Professional Advice 

Debt Solutions

Attorney Michael J. Palid should be your first choice when it comes to debt solutions. During the initial consultation, we start by evaluating your finances thoroughly to better understand your situation and offer you solutions. We work with you to help you decide which course of action best suits your situation.

Possible solutions could include a Chapter 7 or Chapter 13 bankruptcy, a Chapter 128 voluntary amortization of debts (if you are a Wisconsin resident), or a debt management program. We will explore options available to you to help you chart the best course of action for your future. 


Consumers filing bankruptcy generally choose to file under either Chapter 7 or Chapter 13. 

  • Chapter 7: This is the usual Chapter for consumer bankruptcy. A snapshot of your finances as of the date of filing is provided to the bankruptcy court, along with some financial history and expectations for the next 12 months. You qualify for Chapter 7 relief based upon your income, your expenses, what you own and what you owe on what you own. Most people who chose to file Chapter 7 can keep what they own and receive a discharge of their personal liability on dischargeable debts within about 4 months of filing the bankruptcy case. 

  • Chapter 13: Also known as a wage earner's plan, this Chapter lets you come up with a plan to repay all or part of your debts if you have a regular income. Repayment plans extend from 3 to 5 years. Chapter 13 is appropriate for filers whose income exceeds the median income for their household size for their state of residence, or for those who own and want to keep assets valued in excess of the amounts allowed to be kept under the bankruptcy code exemptions. Chapter 13 can also help you stop a foreclosure and bring your mortgage up to date over 3 to 5 years. 
  • Chapter 128: This is a voluntary debt consolidation plan set up through the Wisconsin Circuit Court system. It is neither bankruptcy nor a consumer credit counseling plan. It generally extends three years, and stops interest and prevents collection action relative to the debts included in the plan.

Call us today at 715-735-3592 for FREE consultations relative to bankruptcy.

Call us today at 715-735-3592 for a FREE consultation on bankruptcy cases.
Member of the State Bar Associations of Michigan and Wisconsin.
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