Milwaukee Chapter 13 Bankruptcy Lawyer

Assisting Clients With Chapter 13 Bankruptcy in Milwaukee County 

If you are behind on your mortgage, car payments, or other debts, filing for Chapter 13 bankruptcy may help you regain your financial stability. With an experienced Chapter 13 bankruptcy attorney in Milwaukee on your side, you can stop debt collectors, fight foreclosure, and successfully repay your debts.

At Sapinski Law Office, S.C., my team comes highly recommended by past clients, and our Chapter 13 bankruptcy attorneys are ready to deliver the honest, caring advice and tireless representation that you deserve. Don't hesitate to find out if you qualify for Chapter 13 bankruptcy and if there are any alternative debt solutions available in your case. With locations in Milwaukee, Elm Grove, and Appleton, we serve clients in Milwaukee County, West Allis, Greenfield, Wauwatosa, New Berlin, and Brookfield. Call (888) 298-1041 to set up a free initial consultation with our Chapter 13 bankruptcy attorney!

Contact Sapinski Law Office, S.C. online or call (888) 298-1041 to request a free consultation with a Chapter 13 bankruptcy attorney in Milwaukee.

Understanding the Chapter 13 Bankruptcy Process

Going through the Chapter 13 bankruptcy process can be overwhelming, but our team at Sapinski Law Office, S.C. is here to guide you every step of the way. We believe it is important for our clients to have a clear understanding of the process, so here is a breakdown of what you can expect:

1. Filing the Petition: The first step in the Chapter 13 bankruptcy process is often filing a petition with the bankruptcy court. This initiates the automatic stay, halting creditors from pursuing further collection efforts.
2. Creating a Repayment Plan: Once the petition is filed, we will work with you to create a repayment plan that fits your financial situation. This plan will outline how you will repay your debts over a period of three to five years. It's crucial to craft a feasible plan with realistic monthly payments that ensure compliance and eventual debt discharge.
3. Confirmation Hearing: After your repayment plan is submitted, a confirmation hearing will be scheduled. During this hearing, the bankruptcy court will review your plan and determine if it is feasible and fair to your creditors. This stage is critical, and having knowledgeable representation can significantly influence the outcome.
4. Executing the Repayment Plan: If your repayment plan is approved, you will start making monthly payments to the bankruptcy trustee, who will then disperse the funds to your creditors. It is important to make these payments on time to successfully complete your Chapter 13 bankruptcy.
5. Discharge of Debts: Once you have completed your repayment plan, any remaining qualified debts will be discharged. This means that you are no longer legally obligated to repay those debts. A successful discharge marks a significant step towards financial freedom.

During the repayment period, it's crucial to keep track of expenses and maintain financial discipline to avoid default. Our team offers ongoing support to help you manage your budget and stay on track.

What Is the Chapter 13 Repayment Plan?

As with Chapter 7 bankruptcy, Chapter 13 begins an automatic stay that protects you from your creditors. Chapter 13 bankruptcy helps you consolidate your debt into one low monthly payment you can afford, giving you 3 to 5 years to complete your monthly debt consolidation plan. This plan is customized based on your income and necessary expenses, ensuring you only pay what is manageable while maintaining household necessities. For many, the structured repayment plan offers not just debt relief but an opportunity to rebuild credit and stabilize their financial situation over time.

Additionally, the Chapter 13 repayment plan allows you to tackle priority debts like alimony, child support, and taxes that cannot be discharged otherwise. For some, it's a form of financial reset, gradually restoring credit health through regular payment compliance.

What Are the Benefits of Chapter 13 Bankruptcy?

Furthermore, Chapter 13 bankruptcy provides the invaluable benefit of potentially protecting co-signers from having to cover your debts. This means you can relieve your financial obligations while safeguarding those who have supported you. Additionally, the structured repayment helps in improving financial habits, making it possible to emerge stronger in managing future financial responsibilities.

What Qualifies You for Chapter 13?

If your income is deemed too high to file for Chapter 7, then Chapter 13 bankruptcy may be your only option. However, if your unsecured debts exceed $394,725 or your secured debts exceed $1,184,200, then you are not eligible for Chapter 13 bankruptcy. If your unsecured or secured debts are below those amounts, then you may qualify for Chapter 13! Reach out to a Chapter 13 bankruptcy attorney at Sapinski Law Office, S.C..

Eligibility also requires consistent income to ensure the feasibility of the repayment plan. Evaluating all financial records thoroughly is important before proceeding, and having professional guidance ensures compliance with legal requirements, ultimately making the process smoother.

