Chapter 7 Bankruptcy

The Swenson Law Group specializes in assisting people with financial issues.  Attorney Mart Swenson and Attorney Evan Swenson and their staff have built a strong reputation for protecting the rights of clients ethically and competently while strictly specializing in bankruptcy and debtor/creditor law, all while giving your case the personal attention it needs. Give us a call today, 1-800-934-0334.

A Chapter 7 bankruptcy is the most common type of personal bankruptcy filed, and for good reason. It’s fast, effective, and generally less complicated than other types. Often, people fear a Chapter 7 bankruptcy due to the possibility of losing their valuable property. However, in most cases this is not true…most debtors are able to keep the property they own.

You may consider Chapter 7 because….

#1: You Lack a Regular Income

A Chapter 7 bankruptcy is a liquidation plan.  This means that all unsecured creditors will be wiped out in a discharge of debt.  In most instances you will be able to keep your home, vehicles, and personal property.  However, “non-exempt assets” can be liquidated in order to pay off your creditors.  Unless you have significant non-exempt assets, you don’t need to worry about losing any property.  A great majority of Chapter 7 bankruptcy cases do NOT involve assets of the debtors that are liquidated to creditors.

#2: You Have a Significant Amount of Debt

When you have a large amount of debt you cannot pay, filing a Chapter 7 bankruptcy may be your best option.  A Chapter 7 bankruptcy does not have a limit on how little or how much debt you are allowed to eliminate.  Most debtors who file a Chapter 7 bankruptcy are able to discharge a large amount of debt.  These debts may include credit cards, medical bills, and certain unsecured banking loans.  Keep in mind there are some debts that may not be dischargeable such as student loans, child support and most taxes.

#3: You Desire a Quick Resolution

A Chapter 7 bankruptcy is designed to be a relatively quick process, most often taking only three to four months to obtain a discharge from the court.  This process allows you to keep your personal property and provides a fresh financial start.

#4: Your Assets are all Exempt Assets

If all of your assets are considered to be “exempt,” your case will be filed as a “non-asset” case.  This means that you’re able to obtain a discharge of debt without losing any of your possessions.

Certain assets are considered “exempt” from liquidation under the Federal Bankruptcy Code.  Some states have granted additional exemptions for certain assets.  When you file for Chapter 7 bankruptcy, you are allowed to keep your “exempt assets”.   A majority of cases that are filed, fall under the exempt category.  Wisconsin bankruptcy law also allows you to choose between Federal and State exemption statutes.  Attorneys Mart and Evan Swenson are experienced at determining what assets may present problems and offer potential solutions to those problems.

#5: You Want To Stop Harassing Phone Calls and Other Collection Actions

Once you retain the Swenson Law Group, all creditor calls will be handled by our office. After you file your bankruptcy petition, you are granted an “automatic stay.”  This means that wage garnishments, repossession actions, utility disconnections and civil collection notices must cease.  While this “stay” is not necessarily permanent, it can offer you relief from those harassing creditor calls while you get your finances in order and develop a financial plan of action.

If you think filing Chapter 7 Bankruptcy is right for you, contact Attorneys Mart or Evan Swenson for your free case evaluation.


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