Filing for Chapter 7 Bankruptcy in Wisconsin: Your Questions Answered

The decision to file for bankruptcy is a serious one—and one that can be fraught with mistakes. The mistakes come with the many steps involved in the process (such as, but not limited to): deciding whether to declare Chapter 7 or 13 bankruptcy, compiling the necessary paperwork, navigating through the Chapter 7 bankruptcy means test, filing in the Eastern or Western District of Wisconsin.

The whole process of declaring Chapter 7 bankruptcy can be complicated, which is precisely the reason it can become necessary to hire an experienced lawyer. An experienced lawyer can guide those filing for bankruptcy (debtors) through the entire process. The goal of Chapter 7 bankruptcy is to ease the debt load and discharge debts.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, otherwise known as liquidation bankruptcy, is the legal process for discharging debts. After filing, a trustee is appointed by the court to use nonexempt property to pay off debts, such as (but not limited to) medical or credit card debt. Some debts, such as a car or home loan, can be wiped out if the property is not wanted. Once the process is started, creditors cannot contact debtors about collection; there are exceptions, such as when the eviction process was started by a landlord prior to filing and because the debtor did not pay rent. When the process is finalized, the debt is cleared and the creditor is not allowed to collect on the debt (with a few exceptions). Examples of these exceptions are:

  • Child or spousal support,
  • Court fines,
  • Student loans (with a few exceptions),
  • Income taxes (with a few exceptions).

Who can file for Chapter 7 Bankruptcy?

Those wishing to file for Chapter 7 bankruptcy need to pass the means test. This basically means that the income of the individual or couple filing must fall under a certain amount; this is determined by reviewing past financial documents. There are certain circumstances where an individual or couple can still file even when the income exceeds the median income. A bankruptcy lawyer can provide more information on these situations.

When can I file Chapter 7 Bankruptcy?

Debts can only be discharged under Chapter 7 bankruptcy every 8 years and 6 years after a Chapter 13 bankruptcy. After a Chapter 7 bankruptcy debt discharge, a Chapter 13 bankruptcy cannot be filed for another 4 years. A bankruptcy filing stays on a credit report for 10 years.

Do I need a lawyer to file for Chapter 7 Bankruptcy?

No. However, an experienced bankruptcy lawyer can be an invaluable help when navigating through the process of filing for Chapter 7 bankruptcy.

The materials on this website are provided for informational purposes only and do not constitute legal advice. These materials are intended, but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as an indication of future results. Transmission of the information is not intended to create, and the receipt does not constitute, an attorney-client relationship between sender and receiver. You should not act or rely on any information contained in this website without first seeking the advice of an attorney.

How do I transfer property to my child?

Estate planning worksheet for writing a will

The question of how to transfer property to a child is far more difficult to answer than it was years ago. The transfer of any real estate property is a legal and financial matter. An individual or family should always consult an attorney and financial advisor when considering transferring a home, cabin, land, or any other property.

The exact means for the property transfer is different and should be determined based on the exact circumstances. Contact a  real estate attorney and financial advisor to decide on the best way to transfer property. Along with a consultation, use these other tips for a sound property transfer between a parent and child.

Avoid verbal agreements.

Parents and children should have many conversations when considering a property transfer. Some of the discussions should be between the parent and child who want to transfer the property. If there is agreement on the transfer, the property transfer should be documented as a legal property transfer to the child. This can be done through estate planning, such as via a will or trust, or with a deed. Verbal statements such as, “when I die, you get the house” likely will not withstand legal challenges and is not a guarantee that the child can take ownership of a property.

If there are other children or family members involved, it is recommended that other conversations occur. The transfer of a property, such as a family home or cabin, can affect other members of the family both emotionally and financially. Open communication with other family members can minimize any drama that could arise in the future.

Consider the options and timing.

There are many different ways to transfer property to a child. The transfer can occur as part of a trust, either as a revocable or irrevocable trust. A will is another estate-planning document that can clearly spell out the desire for a property transfer to a child. The transfer can also occur via a legal property deed transfer. In addition to the exact means of transfer, the timing of the property transfer also needs to be factored into the decision.

Property transfers, both immediate and via estate planning, comes with financial implications. For example, if the property transfer is made from a parent to a child with significant debts, the transfer can lead to issues because the property is now considered the child’s asset. The timing of the property transfer, either now or in the future, can affect the finances and costs of both parties.

Consult the professionals.

