VC Law Attorney Shari L. Stevens Recognized for Volunteer Work in Wisconsin
Shari is among approximately 30 attorneys in the State of Wisconsin who have donated more than 50 hours in the last year toward serving the public good.
A Chapter 7 bankruptcy is referred to as a “fresh start” and what most people think of when they are looking to file bankruptcy. Chapter 7 is simple, quick and will allow you to regain control of your income and expenses in a very short time frame. Chapter 7 will discharge the majority of your unsecured debt including medical bills, credit card debt and pay day loans.
Once the Chapter 7 bankruptcy is filed you are protected by the bankruptcy court and the automatic stay. This automatic stay prevents any creditor from calling you, harassing you, garnishing your wages and other collection activity. The case will last four to six months from the filing date. Once the case is discharged your debts will be a thing of the past and you can move forward with your life.
Shari is among approximately 30 attorneys in the State of Wisconsin who have donated more than 50 hours in the last year toward serving the public good.
A Chapter 13 bankruptcy is also called a wage earner’s repayment plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. With a Chapter 13 bankruptcy, debtors develop a repayment plan to make installments to creditors over three to five years based on the debtor’s income. During this time, it is illegal for creditors to contact you to collect debts.
A Chapter 13 bankruptcy can have a number of advantages. Perhaps most significantly, Chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing Chapter 13, individuals can stop foreclosure proceedings, and it allows them to pay their past due mortgage payments over time.
Another advantage of Chapter 13 is that it allows individuals to pay their other secured debts in the payment plan (like car loans) and extend them over the life of the Chapter 13 plan. Doing this may lower the payments.