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Wisconsin Bankruptcy Law

All you need to navigate the confusing state of Wisconsin bankruptcy laws

By T.S. Johnson, Sweet Potato Pie
No one enters a business thinking it will fail and they will end up researching filing bankruptcy in Wisconsin. However, things don’t always work out how we plan and there may come a time when filing for bankruptcy in Wisconsin becomes the best option for your and your business.

Research the bankruptcy laws in Wisconsin before you make a decision about filing for bankruptcy. You want to have a complete understanding of the process and what you have to lose and gain from filing for bankruptcy in Wisconsin. Before filing for bankruptcy keep in mind and the following:
  1. Filing for Bankruptcy offers you an opportunity to start anew. Look at it as a new beginning instead of an ending.
  2. Understand how Wisconsin bankruptcy law is going to affect your current business and any possible business endeavors in the future.
  3. Examine the decisions you made that bought you the point of needing to file for bankruptcy. Analyze the situation so you know what went wrong and so you won’t make the same mistakes again.

 

Know the exemptions you have under WI bankruptcy law

Know the exemptions you have available under Wisconsin bankruptcy laws. Homestead, insurance and pensions are just some of the property concerns you want to investigate before you make a decision to file for bankruptcy in Wisconsin.
Try: Wisconsin Bankruptcy.com has a chart showing all of the exemptions that are available under Wisconsin bankruptcy law with explanations on how the exemptions work. Bankruptcy Information also has a chart with all of the available exemptions in Wisconsin as well as links to other WI bankruptcy law information.

Understand the Wisconsin business bankruptcy process

Filing for bankruptcy has changed drastically with the passage of the 2005 bankruptcy laws. You may no longer be eligible to file for Chapter 7 bankruptcy. If you have a valuable asset you want to keep that isn't covered under the exemptions, Wisconsin Chapter 13 bankruptcy may be a better option for you anyway.
Try: The Wisconsin State Law Library has a bankruptcy page that covers all the information you need to file for bankruptcy from the four types of bankruptcy available to the Wisconsin bankruptcy court in your district. Wis-Law.com has information on the bankruptcy process and other aspects of Wisconsin law.

Hire a good Wisconsin bankruptcy attorney to get you through the process

There's no filing for bankruptcy without a good Wisconsin bankruptcy attorney. There are plenty of high quality Wisconsin bankruptcy lawyers to choose from, find one that is a good fit for you and your business.
Try: Miller and Miler is a Milwaukee-based law firm that specializes in Wisconsin Chapter 7 and 13 bankruptcy filings. Lawyers.com has a database of Wisconsin bankruptcy attorneys and Wisconsin bankruptcy law firms that can be searched by county or cities.

 

  • To help you make the decision on whether bankruptcy protection is right for you, determine what your priority debts are before filing bankruptcy in Wisconsin. Your priority debts include things such as alimony, child support or any back taxes you may owe that won't be wiped out during the bankruptcy process.

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