Bankruptcy

At McAvoy & Murphy, we take a compassionate approach to bankruptcy cases. During your initial consultation, our attorneys will determine the best strategy for dealing with your creditors, with bankruptcy as a last resort.  At this consultation, we will discuss various alternatives to bankruptcy, such as Wisconsin Chapter 128, along with the various options associated with a Chapter 7 or Chapter 13 bankruptcy filing.

Bankruptcy is stressful, and filing for bankruptcy is a lot of work.  As such, our bankruptcy attorneys will take the lead in pulling your credit report, assessing your individual situation using the means test, and appropriately and diligently fill out the bankruptcy schedules.  Our bankruptcy attorneys will not file the case until it has your seal of approval.

Collections often begin with a “friendly” letter asking for your voluntary payment.  If debt collectors do not follow the Fair Debt Collection Practices Act or Wisconsin Consumer Act by doing things such as make threatening comments, you may be entitled to compensation.  Furthermore, the sooner you can have an attorney analyze your situation, the sooner you can prevent collectors from obtaining judgments against you in court and having your pay garnished.  We will do everything we can to protect your finances.

Wisconsin residents have a lesser known alternative to bankruptcy, known as a Wisconsin Chapter 128 repayment plan, to satisfy consumer debts and prevent more interest from accruing on outstanding balances.  For example, credit card debt can quickly get out of hand, and one late payment could send your Annual Percentage Rate spiraling into the mid-20s.  With a Chapter 128, the interest accrual would be prevented, and you could enter into a court-approved three-year repayment plan in order to satisfy your creditors.  If we determine bankruptcy is the necessary tool needed to fix your financial difficulties, we will specifically tailor the application to your situation.  

Among the questions considered in filing the Chapter 7 or Chapter 13 application include: Do you own or rent your home?  Are you in a lease or making car payments?  Are you married and/or have children?  Do you have valuable family heirlooms?  What is your annual income?  Do you want any debts to survive the bankruptcy? Are you trying to stay student loan payments or child support?  If you need one or more of the above questions answered, or have any other questions regarding your situation and bankruptcy, call McAvoy & Murphy Law Firm today!