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Best Bankruptcy Attorneys in Milwaukee

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Dantzman & Dantzman Bankruptcy Lawyers logo
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Dantzman & Dantzman Bankruptcy Lawyers

324 E Wisconsin Ave #1444, Milwaukee, WI 53202
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Dantzman & Dantzman Law Office is a firm that caters to the community of Milwaukee. Focusing on debt consolidation and bankruptcy relief, the legal practice provides representation to clients seeking to file for various types of bankruptcies, including chapters 7, 13, and 128. It aims to help individuals obtain a fresh start in their finances through the management of their debts. The firm is owned and managed by husband-and-wife duo Gregory and Priscilla Dantzman. Gregory is a member of the National Association of Consumer Bankruptcy Attorneys.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.6
Avvo
4.5 / 5 (4)
Facebook
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Debt Advisors Law Offices logo
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Debt Advisors Law Offices

250 E Wisconsin Ave, Milwaukee, WI 53202
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Credit Card Debt
  • Debt Settlement
  • Student Loan Debt

Business Description

Debt Advisors Law Offices is a bankruptcy firm in Milwaukee with seven Wisconsin offices that provides debtors with solutions to damaged credit and creditor harassment. The firm has over 15 years of experience in the debt relief industry, filing both Chapter 7 and Chapter 13 types of bankruptcy for clients with excessive debt. Debt Advisors Law Offices employs attorneys that are members of the National Association of Consumer Bankruptcy Attorneys.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (248)
Facebook
4.3 / 5 (17)
Avvo
4.9 / 5 (10)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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DeWitt LLP logo
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DeWitt LLP

13845 Bishops Dr Ste 300, Brookfield, WI 53005
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

DeWitt LLP is a full-service law firm based in Brookfield, Wisconsin, that provides bankruptcy services to family-owned businesses and large corporations throughout Milwaukee. Some of the areas in which the firm advises its clients include adjustments of debt, business reorganization, and liquidations. Its Chapter 7 and Chapter 13 bankruptcy attorneys near Milwaukee represent creditors' rights and pursue legal actions in response to fraudulent transfers and discharges of indebtedness. DeWitt additionall handles Chapter 11 of the Bankruptcy Code.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.3
Facebook
4.7 / 5 (17)
Google
3.8 / 5 (10)
Yelp
3.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Eddington Law Office logo
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Eddington Law Office

250 E Wisconsin Ave #1800, Milwaukee, WI 53202
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Eddington Law Office offers legal services to clients in Milwaukee and the surrounding areas. It assists individuals filing for bankruptcy chapters 7, 13, and 128. The firm guides clients through the bankruptcy process and aims to help stop garnishments, foreclosures, repossessions, and tax levies. Robert Eddington, a lawyer at Eddington Law Office, previously worked in New York City as a litigation associate. He moved to Wisconsin in 2003 to start a music and entertainment business, while also continuing to operate his law firm.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
4.5 / 5 (182)
Facebook
4.5 / 5 (57)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Esserlaw LLC logo
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Esserlaw LLC

11805 West Hampton Avenue, Milwaukee, WI 53225
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Esserlaw LLC is a bankruptcy law firm that provides legal representation for clients who have financial issues in the Waukesha area. The bankruptcy lawyers at this firm help reset clients' finances by filing bankruptcies under chapters 7, 13, and 128 of the Bankruptcy Code. It also offers a budget counseling session, which allows clients to learn how to set up a plan for paying new and old debts and acquire tips on improving their credit scores.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.6
Avvo
4.3 / 5 (6)
Facebook
5.0 / 5 (4)
Yelp
5.0 / 5 (3)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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German & Troyer logo
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German & Troyer

10520 West Bluemound Rd. Suite 102, Wauwatosa, WI 53226
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

With over 35 years of experience in the field, German & Troyer provides legal services in the areas of criminal, real estate, and elder law. Its team recommends solutions according to the provisions in the 2005 Bankruptcy Act. Its bankruptcy lawyers have represented clients in both Chapter 7 and Chapter 13 cases. The law firm also advocates for individuals accused of felonies and misdemeanors, including speeding tickets and traffic violations. German & Troyer serves clients in Milwaukee and its surrounding communities.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
3.9
Google
3.9 / 5 (7)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Godfrey & Kahn's logo
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Godfrey & Kahn's

833 E Michigan St Ste 1800, Milwaukee, WI 53202
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  • Creditor Representation
  • Corporate Restructuring
  • Chapter 11 Bankruptcy

