The decision to file for bankruptcy is not one that should be taken lightly. Bankruptcy is a major financial choice that will have lingering repercussions for many years. For some people, however, it is a completely legitimate means of addressing their financial concerns and putting them on the right path toward financial security and responsibility. It is important to remember that when considering filing for bankruptcy Chapter 7 Elkhorn WI you should discuss your situation with a bankruptcy attorney as early in the process as possible in order to catch your situation before it gets any worse, get answers to your questions, and make sure that you are really heading down the right path.
Your bankruptcy attorney will advise you that there are several people involved in the administration of your bankruptcy case. These include: 1. The debtor, sometimes also referred to as the petitioner, this is the person that is filing bankruptcy
2. The creditors. These are the people to which the debtor owes money
3. The trustee—a person that is appointed by the court for the purpose of collecting money and property and distributing it properly to the creditors
4. The bankruptcy judge. This is the judge that will preside over any hearings or cases of disputed matters in regards to your particular case.
5. The credit counselor. This person is an independent financial advisor that is responsible for certifying before a person files for bankruptcy and then before the discharge of the bankruptcy that the person in question has actually completed all of the required continued education courses, including credit counseling and financial management courses
You must realize that Chapter 7 bankruptcy is difference than Chapter 13 bankruptcy. In Chapter 7 bankruptcy all non-secured debt is discharged, that is, eliminated, so that the debtor can start on a clean slate when he has gotten better as opposed to in Chapter 13 bankruptcy in which a repayment plan is introduced to handle the debtor’s debt.
It is important that you discuss your interest in filing for bankruptcy with a quality attorney before making any final decision so that you can be fully informed and make a confident, knowledgeable decision that is right for your future financial health. This attorney will answer your questions and help you through the entire process. One of the first things that you should ask, of course, is whether Chapter 7 or Chapter 13 is right for your situation.
For legal help on Bankruptcy Chapter 7 in Elkhorn WI, get in touch with the attorney Shannon Wynn. Visit wynnatlaw.com for more information.
