Wisconsin Application for Waiver of the Chapter 7 Filing Fee
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How to fill out Application For Waiver Of The Chapter 7 Filing Fee?
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FAQ
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
While it may feel odd to pay fees to tell the courts you don't have enough money, you typically have to pay court fees to file for bankruptcy. The filing fee for a Chapter 7 bankruptcy is $338, while the filing fee for a Chapter 13 bankruptcy is $313.
You Don't Get to Keep Assets If You Fail The idea of keeping your home and car and personal belongings is an attractive part of Chapter 13. But if the case fails or is dismissed, protection for those assets disappears.
Chapter 7 vs. typically takes about four to six months, a Chapter 13 takes three to five years; costs less than Chapter 13; and. requires no payments to a trustee.
Wisconsin Chapter 7 Bankruptcy Exemptions $4,000 motor vehicle exemption, plus the unused amount from consumer goods exemption. $12,000 consumer goods exemption ($24,000 for a married couple) $5,000 in checking and savings accounts ($10,000 for a married couple) $50.000 personal injury award exemption.
Ultimately, if you can reasonably pay the taxes you owe as a result of your business closing after discharging all or most of your other obligations (including maybe some of the taxes), then Chapter 7 may well make more sense. Otherwise, you will probably need to file a Chapter 13 bankruptcy.
Disadvantages to a Chapter 7 Bankruptcy: If you want to keep a secured asset, such as a car or home, and it is not completely covered by your bankruptcy exemptions then Chapter 7 is not an option. The automatic stay created by filing Chapter 7 Bankruptcy only serves as a temporary defense against foreclosure.