Identifying 4 Steps Needed For A Claim Through A Bankruptcy Lawyer In Waukesha, WI

by | Jul 31, 2014 | Legal Services

Wisconsin consumers face financial difficulties at different stages of life that could prevent them from facing dire circumstances. Among the possible methods for remedying their financial crisis is to file a bankruptcy claim. If you need further advice about this debt-relief solution, you should contact a bankruptcy lawyer in Waukesha WI and schedule a consultation.

How to File for Bankruptcy:

1. Credit Counseling: All claimants who wish to file for bankruptcy are required to attend a credit-counseling program that is approved by the state of Wisconsin. The consumer is responsible for paying any fees associated with this program, and any applicable costs associated with beginning their bankruptcy claim. Your Bankruptcy Lawyer provides you with information about these costs and directs you toward available programs in your local area.

2. Present Evidence of Your Income: The court requires documented evidence of your income for the last six months. This includes all sources of income to include wages earned, dividends, and interest from savings accounts. If your income is above $50,084, you qualify for chapter 13 bankruptcy. If it is below this median, you qualify for chapter 7 only.

3. Your Debts: The court determines which debts are discharged during bankruptcy. This may include unsecured credit cards and smaller debts that are not connected to government programs. Any exemptions that apply to these debts are addressed in your bankruptcy claim.

4. Property: It is necessary for the court to evaluate your property. You are required to present evidence of ownership for any property that you own outright. This information allows the court to determine which properties to sell through chapter 7 and make distinctions about property exemptions for chapter 13.

While bankruptcy doesn’t absolve the consumer of all debts, it can help them to pave the road to a debt-free lifestyle in the future. After a bankruptcy case is discharged, the consumer is still responsible for any debts that were not settled. This could include the remainder of their mortgage or student loan payments. If you wish to file a claim, you should contact a Bankruptcy Lawyer in Waukesha WI without delay.

For more information, contact Horizons Law Group, LLC

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