Local Insights on Chapter 13 Bankruptcy in Milwaukee County

Living in Milwaukee, you may face unique financial challenges that can make it difficult to keep up with your mortgage, car payments, or other debts. With the cost of living fluctuating and local economic conditions impacting job stability, many residents find themselves in need of a fresh start. Fortunately, Chapter 13 bankruptcy can provide a pathway to regain control over your finances.

Local resources, such as the Milwaukee County Department of Health and Human Services, offer support for individuals facing financial hardship. They can connect you with community programs that may assist with budgeting, financial education, and even housing assistance. Understanding these local resources can be crucial as you navigate your Chapter 13 bankruptcy journey.

At Sapinski Law Office, S.C., we understand the local landscape and the specific pain points that Milwaukee residents face. Our team is dedicated to providing personalized support to help you navigate the Chapter 13 bankruptcy process. Whether you live in the heart of the city or further out near Washington Heights, we can help you explore your options and find the best solution for your financial future.

Don't let the burden of debt weigh you down. Reach out to learn how Chapter 13 bankruptcy can help you reclaim your financial stability in Milwaukee.

Get a Free Consultation with a Milwaukee Chapter 13 Attorney Today

At Sapinski Law Office, S.C., I have personally helped thousands of clients craft a personalized legal strategy that allows them to regain control of their lives and achieve peace of mind. In my initial consultation with each client, I discuss bankruptcy and every other option available. If bankruptcy is deemed best for a given situation, then not only will I walk my clients step-by-step through the bankruptcy procedure. I can also help you restore your credit rating after bankruptcy at no added fee. When you need the best Chapter 13 lawyer, contact my bankruptcy law firm.

Call (888) 298-1041 or contact us online to schedule a free case review with a Milwaukee Chapter 13 bankruptcy lawyer! Serving those in West Allis, Greenfield, Wauwatosa, New Berlin, and Brookfield.

Frequently Asked Questions About Chapter 13 Bankruptcy

What Happens to My Property Under Chapter 13?

Chapter 13 bankruptcy typically allows you to keep your property while you catch up on missed payments over time. The key component of Chapter 13 is the creation of a repayment plan that outlines how debts will be paid off using the debtor's future income. As long as you comply with the terms of the plan and continue to make payments, you’ll maintain possession of your property, including essential assets like your home and vehicle. The court may require that some non-essential property be used to pay creditors in some cases, but usually, debtors reorganize their debts and retain their assets.

How Does Chapter 13 Bankruptcy Affect My Credit Score?

Filing for Chapter 13 bankruptcy can initially lower your credit score; however, it also allows an opportunity for rebuilding credit over time. As you adhere to the repayment plan and make timely payments, you demonstrate fiscal responsibility. This commitment is reflected positively by creditors, which can improve your credit score gradually. Successful completion of your Chapter 13 plan shows that you can manage your finances under challenging circumstances, potentially leading to better credit opportunities in the future.

Is There a Difference Between Chapter 13 & Chapter 7 Bankruptcy?

Yes, there are significant differences between Chapter 13 and Chapter 7 bankruptcy. Chapter 7, often known as liquidation bankruptcy, involves a purely debt elimination strategy by selling non-exempt property to pay creditors. In contrast, Chapter 13 involves restructuring your debts and paying them back over time. Eligibility for Chapter 13 is contingent on having a stable income, while Chapter 7 requires passing a means test. Chapter 13 is often preferable for those wishing to protect their assets and catching up on overdue accounts over time.

Can I File for Chapter 13 Bankruptcy More Than Once?

Yes, you can file for Chapter 13 bankruptcy more than once; however, there are specific time restrictions. A debtor must wait two years from the date of filing one Chapter 13 bankruptcy before filing another. If a discharge was received from a previous Chapter 7 filing, you must wait four years before filing for Chapter 13. It's crucial to seek legal counsel from Sapinski Law Office, S.C. to understand the best course of action and ensure compliance with legal statutes.

What Should I Expect After Filing for Chapter 13 Bankruptcy?

After you file for Chapter 13 bankruptcy, an automatic stay comes into effect, halting creditor actions, including foreclosures and repossessions. You'll work with your attorney to propose a repayment plan to the court, detailing how various debts will be settled. Creditors may attend a meeting to review the plan, but once it's confirmed, you’ll begin repayment based on the outlined schedule. Throughout the process, you will need to adhere to a strict budget to ensure timely payments, but in doing so, you'll work steadily toward financial rehabilitation.

Related Reading

• Vehicle Loans - How Chapter 13 Can Help
• Do I Need a Bankruptcy Attorney?
• Is Bankruptcy Right for Me?
• Bankruptcy FAQ