subject: Wi Chapter 7 Bankruptcy [print this page] You can file WI chapter 7 bankruptcy if you are eligible and if you follow the chapter 7 bankruptcy procedures. To know if you are eligible to file a chapter 7 bankruptcy, you must pass the means test. Having the means to pay or not will be determined by a bankruptcy trustee through this process called means test. How would one know if you can pass the means test? Just look first at your income, how much do you earn per month? Do you have any extra amount of money after all your expenses are deducted from your income? If you do have an extra amount of money after deducting your expenses from your income, then most likely the bankruptcy trustee will convert your bankruptcy to a chapter 13, which is a repayment plan.
If you want to file a WI chapter 7 bankruptcy, you have to start by filing your bankruptcy petition in court. After that, you go through the next process called the means test. When you pass the means test then you are eligible to file a bankruptcy chapter 7. Not all people can easily become eligible to file bankruptcy chapter 7. This is because of the new bankruptcy law under the BAPCPA which stands for Bankruptcy Abuse Protection and Consumer Protection Act that started to take effect last October 2005. What this law does is balance both sides between the consumers and creditors so that nobody can take advantage of each other.
Under this new bankruptcy law, it becomes difficult to file for bankruptcy, especially, chapter 7. This is due to the new requirements that are needed to proceed with your bankruptcy. Everybody can start filing for a chapter 7 type of bankruptcy but in the process, and due to these requirements, your bankruptcy chapter 7 can be converted to chapter 13 under certain circumstances. The new bankruptcy law requires a consumer to go to a credit counseling agency and attend a credit counseling seminar. This is required and to make sure that consumer will attend, they are also required a proof of documentation that indeed a person went through a credit counseling seminar. Another thing you might consider before entering into a credit counseling session is that, if you are filing for a chapter 7 type of bankruptcy, the credit counseling agencies also provide a repayment plan, which is a chapter 13 type of bankruptcy. Because of these reasons, the new bankruptcy law encourages consumers to file a chapter 13 type of bankruptcy.
Also, before you can file your bankruptcy petition in the bankruptcy court, you have to prepare it. You can prepare the papers by yourself or you can go online and download bankruptcy PDF forms. This might be difficult for some who have no experience in legal forms. If this is your case, you can hire an online bankruptcy lawyer to help you. Let me remind you that you cannot file bankruptcy online, you can only prepare it at home and get your resources online. You still need to physically print those forms and file them yourself. Another suggestion is that you hire a petition preparer to prepare your papers and do the rest by yourself; you will only need to pay their flat fee. It is cheaper and wiser. For more support on how to file bankruptcy, visit the link below.