Business Description

Godfrey and Kahn's is a bankruptcy firm in Milwaukee, Wisconsin, with six offices located throughout the state. The firm has more than 60 years of experience in business finance and bankruptcy practices. Attorneys represent secured and unsecured creditors, assisting clients in selecting the best source of financing in the liquidation process, as well as refinancing and reorganizing insolvent companies. The firm also represents sellers and buyers of financially distressed businesses.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.3
Google
4.3 / 5 (10)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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González Fernandini Law Office, LLC logo
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González Fernandini Law Office, LLC

229 East Wisconsin Avenue Suite 1100, Milwaukee, WI 53202
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

The González Fernandini Law Office, LLC, is a bankruptcy law firm that accommodates clients, including those who speak Spanish, in Milwaukee. It is led by founder Yanira González Fernandini, whose practice is centered on cases and filings involving chapter 7, 11, 12, and 13 bankruptcy. She guides clients using comprehensive counsel on ways to restructure their debts and secure their assets against garnishments, foreclosures, and repossessions. She is a member of the Bankruptcy, Insolvency, and Creditors’ Rights Section of the State Bar of Wisconsin.

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Hanson & Payne LLC logo
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Hanson & Payne LLC

740 N. James Lovell St., Milwaukee, WI 53233
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement
  • IRS Tax Debt

Business Description

Hanson and Payne LLC is a Milwaukee-based bankruptcy firm operating throughout southeast Wisconsin. The brokerage serves individuals, families, and businesses, providing a combination of bankruptcy litigation and debt negotiation. Its agents have experience filing Chapter 7 and Chapter 13 insolvency proceedings, helping clients clear debts or catch up on accumulated payments. The firm may be able to structure informal arrangements with creditors in order to reduce interest rates and overall debt.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Avvo
5.0 / 5 (15)
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Horizons Law Group logo
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Horizons Law Group

611 N. Barker Road Suite 209b, Brookfield, WI 53045
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Credit Card Debt
  • Student Loan Debt

Business Description

Horizons Law Group is a law firm located in Brookfield, Wisconsin, that operates throughout the Milwaukee metro area. Founded in 2000, the team of legal professionals handle bankruptcy, foreclosure, and financial relief from student loans. In relation to consumer bankruptcy, the team of Chapter 7 and Chapter 13 bankruptcy attorneys near Milwaukee gives clients the opportunity to liquidate assets to settle debts or use a steady income to agree to a repayment plan. Horizons also offers Chapter 128 proceedings.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.6

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Landry Law Offices logo
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Landry Law Offices

200 S Executive Drive, Suite #101, Brookfield, WI 53005
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Landry Law Offices provides legal support to clients in the Milwaukee metro who are facing bankruptcy. The firm helps in filing chapters 7 and 13, which discharges most types of unsecured debt and settles debts with creditors via a repayment plan respectively. It also assists in reorganizing debt repayments via chapter 12. Ryan Landry has been in practice for more than 15 years and is a member of the Bankruptcy, Insolvency, and Creditors Rights Section of the Wisconsin State Bar.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Avvo
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Lanser Law Office logo
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Lanser Law Office

Tower Executive Office Building N14 W24200 Tower P, Waukesha, WI 53188
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement
  • Student Loan Debt
  • IRS Tax Debt

Business Description

Lanser Law Office, based in Waukesha, Wisconsin, has been serving the people of Milwaukee since 1982, handling bankruptcy proceedings for divorcing couples, individuals, and small business owners. The firm focuses on helping clients discharge debts or file for reorganization payment plans. In some instances, lawyers can agree on settlements with creditors outside of the bankruptcy process. Lanser's pre-bankruptcy planning services maximize the use of exemptions to protect assets during the filing process.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
FindLaw
5.0 / 5 (45)
Google
5.0 / 5 (27)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Lombardo Law Office logo
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Lombardo Law Office

2230 South 108th Street,, Milwaukee, WI 53227
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Lombardo Law Office serves clients in Milwaukee and Waukesha. Its team of bankruptcy attorneys guide clients with filing a Chapter 7 bankruptcy and Chapter 13 bankruptcy. Clients learn about which chapter is applicable to their situation by knowing the advantages and disadvantages of each chapter through the firm's lawyers. The firm also offers alternatives to bankruptcy filing, including debt settlement and Chapter 128 or Debt Consolidation. Lombardo Law Office was founded in 2001 by Milwaukee-native Adam L. Lombardo, who has assisted hundreds of clients with their bankruptcy cases.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.9 / 5 (131)
Facebook
4.8 / 5 (18)
Avvo
5.0 / 5 (3)

(+1 additional source)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
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Sapinski Law Office, S.C. logo
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Sapinski Law Office, S.C.