With so many aspects to consider, a property transfer should always occur with advice from the professionals. The property transfer should be documented legally by an experienced real estate attorney, both for the protection of the parent and the child.

The materials on this website are provided for informational purposes only and do not constitute legal advice. These materials are intended, but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as an indication of future results. Transmission of the information is not intended to create, and the receipt does not constitute, an attorney-client relationship between sender and receiver. You should not act or rely on any information contained in this website without first seeking the advice of an attorney.

What is a warranty deed in Wisconsin?

Wisconsin property deeds, the documents used to legally transfer property between two parties, fall into a few different categories. Two of them are: Warranty Deed and Quit Claim Deeds. Both types of deeds include a legal description of the property (beyond just the address), grantor (current property owner), and grantee (new property owner). Most Wisconsin property deeds need a signature.

The Wisconsin property deed needs to be filed in the county where the property is located. The difference between the deeds are the guarantees included the Wisconsin property deeds. To determine the type of deed that suits the situation, contact a local real estate attorney that can offer advice and draft a legally-sound deed.

Warranty Deeds

A Warranty Deed offers the most guarantees of all the Wisconsin property deeds, meaning that the grantor is responsible for transferring clear title. The Warranty Deed offers guarantees or covenants to the grantee, such as:

  • The grantor guarantees that they are the lawful owner.
  • The grantor guarantees that the property is lien-free and is not subject to any claims by third parties.
  • The grantor guarantees that the title is clear.

Quit Claim Deeds

A Quit Claim Deed is a Wisconsin property deed with no guarantees. Because of the lack of protection for the grantee, Quit Claim Deeds are typically used in situations where there is some degree of trust. These situations could include the transfer of interest during a divorce, when property is transferred to a living trust, or during a transfer from an individual to a corporate entity. Under a quit claim deed, the grantor transfers their interest in the property to the grantee.

A warranty deed and quit claim are the two most commonly used Wisconsin property deeds. Other types of Wisconsin property deeds might be useful to the situation; contact anexperienced real estate attorney to get legal advice specific to the situation. In addition to advising on the right type of Wisconsin property deed, an experienced real estate attorney can guide the parties through the process and ensure that every document and step is legally sound.

The materials on this website are provided for informational purposes only and do not constitute legal advice. These materials are intended, but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as an indication of future results. Transmission of the information is not intended to create, and the receipt does not constitute, an attorney-client relationship between sender and receiver. You should not act or rely on any information contained in this website without first seeking the advice of an attorney.

20 Reasons to Hire a Wisconsin Real Estate Lawyer

Real estate matters are a big deal with long-term implications, both financial and legal. The only party that can give legal advice in these significant matters are real estate lawyers. Because a real estate lawyer does not work on commission, real estate lawyers dispense unbiased advice because they have no interests in the matter.

With so many documents and steps in the real estate transaction, real estate lawyers can also be invaluable when navigating through a real estate matter. Real estate lawyers can break down documents and the process for clients, allowing them to make an informed decision. The lawyers can identify issues throughout the process and assist in resolving matters. Real estate lawyers can also advice clients of legal risks involved in the transaction, both short- and long-term. If the transaction results in legal conflict, a real estate lawyer can assist in the resolution.

With so many advantages of hiring a real estate lawyer, potential homeowners, business owners, farm managers, developers, landlords, and other parties can benefit from the services of a real estate lawyer. In Wisconsin, a real estate lawyer can assist with these matters. (This list is not all-inclusive. Contact a local real estate lawyer for a consultation pertaining to the specific matter.)

Real Estate Lawyer Services

  1. Purchasing rental properties
  2. Selling a home to a child or family member
  3. Buying a home from a parent
  4. Purchasing a home
  5. Title examinations
  6. Zoning issues
  7. Resolving Homeowner Association issues
  8. Construction contract review and issues
  9. Drafting land contracts
  10. Resolving conflicts with property titles
  11. Drafting development agreements
  12. Filing liens
  13. Resolution of boundary line disputes
  14. Purchasing land
  15. Drafting land rental agreements
  16. Reviewing offers to purchase a property
  17. Selling land
  18. Renting land to another party
  19. Drafting and negotiating brokerage agreements
  20. Dealing with restrictive covenants

The materials on this website are provided for informational purposes only and do not constitute legal advice. These materials are intended, but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as an indication of future results. Transmission of the information is not intended to create, and the receipt does not constitute, an attorney-client relationship between sender and receiver. You should not act or rely on any information contained in this website without first seeking the advice of an attorney.