Milwaukee, WI Bankruptcy Law Blog

Saturday, May 27, 2017

How Many Times Can You File For Bankruptcy?

At its core, the bankruptcy system is all about giving people a second chance. But what if one second chance isn’t enough? What if a few years down the road you once again find yourself in financial trouble? Just how many times can you file for bankruptcy?

The short answer to this question is that you can file as many times as you need to. That’s what they are there for, and there is no shame in taking advantage of laws that were designed to help you out.

The longer answer is that the type of bankruptcy you file impacts the length of time you might want to wait to file again. If you have had debts discharged in bankruptcy, you will not be able to discharge more debt for a certain number of years.
Read more . . .

Saturday, May 27, 2017

Using Your Tax Refund To File For Bankruptcy

Have you gotten your tax refund yet? It’s both exciting and frustrating when that money comes in. It’s exciting for the obvious reason: yay money! But it’s frustrating because that is money that you could have been using instead of loaning to the government.

For many people, that money comes in too late to be used to catch-up on missed payments or get things back on track, so they are using it to pay for a bankruptcy. A recent USA Today story about this got a lot of attention, but those of us in the bankruptcy community were surprised everyone didn’t already know about this.

In the Milwaukee area, we see a surge of individuals and families looking to file Read more . . .

Tuesday, May 2, 2017

Do I Have To Hire An Attorney To File For Bankruptcy?

Do-it-yourself (DIY) projects are hugely popular right now. Perhaps the biggest indicator of this is the fact that Pinterest is one of the fastest growing social media networks. The site is filled with tips for DIY home repairs, gardening hacks, and lots of recipes and crafts.

The DIY trend has even taken hold in the legal world. Today many people are using online templates to craft basic estate planning documents, and using apps to contest parking tickets.
Read more . . .

Thursday, April 27, 2017

Mo Money, Mo Problems: Why Means Testing Prevents Some People From Filing Chapter 7 Bankruptcy

One of the late rapper Notorious B.I.G.’s most famous tracks is called Mo Money Mo Problems. The refrain goes:  

I don't know what, they want from me

It's like the more money we come across

The more problems we see

This should be the theme song that plays during a Read more . . .

Sunday, March 26, 2017

Stopping A Home Foreclosure

According to data from the Wisconsin Realtors Association, Wisconsin has the lowest home foreclosure rate it has seen since the year 2000 right now. This is great news for homeowners, but the WRA says it is one factor that is contributing to a very tight housing market. The other factors are a brisk sales market driven by rising wages and low interest rates, and a lack of new home construction.

An improving economy and the rising wages it brings with it have a lot to do with the low foreclosure rate, but the willingness of homeowners to reach out and get help when they are struggling to pay their mortgage also has something to do with the drop in foreclosures.

If the financial crisis taught us anything, it taught us that lenders are willing to work with homeowners that are honest and forthcoming about their financial difficulties.

Read more . . .

Saturday, March 11, 2017

A Human Shield From Creditors

If you have seen any of the recent super hero movies starring Captain America, you know that his shield has amazing powers. The shield can be used both as a defense against attack and as a weapon. Its versatility and strength are nearly unmatched.

Not to brag too much, but every time I see it, I can’t help but think about how lawyers are like a human version of the shield. Lawyers use the power of the law to deflect attack, and to go on the offensive against those who would seek to cause harm.
Read more . . .

Monday, February 27, 2017

Motorcycle Manufacturer That Used Chapter 128 Now Shutting Down

As the home of Harley Davidson, Wisconsin has a rich history of motorcycle manufacturing. Sadly, the Buell brand, which was once owned by Harley is shutting down again. This comes just a couple years after the company used a unique-to-Wisconsin process to restructure.

The Buell Story In A Nutshell

In the 1980s, an ex-Harley engineer named Eric Buell started manufacturing racing bikes in East Troy. He eventually sold the Buell brand to Harley, which produced and sold over 100,000 of the high-performance machines before deciding to focus on cruising bikes instead of racers.

Read more . . .

Sunday, February 12, 2017

17,159 Bankruptcies Were Filed in Wisconsin Last Year

Each year at about this time the Administrative Office of the U.S. Courts releases data on the number of bankruptcies filed during the previous year. It is always interesting to look at because it breaks down the number of bankruptcies by type and by county. Taking a look at the data gives you an idea how our economy is doing, and provides grist for the politicians looking at potential changes to our current system.

Read more . . .

Friday, February 3, 2017

Priority of Payments in Business Bankruptcy

Who gets paid first when a small business goes bankrupt?

The order in which creditors get paid when a business declares bankruptcy is regulated by federal rules. Whichever end of a business bankruptcy you’re on, it is essential that you have the knowledge and expertise of a reputable bankruptcy attorney. The sequence of payment is primarily based upon first paying off the creditors who assumed the least risk during the lending process.
Read more . . .

Tuesday, January 17, 2017

Who Finds Out When You File for Bankruptcy?

In spite of the fact that every year more than a million people are helped to restart their financial lives by filing for bankruptcy, for most people the word "bankruptcy" has a negative connotation. Many individuals are anxious about whether, if they file for bankruptcy, the information will be made public and damage their reputations. While the process can provide tremendous relief in terms of clearing away substantial debt , or making it more manageable, it can also be experienced as humiliating, affecting  personal and business relationships adversely. Many people who file for bankruptcy, therefore, are worried about who may find out about their financial woes. If you are thinking of filing for bankruptcy, the most effective first step you can take is to contact a

Read more . . .

Friday, December 30, 2016

Is there life after Chapter 7?

 Filing for Chapter 7 bankruptcy will eliminate your debts and help you make a fresh start. That's the good news. The bad news is that a bankruptcy discharge will remain on your credit report for ten years making it hard for you to borrow money in the future. The good news is that there are simple steps you can take to regain your credit rating and reclaim your good name.

Regardless of the situation that led to your credit problems, the first thing to do is develop better spending habits.

Read more . . .

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