Quite often a term known as “bankruptcy” is heard and is interpreted differently by many. Do you know what bankruptcy actually means? It is referred to as a state wherein a person fails to pay his/her debts owing to insufficient financial problems. This makes him/her to file for bankruptcy via placing legal declaration. Getting assistance from a bankruptcy lawyer in Waukesha, WI is therefore worth.
Bankruptcy cases and the codes
When seeking assistance from a bankruptcy attorney, it is advised to gain information about the codes, which one would be beneficial and so on. Knowing about such things can give you an insight about the types and can help you to take a decision. Below are given a brief description about the types your bankruptcy lawyer in Waukesha, WI is likely to explain:
- Chapter 7 bankruptcy: When opted for this bankruptcy, the court assigns a trustee for the debtor. The trustee is responsible to calculate assets of debtors and convert those into cash for paying creditors. This is why Chapter 7 is also referred to as “liquidation of assets” in legal terms. It is a short-term procedure and any amount can be cleared off freeing you of debts.
- Chapter 11 bankruptcy: Those who have own business organizations inclusive of both corporation and sole proprietorship are liable to opt for this form of bankruptcy. In this bankruptcy type also, a trustee is appointed to the debtor being empowered to run the insolvent business. This is, in fact a good option as it gives opportunity to a debtor for restructuring his/her business by reorganizing debts.
- Chapter 13 bankruptcy: It is a long-term procedure, which takes 3 to 5 full years for clearing off the debts. This bankruptcy type is usually chosen by people who are not so financially strong. Make sure to get everything clarified from your bankruptcy lawyer in Waukesha, WI. Those who feel they can make the payment after a particular time then it is a good one. The main benefit of opting for Chapter 13 bankruptcy is your property can be saved from foreclosure.
Divorce attorney in Waukesha, WI
Another issue that is observed coming alongwith bankruptcy in many families is divorce. In other words, financial trouble result a happy couple to get separated from each other. However if both husband and wife passes through same situation at a time then working togetherly can bring out some innovative ideas. It is recommended to have a discussion with divorce attorney in Waukesha, WI about the same.
It is always a wise idea to clear the bankruptcy case before getting involved in a divorce case. This is because handling the financial stress together is often good than dealing with it separately. Ask your divorce attorney in Waukesha, WI about what to do next. Sometimes, you would find that a divorce lawyer is giving you ideas relating to bankruptcy laws. Most probably he/she would also suggest clearing one after another. Have a discussion with your lawyer and take final decision.