2266 N. Prospect Ave Suite 445, Milwaukee, WI 53202
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Sapinski Law Office, S.C., provides legal services to Milwaukee and the surrounding communities. It assists individuals who are filing for chapter 7 bankruptcy, helping stop debt collector harassment. The firm also handles chapter 13 bankruptcy cases for clients who are behind on their car and mortgage payments. Andrew Sapinski, the founding attorney, brings more than 20 years of experience in the legal field. He has represented more than 2,000 clients in bankruptcy cases throughout his legal career.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.5 / 5 (182)
Facebook
4.5 / 5 (57)
Yelp
1.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Southside Law Office logo
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Southside Law Office

3620 E. Layton Avenue, Cudahy, WI 53110
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

The Southside Law Office serves clients in Milwaukee and the surrounding areas. Managing partner Shpetim Ademi helps individuals by creating solutions for a variety of creditor and debtor issues and handles cases involving chapters 7 and 13 bankruptcies. He also represents clients in robocall, junk fax, and false advertising cases. His other areas of practice include wrongful termination, discrimination, and unpaid wages. Shpetim has also recovered thousands of dollars for victims of abusive and law-breaking practices.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
5.0 / 5 (6)
Avvo
4.8 / 5 (4)
Facebook
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Steinhilber Swanson LLP Attorneys At Law logo
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Steinhilber Swanson LLP Attorneys At Law

759 N Milwaukee Street, Milwaukee, WI 53202
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  • Creditor Representation

Business Description

Steinhilber Swanson LLP Attorneys at Law has been providing services to individuals and businesses in Milwaukee and nearby areas since 1980. It helps clients file for different types of bankruptcy, including chapters 7, 11, 12, and 13. Also included in its practice areas are estate planning and probate, family law, real estate, and workouts and restructuring. Paul G. Swanson, a senior partner, has been practicing law for 38 years. He is a member of the National Association of Bankruptcy Trustees.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
4.5 / 5 (182)
Facebook
4.5 / 5 (57)
Yelp
1.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Storm, Balgeman, & Klippel, S.C. logo
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Storm, Balgeman, & Klippel, S.C.

1011 N. Mayfair Road, Wauwatosa, WI 53226
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  • Debt Settlement
  • Chapter 11 Bankruptcy

Business Description

Storm, Balgeman, & Klippel, S.C. is a multi-practice law firm that assists with matters relating to bankruptcy, business law, and real estate. With over two centuries of combined experience, its team helps individuals, families, and businesses file for bankruptcy. It also provides debt relief and debt negotiation services. Additionally, it takes legal action against improper debt collection practices, wrongful repossession, and erroneous credit reporting. Located in Wauwatosa, the firm extends its services to Milwaukee, Washington, Waukesha, Ozaukee, and Racine.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.2
Google
4.4 / 5 (18)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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The Law Office of Steven R. McDonald, LLC. logo
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The Law Office of Steven R. McDonald, LLC.

7300 South 13th Street Suite 201, Oak Creek, WI 53154
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Credit Card Debt

Business Description

The Law Office of Steven R. McDonald, LLC, is a legal firm that caters to debtors in Milwaukee. Its bankruptcy attorney, Steven McDonald, assists individuals in filing for chapter 7 or 13 bankruptcy. He deals with a wide range of financial matters that resulted in medical and credit card debt, civil judgments, liens, and utility shutoffs. The firm offers consultations to walk the clients through the entire bankruptcy process. McDonald has provided charity service for the Volunteer Lawyers Project of the Legal Action of Wisconsin.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (17)
Avvo
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Watton Law Group logo
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Watton Law Group

301 West Wisconsin Avenue 5th Floor, Milwaukee, WI 53203
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

The attorneys at Watton Law Group offer debt relief to clients in Milwaukee through bankruptcy code assistance. They advise clients on the Fair Debt Collection Practices Act, Fair Credit Reporting Act, and Chapter 7 and Chapter 13 bankruptcy. In addition, they deal with bill collectors, impending lawsuits, and seizure of properties. Watton Law Group also represents consumers who are victims of fraud, data privacy violations, and illegal business practices in class action lawsuits.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Avvo
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Witte Law Offices, LLC logo
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Witte Law Offices, LLC

7670 N. Port Washington Rd. Suite 103, Fox Point, WI 53217
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Witte Law Offices, LLC, represents clients in Milwaukee who seek to file bankruptcy. It assists them in determining suitable bankruptcy options to help them get through their financial difficulties. It guides them in chapter 7 bankruptcy, which helps prevent wage garnishments and eliminate credit card balances. The law firm also handles chapter 13 bankruptcy matters, allowing individuals who still have regular income to stop vehicle and home foreclosures. Luke T. Witte, the firm's sole practitioner, has over 15 years of experience.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.5
Google
4.4 / 5 (25)
Avvo
5.0 / 5 (7)
Facebook
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Back to Providers

Frequently Asked Questions

What does a bankruptcy attorney do?

