If you’re considering filing for Chapter 7 bankruptcy in Wisconsin, it can be hard to know where to start. That’s why we created this easy-to-use calculator. It helps you figure out two things: whether you might qualify based on your income, and how much it could cost to file.
Let’s walk through how the calculator works and what each part means.
Monthly Gross Income
This is your total income before taxes or deductions. Include wages, side jobs, rental income, child support, and any other money you bring in each month. We use this to see if your income is low enough to qualify under Wisconsin’s rules.
Household Size
Count everyone who lives with you and depends on you financially. This usually includes you, your spouse, and any children or relatives who rely on your income.
Total Assets Value
This means everything you own that has value. Think about your bank accounts, vehicles, home equity, furniture, jewelry, and more. You don’t need to list each item here—just enter a good estimate of what all your belongings are worth today.
Total Unsecured Debt
Unsecured debt is money you owe that isn’t backed by property. Credit cards, medical bills, and personal loans are good examples. Don’t include car loans or mortgages here—those are secured debts.
Attorney Fees
Most people hire a bankruptcy lawyer to help with the process. In Wisconsin, attorney fees for Chapter 7 usually range from $1,000 to $2,000. If you already have a quote from an attorney, enter it here.
Filing Fees
This is the fee you pay to the court to officially file your case. It’s currently $338. This amount is standard and not usually waived unless you qualify for a fee waiver.
Eligibility Estimate
The calculator checks your income against Wisconsin’s “median income” level. If your income is below the median for your household size, you probably qualify for Chapter 7. If you’re above the median, you may still qualify—but you’ll need to pass something called the “means test,” which looks at your expenses and disposable income.
Estimated Total Cost to File
You’ll get a simple estimate of how much it may cost to file for Chapter 7. This includes both the attorney’s fees and the court’s filing fee.
Asset-to-Debt Warning
If your assets are worth more than what you owe in unsecured debt, the calculator will let you know. This doesn’t mean you can’t file, but it may mean some of your property could be sold to repay creditors—or that Chapter 13 may be a better fit.
Chapter 7 is sometimes called “liquidation” bankruptcy. It’s meant for people who truly can’t afford to pay back their debts. When you file, most unsecured debts are wiped out. In exchange, you may have to give up some property—but Wisconsin’s bankruptcy laws include exemptions that protect things like your home, car, and household items up to certain values.
To qualify for Chapter 7 in Wisconsin, your income must be at or below the median income for a household your size. If not, you’ll need to pass the means test to show that you still can’t afford to repay your debts.
Most Chapter 7 cases are completed within 4–6 months. Many people who file keep all of their property and walk away debt-free.
If you’re feeling overwhelmed by debt, this calculator is a great first step. But it’s not a substitute for legal advice. Every case is different, and a bankruptcy attorney can help you understand what exemptions apply to you, whether you qualify, and what your best options are.
Contact O’Flaherty Law today to schedule a consultation. We’ll walk you through your options and help you decide if Chapter 7 bankruptcy is the right choice for a fresh start.
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