P.O. Box 7  •  215 North Lake Avenue Phillips, WI  54555 Phone:  715-339-2196 Fax:  715-339-4664
P.O. Box 151  •  170 North 4th Avenue Park Falls, WI  54552 Phone:  715-762-3258 Fax:  715-762-3289  
Slaby, Deda, Marshall, Reinhard & Writz LLP
Bohn Web Design  Copyright © 2010 to Present.  All rights reserved.  |  Technical Assistance:  Lynne@BohnWebDesign.com  |
TOLL FREE:  1-800-543-6440
Bankruptcy Bankruptcy is the process of seeking to discharge an individual’s debts when that individual is having trouble keeping up with their day to day expenses.  Bankruptcy is a federal process.  The different “chapters” (such as Chapters 7, 11, 12, or 13) of bankruptcy refer to the different sections of the federal Bankruptcy Law.  Which chapter of bankruptcy is appropriate for you may depend on “means testing,” which is income-based.   An attorney can help you to choose whether a Chapter 7, 11, 12, or 13 bankruptcy is most appropriate for your situation. Chapter 7 Chapter 7, the most popular form of bankruptcy, is bankruptcy for an individual or a married couple filing jointly.  An individual files for Chapter 7 bankruptcy in an effort to discharge, or wipe away, that person’s debts.  Common dischargeable debts include credit cards, past-due accounts, foreclosure deficiency judgments, and repossession judgments.  Once a Chapter 7 bankruptcy is filed, the creditors cannot keep pursuing a legal action against that person (including temporarily halting a foreclosure or repossession action), start another legal action, or contact the individual any further.    Before a bankruptcy can even be filed, credit or debt counseling is required to be completed by the individual.  Credit counseling usually takes less than one hour and can be done on the phone.  A certificate certifying the debtor’s attendance will be required by the bankruptcy court and attached to the petition for bankruptcy. During the bankruptcy process, a trustee will be appointed by the court to review what property of the debtor is available to pay off the creditors.   Most of a creditor’s assets will be exempt, meaning that the bankruptcy trustee cannot take them and sell them.  If an asset is exempt, that means that the debtor may keep that asset.  The nonexempt assets will be sold and applied toward that individual’s debts.  Exempt assets include vehicles, household goods, homes, 401ks, IRAs, and similar retirement plans, along with other property.  Items that are exempt are exempt up to a certain dollar amount of value that changes from time to time.  If a person has a loan agreement on their vehicle or home, a debtor can either give the collateral on the loan (such as the vehicle on a vehicle loan) back to the bank and have any remaining loan balance discharged in bankruptcy, or an individual can work with the bank to reaffirm the debt.  Reaffirming a debt means that the bank would enter into a new loan agreement with the individual so that the person may keep the collateral at issue, but must keep making payments to the bank.  A person going through bankruptcy may work with their lenders to affirm some of their debts if they choose to. A bankruptcy does not discharge every type of debt.  Debts such as some taxes, child support, or student loans may not be dischargeable, depending on each person’s individual case. As part of the bankruptcy process, the debtor must attend a meeting with the bankruptcy trustee and creditors.  Rarely do any creditors show up, and if they do, they can only inquire about nonexempt assets of the debtor or their own collateral if any was pledged as security for the loan.  If the debtor lives in Price or the surrounding counties, that debtor must file their bankruptcy petition in the Western District of Wisconsin and will attend the meeting in Eau Claire, Wisconsin.  In most cases, this is the only formal proceeding a debtor must attend. Chapter 7 bankruptcy can be filed for once every 8 years.  Filing a bankruptcy action will generally show up on an individual’s credit report for 8-10 years.  While bankruptcy may affect that individual’s ability to get loans or credit in the future, a debtor who is behind on their bills may already have a credit report that makes obtaining credit difficult. Chapter 11  Chapter 11 bankruptcy applies to businesses and individuals.  Chapter 11 bankruptcies restructure the debts of the petitioner pending a vote of the creditors.  The restructuring plan is then approved by the bankruptcy judge.  Chapter 11 bankruptcies are very complex and are usually only used in very specific situations. Initial Consultation Slaby, Deda, Marshall, Reinhard & Writz LLP has the expertise necessary to help you through the legal process of filing the petition for bankruptcy, the necessary schedules, statement of financial affairs, and bringing your bankruptcy to a conclusion.  The bankruptcy process is very detail-oriented and case-specific.  At Slaby, Deda, Marshall, Reinhard & Writz LLP, most bankruptcies are done for an up-front flat fee.  Call 1-800-543-6440 to set up a consultation.
