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BANKRUPTCY OVERVIEW

Bankruptcy is a federal process that serves a variety of functions. The general provisions are set out in Title 11 of the United States Code. While individual states do provide specific exemptions, Federal Bankruptcy Courts oversee the individual proceedings. These courts are found in the U.S. District Courthouses. The U.S. Bankruptcy Court located in the Federal District Courthouse in Madison, WI, oversees bankruptcy filings in the western district of Wisconsin. The federal courthouse in Milwaukee supervises bankruptcy filings in the eastern district of Wisconsin.

A Bankruptcy action can be voluntarily initiated by a debtor (a person or business that owes money) or brought by a creditor (a person or business that is owed money). Bankruptcy is used by a debtor to provide relief from creditors. This relief generally comes in the form of a payment plan that divides up the debtor's property and capital, and then distributes it to the different creditors. The division and distribution is supervised by someone called a trustee. There are then general restrictions that apply to debtors and creditors. For example, once a bankruptcy petition has been filed, a debtor cannot sell any of the belongings that the trustee has included in the debtor's estate. Also, once a bankruptcy proceeding is initiated, creditors must stop contacting the debtor in attempts to collect payment.

Types of Bankruptcies. Below is listed the primary types of bankruptcies. Chapter 7 are the cases of total liquidation, Chapter 11 are the business reorganizations and Chapter 13 is for consumer reorganizations.

CHAPTER 7

CHAPTER 11

CHAPTER 13

U.S. BANKRUPTCY CODE SECTION 54

BANKRUPTCY EXEMPTIONS IN WISCONSIN

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