Best Information For Bankruptcy Milwaukee Filing

by Dawn Bradford

With the economic times that many people have been faced with there are more that may file Bankruptcy Milwaukee. Some of the people that may need to file do not know much about the process or their options. It is very important to know the differences in the common filings.

When a company or individual can no longer pay the debt that they owe to their creditors then they may need to file bankruptcy. To finalize the filing a court order is normally imposed. The group or person that is filing this paperwork needs to understand the differences between the various filings.

The two filings seen most for are Chapters 7 and 13. There are differences between the two that need to be weighed but the biggest are the amount of money that a person has and how the debt is finalized once they file. Weighing the options is very important.

Chapter 7 is often called straight bankruptcy. If someone is wishing to have their debt discharged due to not being able to pay them then this is the option. If the court agrees then all unsecured debt will be cleared from their record. Any secure debt, such as a car payment, will continue to be opened as long as the person either has the item or keeps paying as agreed.

Chapter 13 is often called wage earner. Someone that cannot pay their debt at the present rate would choose this option. The court will agree to a lump sum amount of the total debt a person has and set up a payment plan. The payment plan may range from around three to five years.

Bankruptcy Milwaukee is something that happens more often due to the economic times that are going on now. An individual that is not able to pay their present debt may seek this option. The two filings seen most are Chapters 7 and 13. <A href="http://www.milwaukee-waukesha-bankruptcylaw.com">bankruptcy Milwaukee</A>

Stop by our site to find out more <a href="http://www.milwaukee-waukesha-bankruptcylaw.com">bankruptcy Milwaukee</a>

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