Milwaukee Bankruptcy Lawyer

Skilled Attorney for Chapter 7 and Chapter 13 Bankruptcy in Milwaukee

The laws in the United States provide options for people or businesses with significant debts. Bankruptcy can provide debtors with the opportunity to receive a fresh financial start, allowing them to eliminate or partially repay certain types of debts while also addressing related concerns involving their income and assets. Navigating the bankruptcy laws and procedures involved in these cases can be an overwhelming process, since there are many legal requirements that will need to be met and information that will need to be compiled and submitted. Understanding the steps that must be followed and the legal issues that may need to be addressed can be difficult, and legal representation can be crucial during bankruptcy cases. At Mallery s.c., we provide knowledgeable representation for both debtors and creditors, helping them address matters related to bankruptcy and ensuring that their rights and financial interests will be protected.

Personal Bankruptcy

Individuals and families who are overwhelmed by debt may be able to use bankruptcy to consolidate or eliminate their debts. Multiple types of debts can be discharged through bankruptcy, including credit card balances, medical bills, personal loans, and certain tax debts. However, some debts cannot be discharged, including most student loans and child support or spousal support obligations. When filing for personal bankruptcy, a person or married couple will generally have two options:

• Chapter 7 bankruptcy: This option is often referred to as "liquidation bankruptcy," and it allows for the discharge of most unsecured debts. Chapter 7 may be suitable for those who have limited income and cannot feasibly repay their debts. To qualify for Chapter 7, a person must pass a means test, which compares their income to the median income in Wisconsin. If a person's income is below the median, they will automatically qualify. Otherwise, further calculations may be performed to determine eligibility. During the bankruptcy process, a debtor may be required to turn over non-exempt assets, which will be liquidated so that some of their debts can be repaid. However, many people who qualify for Chapter 7 will have few or no non-exempt assets, and they can usually complete the bankruptcy process within a few months and receive a discharge of their debts.
• Chapter 13 bankruptcy: This option is known as "reorganization bankruptcy," and it may be used by those who have a regular income and can repay a portion of their debts. After filing a bankruptcy petition, a person will propose a repayment plan in which they will use their disposable income to make regular payments toward the debts they owe. By consolidating debts into a single payment plan, a person or family can simplify their debts, and they can also pay off past-due amounts for certain types of debts, such as domestic support obligations or a home mortgage. A repayment plan may last between three and five years, and when it is complete, any remaining unsecured debts will be discharged. This option may help avoid issues such as home foreclosure, and it can provide financial stability by making debts more manageable.

Business Bankruptcy

For businesses with large debts, cash flow issues, or other financial issues that may affect their operations, bankruptcy may allow for a reorganization that will help them regain financial stability and make sure they are positioned for ongoing success. Chapter 11 bankruptcy is typically used by businesses that wish to continue operations while reorganizing their debts. After filing for Chapter 11, a business will propose a reorganization plan that will restructure its debts and make necessary changes to its operations. This plan must be approved by creditors and the bankruptcy court, and a business will be subject to ongoing oversight to ensure that it will meet its financial obligations.

Small businesses may be able to use Chapter 5, a subchapter of Chapter 11, to reorganize debts and operations and address financial obligations. For qualifying businesses with debts below a certain threshold, this can provide a streamlined process in which creditor approval of a reorganization plan will not be required. Chapter 5 may provide a more accessible and cost-effective option for small businesses, ensuring that they can address their debts and take steps to maintain financial success.

Representation for Creditors in Bankruptcy Cases

Mallery s.c. also works with creditors to ensure that their rights are protected when debtors file for bankruptcy. We can help creditors determine their best options for recovering the amounts owed to them, and we can help address concerns related to asset sales and receivership. Our lawyers can assist with filing claims, negotiating repayment terms, and ensuring compliance with bankruptcy laws.

Contact Our Milwaukee Bankruptcy Lawyers

Mallery s.c. can provide invaluable legal help for both debtors and creditors who are involved in bankruptcy proceedings. We work to ensure that our clients understand their options, their legal requirements, and the steps that will be followed in a bankruptcy case. To learn more about our bankruptcy services, contact us and schedule a free consultation by calling 414-271-2424.