P.O. Box 7  •  215 North Lake Avenue Phillips, WI  54555 Phone:  715-339-2196 Fax:  715-339-4664
P.O. Box 151  •  170 North 4th Avenue Park Falls, WI  54552 Phone:  715-762-3258 Fax:  715-762-3289  
Slaby, Deda, Marshall, Reinhard & Writz LLP
TOLL FREE:  1-800-543-6440
Bankruptcy Bankruptcy is the process of seeking to discharge an individual’s debts when that individual is having trouble keeping up with their day to day expenses.  Bankruptcy is a federal process.  The different “chapters” (such as Chapters 7, 11, 12, or 13) of bankruptcy refer to the different sections of the federal Bankruptcy Law.  Which chapter of bankruptcy is appropriate for you may depend on “means testing,” which is income-based.   An attorney can help you to choose whether a Chapter 7, 11, 12, or 13 bankruptcy is most appropriate for your situation. Chapter 7 Chapter 7, the most popular form of bankruptcy, is bankruptcy for an individual or a married couple filing jointly.  An individual files for Chapter 7 bankruptcy in an effort to discharge, or wipe away, that person’s debts.  Common dischargeable debts include credit cards, past-due accounts, foreclosure deficiency judgments, and repossession judgments.  Once a Chapter 7 bankruptcy is filed, the creditors cannot keep pursuing a legal action against that person (including temporarily halting a foreclosure or repossession action), start another legal action, or contact the individual any further.    Before a bankruptcy can even be filed, credit or debt counseling is required to be completed by the individual.  Credit counseling usually takes less than one hour and can be done on the phone.  A certificate certifying the debtor’s attendance will be required by the bankruptcy court and attached to the petition for bankruptcy. During the bankruptcy process, a trustee will be appointed by the court to review what property of the debtor is available to pay off the creditors.   Most of a creditor’s assets will be exempt, meaning that the bankruptcy trustee cannot take them and sell them.  If an asset is exempt, that means that the debtor may keep that asset.  The nonexempt assets will be sold and applied toward that individual’s debts.  Exempt assets include vehicles, household goods, homes, 401ks, IRAs, and similar retirement plans, along with other property.  Items that are exempt are exempt up to a certain dollar amount of value that changes from time to time.  If a person has a loan agreement on their vehicle or home, a debtor can either give the collateral on the loan (such as the vehicle on a vehicle loan) back to the bank and have any remaining loan balance discharged in bankruptcy, or an individual can work with the bank to reaffirm the debt.  Reaffirming a debt means that the bank would enter into a new loan agreement with the individual so that the person may keep the collateral at issue, but must keep making payments to the bank.  A person going through bankruptcy may work with their lenders to affirm some of their debts if they choose to. A bankruptcy does not discharge every type of debt.  Debts such as some taxes, child support, or student loans may not be dischargeable, depending on each person’s individual case. As part of the bankruptcy process, the debtor must attend a meeting with the bankruptcy trustee and creditors.  Rarely do any creditors show up, and if they do, they can only inquire about nonexempt assets of the debtor or their own collateral if any was pledged as security for the loan.  If the debtor lives in Price or the surrounding counties, that debtor must file their bankruptcy petition in the Western District of Wisconsin and will attend the meeting in Eau Claire, Wisconsin.  In most cases, this is the only formal proceeding a debtor must attend. Chapter 7 bankruptcy can be filed for once every 8 years.  Filing a bankruptcy action will generally show up on an individual’s credit report for 8-10 years.  While bankruptcy may affect that individual’s ability to get loans or credit in the future, a debtor who is behind on their bills may already have a credit report that makes obtaining credit difficult. Chapter 11  Chapter 11 bankruptcy applies to businesses and individuals.  Chapter 11 bankruptcies restructure the debts of the petitioner pending a vote of the creditors.  The restructuring plan is then approved by the bankruptcy judge.  Chapter 11 bankruptcies are very complex and are usually only used in very specific situations. Initial Consultation Slaby, Deda, Marshall, Reinhard & Writz LLP has the expertise necessary to help you through the legal process of filing the petition for bankruptcy, the necessary schedules, statement of financial affairs, and bringing your bankruptcy to a conclusion.  The bankruptcy process is very detail-oriented and case- specific.  At Slaby, Deda, Marshall, Reinhard & Writz LLP, most bankruptcies are done for an up-front flat fee.  Call 1-800-543-6440 to set up a consultation.
| Bohn Web Design  Copyright © 2010 to Present.  All rights reserved. | | Technical Assistance:  Lynne@BohnWebDesign.com |
 TOLL FREE:  1-800-543-6440 
 TOLL FREE:  1-800-543-6440