Bankruptcy attorneys help clients understand whether they qualify for bankruptcy and what their best options are. They also prepare and file petitions, answer questions during the proceedings, and educate clients about potential best steps for a positive bankruptcy outcome. Bankruptcy attorneys might also file motions or paperwork if creditors dispute the bankruptcy, or to stop creditors from taking collections actions forbidden by the bankruptcy.

What happens when you file bankruptcy?

Bankruptcy is a formal process that individuals, married couples, or businesses can enact when they are no longer able to pay creditors. In a bankruptcy proceeding, filers are allowed to reduce debt to more manageable levels to best pay off money owed.

Once the bankruptcy process is initiated, debt collectors can no longer seek repayments outside of the arrangements detailed in the bankruptcy settlement. Some forms of bankruptcy result in the liquidation of assets to pay back debts, while others allow filers to retain most of their possessions and investments. Many types of unsecured debt can be managed with bankruptcy filings, but not all.

Can you file bankruptcy on student loans?

Under most circumstances, student loans aren't dischargeable and aren't included in bankruptcy proceedings. In rare cases, it may be possible to eliminate student loans through bankruptcy, but only if the courts determine that continuing to pay the loans would impose an undue hardship. Meeting the criteria for undue hardship is challenging, and most bankruptcy filers don't qualify.

What is bankruptcy fraud?

Bankruptcy fraud is a blanket term that refers to any kind of dishonest bankruptcy proceeding, which can include:

  • Hiding assets by transferring them to another person or entity
  • Intentionally omitting assets when reporting to the court
  • Destroying or withholding required documents
  • Knowingly making false statements to bankruptcy trustees or creditors

How long is bankruptcy on public record?

How long bankruptcy stays on public record depends on the kind of bankruptcy filing in question. Chapter 7 bankruptcy remains on the record for 10 years as there isn't necessarily a repayment component. Chapter 13 bankruptcy remains on the record for seven years as some obligations are repaid following filing based on the terms of a discharge settlement.

Does bankruptcy clear tax debt?

Bankruptcy can clear tax debt, depending on the circumstances. Taxes are dischargeable under Chapter 7 bankruptcy, not Chapter 13, and only if the tax debt is:

  • Federal income tax debt related to current properly filed tax returns
  • Honestly incurred with no fraud or evasion
  • At least three years old
  • Assessed at least 240 days before bankruptcy filings

Existing liens are not eliminated with bankruptcy.


Can they take my car in Chapter 7 bankruptcy?

In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

How bad is it to file bankruptcy twice?

Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.

Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.

Can anyone file bankruptcy?

Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

How will bankruptcy affect my credit score?

Bankruptcies are noted on credit reports. How much a bankruptcy might drop a person's credit score depends on how high the score was to begin with, but generally speaking, the hit can be as much as 100 to 200 points. Often scores are already dropping because people filing for bankruptcy may have already missed payments on debts. Chapter 13 bankruptcies are listed on credit reports for seven years from the filing date, while Chapter 7 bankruptcies are listed for 10 years from the filing date. This is because Chapter 13 bankruptcies require at least partial payment of debts owed.

What are the benefits of filing for bankruptcy?

Filing a bankruptcy petition causes an automatic stay. This legally stops creditors from taking further action to collect debt, including garnishing wages or foreclosing on property. Going through a bankruptcy successfully means that debts included in the bankruptcy are discharged and don't have to be paid back, except as provided in a Chapter 13 repayment plan. Bankruptcy can help someone recover from financial duress so they can make better decisions and improve financial situations in the future. Disadvantages can include temporary lower credit scores and limitations on spending and financing.

What's the difference between debt settlement and bankruptcy?

Debt settlement occurs when people negotiate with individual creditors. The creditor agrees to take a payment that's lower than what someone owes and call the debt “paid in full.” Bankruptcy is a legal process that causes debts to be dismissed after someone proves they don't currently have the means to pay their debts as owed. Typically, someone can't enter into bankruptcy and also settle some debts, because the court would see that as favoring one creditor over another.

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