Posted by Priscilla
Wisconsin Bankruptcy Court made a few recent changes to their forms used to file bankruptcy. On October 1, 2006 the court revised many of their forms to file. Make sure before you file that the latest forms are being used. At the top of the form should be the date 10/06 showing the latest revision.
I have been asked before how much does it cost to file bankruptcy in Wisconsin Bankruptcy Court? Well according to Federal statutes the fees are set for all the states at the same rate. To file a total liquidation (Chapter 7) you must pay $299 in check, cash, credit card or money order. You can even pay the filing fees in installments. It has been shown that this is a help to people who are in need of this service. If you file a Chapter 13 then the cost is $274. If you own a business then you would file either a Chapter 11 (business reorganization) or Chapter 15 (business reorganization with foreign debt/creditors) which costs $1,039.
When you file bankruptcy you should include all of your assets. However, some items can have exemptions. These are different for each state. Check with Wisconsin Bankruptcy Court or your lawyer for the exempted items.
One of the new requirements of bankruptcy is the means test. The means tests helps determine which chapter of bankruptcy to file. The numbers are multiplied by figures provided by the court to determine what to file (median family income for that part of the state). There are standards that are subtracted from this test like food, transportation, housing, utilities, life insurance, mandatory payroll deductions and more. If the amount is less than $6,000 after all the expenses are deducted then a person is eligible for Chapter 7.
Thanks for reading. I just wanted to update you on the latest information from Wisconsin Bankruptcy Court.
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