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The 3 different types of bankruptcy that a business can file

Just like individuals swimming in debt may choose to file for bankruptcy as a way to alleviate their financial pressures, businesses often do the same. They may file for Chapter 7, 11 or 13 bankruptcy depending on how they're incorporated, the assets and debts they have and whether they're looking to remain in business.

Chapter 13 bankruptcy

Deciding whether to file Chapter 7 or 13 bankruptcy can be hard

If you've lost a job or are drowning in medical bills, then calls coming in from collectors can be like salt in a wound. Their unrelenting nature may leave you searching for a solution to get them to stop. While bankruptcy can provide the type of relief that you're looking for, you may not know whether it's most appropriate to choose between Chapter 7 or Chapter 13.

The truth is that you don't have much of a choice as to which type of bankruptcy to file as it's contingent upon how much money you make. Chapter 7 bankruptcy is reserved for lower-income individuals. All but 29 percent of personal filings are this type. The rest are Chapter 13 or repayment plan ones.

What are the requirements to divorce in Wisconsin?

In order to qualify for a divorce in Wisconsin, one or both of the spouses must have lived in the state for at least six months prior to filing under 767.06 (1m) of the existing code.

Like many other jurisdictions in the country, Wisconsin is a "no-fault" divorce state. What essentially this means is that neither spouse has to lay blame for the demise of their marriage. Instead, a husband or wife needs only to say that their marital relationship is "irretrievably broken," or beyond repair, in order to be allowed to move forward with a divorce.

Press Release

The law firm of Steinhilber Swanson LLP, with offices in Oshkosh and Madison, Wisconsin, has been augmented through the addition of two new partners, James D. Sweet and Michael P. Richman. Sweet is a nationally-recognized chapter 11 business debtors' lawyer, and Michael P. Richman, also nationally recognized for his chapter 11 experience (including bankruptcy litigation and associated courtroom advocacy) on behalf of debtors and creditors.

Need Now: Motivated Full-Time Legal Assistant

Steinhilber Swanson, a busy downtown law firm with four Attorneys is seeking a Legal Assistant (paralegal) to assist in civil litigation, family and bankruptcy law matters. Work station has a great view of downtown and the lake. Those with paralegal skills are encouraged to apply.

Can you keep your home during bankruptcy?

For many people, their home is their largest investment. If you face financial hardship, it is extremely discouraging to think you might lose your home in the process. However, there is still hope.

Also known as reorganization bankruptcy, Chapter 13 bankruptcy can be especially beneficial for homeowners. Essentially, this is a repayment plan, and can help people with a steady income repay their debts over time. 

What should you keep in mind when debt gets overwhelming?

People don't plan to get into overwhelming debt. However, it happens to more people than you might expect. The future is unpredictable, and unexpected events can turn what was once a stable debt load into something seemingly completely out-of-control.

When your debt load starts to feel like more than you can handle, what steps you take next can matter greatly. How debt struggles are addressed can have significant impacts on one's financial future. Today, we'll discuss some important things to remember when it comes to dealing with debt problems.

Missing credit card payments can have significant impacts

Certain things have the potential to cause significant damage to a person’s finances. One of these is missing credit card payments. This is because of the consequences falling behind on such payments can trigger. These include:

  • Late fees
  • Higher interest rates
  • A lowered credit score

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