The Bankruptcy Process
Request a Free Consultation with an Appleton Bankruptcy Attorney
The decision to file for bankruptcy is difficult to make. With your financial standing and reputation on the line, you need to assess all of your available options and learn about the consequences associated with bankruptcy. It is critical to understand the proper steps toward freedom from debt and a clean financial slate.
Speak with a Lawyer
Reading up on bankruptcy or conducting research online is not enough to get a firm grasp of what bankruptcy entails. Since your debt situation is unique, having a skilled bankruptcy attorney thoroughly evaluate your financial history and current standing is a huge step in the right direction. A lawyer can determine if you qualify for either Chapter 7 or Chapter 13 bankruptcy, prepare the necessary paperwork, and guide you through the process to ensure you obtain the most favorable outcome.
Ask family members or friends for any referrals to skilled attorneys. However, if you want to keep your bankruptcy private, directories containing lawyer information are found in the Wisconsin Bar Association.
Complete a Credit Counseling Course
Two credit counseling sessions with the U.S. are required. These courses must be approved by the U.S. Department of Justice.
The first course is called pre-filing bankruptcy counseling, which occurs prior to filing your bankruptcy documents with the court. The counselor will set your budget and discuss the advantages and disadvantages of bankruptcy. It is not uncommon for the counselor to offer alternatives to bankruptcy. The second course is known as the debtor education session, which must be completed before the discharge of your unsecured debts.
Going to Court
Once counseling is complete, you must file for bankruptcy with the court. In return, an automatic stay is granted, prohibiting creditors from contacting you, garnish your wages, foreclose your home, or repossess your vehicle.
Meet with Creditors
The bankruptcy trustee will schedule a meeting for your creditors within 30 to 45 business days after the filing. Creditors or their representatives may ask questions to you or the trustee. The trustee will ensure you understand the consequences of bankruptcy and how reaffirming a debt can impact your life.
In the end, you determine whether or not to move forward with the proceedings. Furthermore, the creditors will either formally object to your bankruptcy or take no action.
Discharge of Debt
If you file under Chapter 7, asset liquidation is the next step. The proceeds from your liquidated assets are given to your creditors. Once the creditors are paid or if there are no assets that can be liquidated, the court will issue a discharge order, meaning your remaining debt has been eliminated.
In Chapter 13 bankruptcy, the trustee receives your monthly payments according to your repayment plan and distributes the funds to your creditors. This often takes three to five years until the repayment plan is complete. Once you fulfill your payment plan, the court issues a discharge order of any remaining unsecured debt.
Get a Bankruptcy Lawyer in Appleton On Your Side
If you want to restart your life through bankruptcy, I am committed to helping you navigate the intricacies of the process, making sure you take all of the necessary steps toward financial freedom. With more than 20 years of legal experience, I have personally helped thousands of clients get their life back on track. Isn’t it time yours should too?
About Our Firm
Introduction to Sapinski Law Office
Get to know Attorney Sapinski and how he will work with you to achieve a better financial future.
"If you are in need of legal assistance in the area of debt relief or bankruptcy, I would highly recommend Andrew Sapinski."
After many years of trying to cope with the financial burdens of a single mother of two, my current strategies were no longer ...V.S.
"You definitely took away a lot of the pain."
Thank you again for your help with handling my 'long overdue credit situation' this past year. You definitely took away a lot ...T.B.
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I would recommend Sapinski Law Office, S.C. to anyone facing bankruptcy. They handled my case professionally, ...Will
"Thank you for your time and effort."
On your advice, we did credit counseling. The outcome was we are on the right track…..and we have decided not to pursue ...D.K.
"I was very pleased with the professional services I received from Mr. Sapinski and his law firm."
I was very pleased with the professional services I received from Mr. Sapinski and his law firm. I was not sure what to ...N.K.
"Sapinski Law Office, S.C. is a place I highly recommend for people truly in need of help with their debt."
Sapinski Law Office, S.C. is a place I highly recommend for people truly in need of help with their debt. I was extremely ...S.A.
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Mr. Sapinski is very friendly and nice to work with. He takes time to explain everything very well. I would recommend him to ...Jill
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Bankruptcy was a difficult stress filled decision. Mr. Sapinski was very supportive and understanding and put our minds at ...P.K. & M.K.