Q. WILL I RECEIVE A DISCHARGE IN BANKRUPTCY? A. Bankruptcy relief is available for the honest debtor,
and unless you have defrauded someone in obtaining credit, you may assume that you will receive a discharge of debts in bankruptcy
except those other few which are not dischargeable, for example, student loans, certain income taxes, drunk driving injuries,
fines, maintenance or alimony and child support. If you are elligible to file, bankruptcy relief is guaranteed, automatic
and immediate; in fact, the "Order For Relief" is stamped upon your petition when it is received by the Bankruptcy
Court.
Q. WHAT PROPERTY CAN I KEEP: MY CAR, MY HOME, MY RETIREMENT FUNDS?
A. Most debtors are able
to keep all of their property, including their car(s) and their home. Under state or federal exemptions, most property owned
is "exempt" from creditor claims, meaning the creditors cannot touch it to satisfy their claims. While, in theory,
bankruptcy liquidates the non-exempt property of the debtor in order to partially repay creditors , in fact, this rarely occurs
because the debtor has no non-exempt property and all that the debtor "loses" is their debts. It's important to
understand, however, that secured creditors, those who protect their interests with a security agreement providing them with
a lien or claim on specific property (an automobile or real estate, for instance) must continue to receive payments during
and following bankruptcy if you want to retain possession and use of that property, called "collateral". You can
"walk away" from secured debt, but you cannot do so and also keep the collateral: talk about refinancing!
Q. DO I HAVE TO GO TO COURT?
A. Yes, you will have to appear in Court, but ordinarily there is only one appearance
required and that is at the Section 341 meeting held approximately 30 days after you file your petition. This hearing is conducted
by the trustee, not the Bankruptcy Court Judge, and is somewhat informal and usually quite brief. You (and your spouse) will
be there, your attorney will be there, and probably nobody else except other attorneys and debtors waiting for their case
to be called; creditors rarely appear because whatever problems, questions, etc. which they may have are typically resolved
by the attorney between the date the petition is filed and the date the hearing is held. The trustee will require you to state
under oath that the information you gave your attorney and which is reflected on your bankruptcy schedules is true, correct
and complete to the best of your knowledge, that is, that you honestly listed all of your property and all of your debts,
and he may ask some specific questions regarding your estimates of the fair market value of property, or regarding your income
and expenses, but the Section 341 hearing, while important, is not a trial but a hearing and, infact, is more like a "meeting"
or conference to review the facts and ensure that the file is complete and correct.
Q. HOW WILL BANKRUPTCY AFFECT
MY CREDIT RATING?
A. First ask yourself, how good is your credit rating today, before you file bankruptcy? If
you have any valid reason to consider filing bankruptcy, chances are pretty good that your credit rating is already pretty
bad, or will soon be. If you have previously payed your debts in full and on time and can continue to do so, by all means
you should! But if you a reconsidering bankruptcy, it would seem safe to assume that you have missed numerous installment
or monthly payments, that you have some accounts in collection, perhaps you even have some small claims or regular civil claim
judgments outstanding against you and may even have been subjected to wage garnishment, replevin/repossession or foreclosure
proceedings. And, in that event, bankruptcy probably will have only one effect upon your credit rating: it will improve it.
Even if you've always had excellent credit, but due to unemployment, illness or otherwise you are now falling behind in payments
and won't be able to "catch up" soon, you'll find a credit rating is a fragile thing and quite quickly tarnished
and easily wrecked, and bankruptcy is not necessarily a more negative entry on your record than delinquent accounts, judgments,
repossessions and foreclosures ; in fact, creditors recognize that at least, after bankruptcy, you should be "debt free"
and better able to repay new loans or extensions of credit.
Q. ISN'T THERE SOME WAY I CAN FILE BANKRUPTCY AND STILL
REPAY MY DEBTS?
A. Yes, and yes. In Chapter 7, you can repay any debt you want on a voluntary basis, plus you
will probably want to formally reaffirm your legal obligation to repay your home mortgage, your car loan and perhaps a few
other secured debts. In Chapter 13, you prepare a budget and propose a plan to repay some or all of your debts over a term
of 36-60 months; your plan will provide for repayment of debt to the extent that it is possible to repay and on repayment
terms which you afford.
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Nobody WANTS to file bankruptcy, and, sure, it's tough to admit you have financial problems,
but if you're afraid to answer your phone because of creditor and collector calls, have your wages garnisheed and never have
any money left after paying bills, you owe it to yourself to find out whether bankruptcy is what you need
for a "fresh start"....
Call us for a confidential, no-cost,
no-obligation, individual
consultation:
WE SPECIALIZE IN REPRESENTING CLIENTS
IN BANKRUPTCY and WE STRIVE TO PROVIDE COMPETENT, CARING SERVICE TO OUR CLIENTS.
CASPER LAW OFFICE 920-922-3355
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LEARNING YOUR RIGHTS, MAKING DECISIONS, TAKING ACTION:
Bankruptcy is a complicated topic; in fact, the U.S. Bankruptcy
Code is reputed to be one of the most complex and difficult to understand sets of statutes.
In order to evaluate
the effects and potential benefits of bankruptcy, it's necessary to have a firm grasp on all the financial facts including
assets, debts, income and expenses.
Therefore, the first step in considering bankruptcy is to gather together
the necessary information and to review that information with qualified counsel.
We can provide you with a brief
outline of the basic facts about bankruptcy, "Debt Relief and Bankruptcy", and our bankruptcy information letter
which sets forth a list from which you can compile the data. We also have an excellent video available for you to view "free
of charge" in our office, or in your home, and we suggest you call and arrange to see "Bankruptcy Basics".
Finally, we will meet with you for an initial consultation to review your information and advise you on the pros
and cons, advantages and disadvantages of Chapter 7 and/or Chapter 13 bankruptcy for you, based upon your unique set of facts
and your individual circumstances, and we'll do that free of charge and without any further obligation on your part. All we
ask is that you come to the meeting prepared; then it is strictly up to you whether or not you elect to proceed with a bankruptcy;
perhaps we'll come up with another option or alternative.
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