Why Why Choose Mathias
The focus of Mathias Law is primarily on debt relief. Debt relief includes bankruptcy, but what type of debt relief might be best for you depends on your situation. The laws are uniform, but your facts and circumstances are unique. For this reason, Mark will listen to you, he needs to know what has happened and why, and he will explain the types of available debt relief and recommend which debt relief type might best solve your situation.
You are encouraged to ask questions. Mark’s greatest value to you is providing information so you can decide what is in your best interest.
It is important to educate you regarding your debt relief options. Mark will explain what creditors can do when you have financial difficulties and which debt relief options are available to you and why.
Mark will discuss which debt relief option might be best for your situation and when to pursue debt relief because timing can be an important factor.
Mathias Law is not a bankruptcy mill with cookie cutter production. Nor is debt relief just an ancillary service. Debt relief is Mark’s focus. You will be given individual attention. You will be treated with respect and consideration.
You are a good person in a difficult situation. Struggling to pay necessary expenses while dealing with harassing debt collectors and creditor lawsuits is stressful. Trying to figure out what to do can be overwhelming. Mark’s goal is to find solutions that best fit your needs.
Services How Mark Can Help
Chapter 7 and 13 bankruptcies are the most frequently used forms of debt relief for consumers. They provide you with different methods to restructure your finances and obtain a fresh start. Chapter 128 is a non-bankruptcy form of debt relief. Which form of debt relief might be best for you will depend on your situation. The following are very basic descriptions of Chapters 7, 13, and 128.
Pricing Fees & Pricing
The first step is a Debt Relief Consultation. This meeting has three purposes.
First, to learn about your situation because everyone's situation is unique. We do not provide cookie cutter, "one size fits all" services.
Second, to educate you about what creditors can do to collect their debts and how this may impact you.
Third, to review what debt relief options are available and which debt relief options may work best for your unique situation, so you can make choices that best fit your situation.
The Debt Relief Consultation typically lasts about an hour. We charge a $100 fee for the Debt Relief Consultation, which can be paid by check, money order, or cash (no electronic payments). If you hire Mathias Law within 30 days of the Debt Relief Consultation, the $100 fee may be credited towards your matter. Our approach is to know as much as possible on the front end so that there are no surprises or unanticipated issues that cause you to incur more legal expenses and costs. If you cannot keep your scheduled Debt Relief Consultation, please notify us.
Practicing Law Since 1985 Mark Mathias
Mark N Mathias is a solo attorney. His practice focus is consumer debt relief, commercial bankruptcies, loan workouts and debt restructurings, and commercial financial transactions.
He is also a Senior Lecturer for the University of Wisconsin- Eau Claire’s College of Business (Legal and Regulatory Environment) and for the University of Wisconsin System’s online Master of Business program (Contract Law for Managers). He was a Chapter 7 Trustee between 2012 and 2017. Before moving to Eau Claire, he was in-house counsel to commercial financial service companies in Chicago and Detroit. He is licensed to practice in Wisconsin; his Michigan and Illinois licenses are currently inactive.
Mark earned a BA from Michigan State University and his JD with Distinction from Thomas M Cooley Law School (nka Western Michigan University Cooley Law School). Mark is married and has three children.
Mark is active in the Wisconsin State Bar’s Bankruptcy, Insolvency, and Creditors’ Rights Section. He frequently presents on various debt relief topics at Wisconsin State Bar Continuing Legal Education seminars.
To get in touch, fill out the online form or reach out via phone or email. I look forward to helping you.
Thank you for contacting Mathias Law!
We will get back to you as soon as possible.
Services Chapter 7 Bankruptcy
Chapter 7 focuses on your property and assets on the day you file bankruptcy. Everything you own becomes part of the bankruptcy estate under the Trustee’s control. The Chapter 7 Trustee wants to liquidate your property and assets so the Trustee can pay creditors. But the reason for filing bankruptcy is to get a fresh start. The Bankruptcy Code recognizes that you will need property and assets with which to start fresh. For this reason, the Bankruptcy Code allows you to “exempt” property and assets so the Chapter 7 Trustee cannot use them to pay creditors. Basically, you reclaim your exempt property and assets from the bankruptcy estate and the Chapter 7 Trustee. The exemptions are generous, but not limitless, and cover only certain types of property and assets. However, most Chapter 7 debtors exit bankruptcy with everything they had when entering bankruptcy.
Chapter 7 is the shortest bankruptcy. Typically, it takes about 4 months from the dates you file bankruptcy to receiving your discharge. However, there is an income test to determine if you are eligible for Chapter 7. And there may be reasons that Chapter 7 might not be the right debt relief option for you.
Services Chapter 13 Bankruptcy
Chapter 13 focuses on your future income, not your property. You will propose a payment plan for paying your creditors. The payment plan becomes the only contract between you and your creditors. The creditors have no rights in your property except as provided for in the payment plan. It will specify which debts get paid, how much, and in what priority or order. The key question is how much must you pay and for how long? The Bankruptcy Code requires payment plans to be not less than 3 years and no longer than 5 years. How the payment plan length will depend on your specific circumstances.
You must pay your “disposable income.” Your disposable income is basically the amount left after to subtracting necessary living expenses from your monthly income. As a rough example, if your monthly income is $4,000 and necessary living expenses are $3,500, then the disposable income is $500. So long as you make your payments, the creditors cannot do anything. Once the last payment has been made, you will receive a discharge. You do not have to pay any unsecured debts that were not paid through the plan. You now have your fresh start.
Services Chapter 128 Voluntary Debt Amortization Plan
Chapter 128 is not bankruptcy. It is a voluntary debt payment plan under Wisconsin law. Advantages of Chapter 128 are that you choose which unsecured creditors are in your payment plan, interest will stop accruing on the debt, and the creditor cannot do things like garnish your wages because the credit is being paid through the plan. Secured debts are not recommended for a Chapter 128 because the creditor may still be able to take its collateral despite being paid through the Chapter 128 plan.
Your payment plan will repay the debt in 36 equal monthly installments. Because there will be a trustee administering your payment plan, the trustee must be compensated. To roughly compute how much must be paid each month to pay your creditors and the trustee, do the following:
(1) add together all the current debt amounts due that you want to include in your Chapter 128 payment plan;
(2) multiply this number by 1.1 (i.e. 110%);
(3) divide this number by 36.
As an example, you have 3 credit cards with outstanding balances of $1500, $3000, and $4000 that equal $8500. The formula for estimating the monthly payment is ($8500 x 1.1)/36 = $259.72.
When you finish paying the plan in full, the creditors covered by it are repaid and have no reason to bother you. Whether Chapter 128 will work for you depends on your income and your circumstances.
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