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CHAPTER 7 BANKRUPTCY

Individual consumers usually file what is known as a Chapter 7 or Liquidation Bankruptcy. This is the most common type of bankruptcy filing, and it is usually done voluntarily by the debtor. (To be an involuntary filing, at least three eligible creditors must petition the court). A Chapter 7 Bankruptcy requires a filing fee of $150.00. Several forms must be filed with the petition for bankruptcy. These forms contain information regarding the debtor's personal or business financial affairs, assets, and liabilities. Immediately after the filing, a trustee is appointed. The trustee gathers all of the debtor's property that is considered part of the estate as explained in the U.S. Bankruptcy Code s. 541. The debtor can claim some property that is will be considered exempt from liquidation. This is done at the time of the initial filing. If the debtor is an individual, then his/her state exemptions can be claimed. (Wisconsin Statute sec. 815.18 provides a list of exempt property). After the trustee has gathered the bankruptcy estate, they then administer appropriate portions to each of the creditors. This process can be lengthy. While this is being done, the bankruptcy court holds a discharge hearing. Here, upon approval by the court, the debtor is discharged of his/her debts. The court will not discharge debts that are exempt from bankruptcy status.

OVERVIEW OF BANKRUPTCY LAW

CHAPTER 11

CHAPTER 13

U.S. BANKRUPTCY CODE SECTION 54

BANKRUPTCY EXEMPTIONS IN WISCONSIN

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