This form is a statement of financial affairs. This statement must be completed by every debtor. Some of the categories which must be completed by each debtor are: income from employment or operation of business; payments to creditors; and assignments and receiverships.
Wisconsin Statement of Financial Affairs - Form 7
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How to fill out Statement Of Financial Affairs - Form 7?
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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.
Under the Wisconsin exemptions, you may keep almost all your property, including: A home with equity up to $75,000 (or $150,000 for a married couple) Up to $5000 in your bank accounts (or $10,000 for a married couple) Up to $12,000 in household goods ($24,000 for a married couple)
Filing Fees If you file Chapter 7 bankruptcy, you will have to pay a: Filing fee of $335.
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.
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.
When you file for Chapter 7 bankruptcy, you will have to complete a form called the Statement of Intention for Individuals Filing Under Chapter 7. On this form, you tell the court whether you want to keep your secured and leased property?such as your car, boat, or home?or let it go back to the creditor.
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt.