La Crosse and Kenosha/Pleasant Prairie Bankruptcy Lawyer

Trempealeau  Bankruptcy Means Test Attorney

Filing bankruptcy can be a frightening ordeal when you don't know what to expect. At McNeilly Law Offices, LLC in La Crosse, and Kenosha, Wisconsin, we will thoroughly explain the bankruptcy process and answer any questions you may have. We want you to be informed about one of the most important decisions you will ever make.

The basic steps to the bankruptcy process are as follows:

• Identify Income, Assets and Debts

When filing for bankruptcy you are required to list all sources of income and assets, including income from your job, child support and alimony, and any assets in the form of property, real estate, and retirement and investment accounts. You also will need to identify any debts incurred and any large purchases made.

• Determining the Best Bankruptcy Option for You

Some individuals will qualify for Chapter 7 bankruptcy, while others may benefit from filing Chapter 13 bankruptcy. To determine which option is best, you will complete a bankruptcy means test.

If you file bankruptcy under Chapter 7, you will need to file a petition along with several other documents. An experienced lawyer can help make sure you file these accurately so as not to compromise your case, and to avoid potential suspicions of fraud. Once your bankruptcy is approved, your unsecured debts will be discharged, giving you a fresh start.

If you file bankruptcy under Chapter 13, you will need to propose a debt reorganization and repayment plan. This plan will be based on your disposable monthly income, and you will make monthly payments over a set period of three to five years. These payments will be taken directly out of your paycheck and be distributed among creditors. At McNeilly Law Offices, LLC, we can help.

• Meeting of Creditors

Four to six weeks after the bankruptcy filing, you will be required to attend a meeting of creditors or a "341 meeting.” This meeting allows the court-appointed trustee and creditors to ask you questions regarding your financial situation and payment plan, if applicable. Sometimes creditors will dispute your payment plan, in which case a bankruptcy judge may need to intervene in order to resolve the issue. However, many disputes can be resolved through negotiations and compromise.

• The Court Approves Your Bankruptcy

In a Chapter 7 bankruptcy, the court does not need to approve your filing. If you qualify and your petition is accurate, many if not all, of your unsecured debts will be discharged. Rarely are there objections from the court or creditors.

However, in Chapter 13 bankruptcy, the court must approve your repayment plan. In many cases, you will only need to pay back some of your outstanding debt. The remaining debt will be discharged once the plan is completed.

Contact a Bankruptcy Attorney

Do you have questions or concerns regarding the bankruptcy process? Contact a lawyer at McNeilly Law Offices, LLC for a free initial consultation.

Our firm serves clients throughout Western and Southeastern Wisconsin.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.