If you have a mountain of debts you cannot payoff during your life, then it is time to talk with a Bankruptcy lawyer in Waukesha WI about your options for completely eliminating these debts. This may be even more important if a divorce is either in process or a strong possibility. The Federal law provides relief from garnishments, liens, creditor calls and harassment by creditors and collection agencies. There is no shame in filing for bankruptcy, after all, bankruptcy has been passed into law by the U. S. Congress. Your financial life becomes stable again.
Once your attorney files your bankruptcy petition with the bankruptcy court, a trustee is appointed by the judge. It is the job of the trustee to review your itemized list of debts and assets. Every asset must be listed as well as every debt. The trustee will call a meeting of your creditors for the purpose of giving any creditor the right to challenge your debt to them being included. However, creditors rarely attend these meetings. The trustee can challenge a debt and its discharge, but your attorney can challenge the trustee’s decision. However, this is rarely necessary when families are involved.
Your lawyer in Waukesha WI will follow the case and intervene when he believes it is appropriate. He will attend the meeting of the creditors even though they rarely attend. Your attorney will follow the trustee’s actions and decisions, and he will challenge any he feels are inappropriate.
There are two types of bankruptcy filings one is a Chapter 7 where all of your debts are eliminated; and the other is Chapter 13 which requires the debtor to pay something on their debts for three years. At the end of three years, the remaining debts are discharged.
Bankruptcy does not end your credit life. Although the discharge of your debts will stay on your credit record for 10 years, it is still possible to obtain credit. The interest may be higher and the terms will be more difficult, but credit will be available. There are car dealerships that specialize in bankruptcy cases. You can come back from bankruptcy.
However you cannot file for bankruptcy again until 10 years have passed. This means that any default on your part will allow the creditor to garnishee your wages until the debt is paid in full.
