Madison, WI Bankruptcy Lawyers

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Wisconsin Bankruptcy

When an individual decides to file bankruptcy in Wisconsin they have the ability to file either chapter 7 or chapter 13 bankruptcy. In some cases debtors may not be eligible for chapter 7 if they do not pass the means test, but in this case they can still file bankruptcy through a chapter 13.

Wisconsin Chapter 7 is a liquidation bankruptcy and is the most commonly filed bankruptcy in Wisconsin. When a Wisconsin debtor files this bankruptcy they must turn over any assets they own that are not protected by the WI exemptions for liquidation and in return they will receive a full discharge of all of their eligible debts.

Chapter 13 bankruptcy allows a debtor to reorganize their debts into a more manageable debt repayment plan. This is why chapter 13 is sometimes referred to as a reorganization bankruptcy. Chapter 13 is intended for debtors with a steady source of income. on Google+