Milwaukee, WI Bankruptcy Law Blog

Thursday, April 12, 2018

The Downside Of Debt Settlement

If you watch television or listen to the radio, there is a good chance that you have recently seen or heard an ad for debt consolidation and relief. They are on all the time. And like most ads, they don’t tell the whole story.

Read more . . .

Friday, April 6, 2018

Protecting Your Home in Bankruptcy

Will I lose my home if I file for bankruptcy?

One of the main concerns of many would be bankruptcy filers is losing their homes. Bankruptcy can be an effective financial tool for individuals who are burdened by debt. Through a Chapter 7 bankruptcy action, you can erase all or most of your unsecured debt.

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Wednesday, March 14, 2018

Wisconsin Bankruptcy Exemptions Examined

Can I keep my home in a Chapter 7 bankruptcy?

Chapter 7 bankruptcy allows individuals burdened by overwhelming debt to eliminate their debt and start anew financially. While Chapter 7 can be a lifeline for struggling Americans, it does come with some potential drawbacks. Bankruptcy filers could potentially lose some of their property in the bankruptcy action. Before filing for bankruptcy, you will want to examine what property is exempt from seizure in Wisconsin. Our Read more . . .

Tuesday, March 6, 2018

Bankruptcy Statistics of 2017

Standing Out In a Bad Way

Those of us that live in Wisconsin know we are basically living in paradise. We have the best cheese, the best snowmobile trails, and the best NFL team.

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Monday, February 26, 2018

Are Americans in Debt?

Americans Are More In Debt Than Ever 

It’s been ten years since the 2008 financial crisis and the start of the Great Recession. Although many people vowed never to go so far in debt again, new data on household debt shows that American households have more debt now than before the financial crisis. Does this mean financial ruin is once again inevitable? According to the Federal Reserve Bank of New York’s Center for Microeconomic Data, total household debt increased by $193 billion or 1.5% to $13.15 trillion in the fourth quarter of 2017.

Read more . . .

Tuesday, February 6, 2018

Don’t Believe Everything A Debt Collector Tells You

Don’t Believe Everything A Debt Collector Tells You

If there is a scummier industry than debt collection, I don’t know what it is. Despite being heavily regulated, it is full of lowlifes who lie, threaten, and harass you just to shake a couple dollars loose.

Read more . . .

Monday, January 29, 2018

New Year, New Forms

We are heading into the time of year when more bankruptcies are typically filed, so it is important to get up to speed on all of the new court rules that went into effect back on December 1st.From the debtor’s perspective, not much has changed. All of the new rules impact creditors much more than debtors.
Read more . . .

Sunday, January 21, 2018

Not So Golden Years

A growing number of people over the age of 65 have been filing for bankruptcy in recent years. In my office, retired folks frequently tell me how embarrassed they are to be considering bankruptcy after making good financial decisions their entire life. I understand, and I can emphasize with them, but I always tell them filing for bankruptcy is nothing to be ashamed of. Bankruptcy is a lifeline that Congress put in place for good reasons.

The vast majority of my older clients are filing for bankruptcy because they have had a medical or family emergency that sunk them.
Read more . . .

Tuesday, December 19, 2017

Buying Christmas Gifts Before Filing for Bankruptcy

Would It Be Wrong To Buy A Bunch of Christmas Gifts Before Filing for Bankruptcy?

It is easy to rack up a lot of debt around the holidays, particularly since today’s high-tech toys all seem to cost an arm and a leg. So, if you know you are going to file for bankruptcy in the New Year, why not go all out and max out your credit cards on behalf of your loved ones?

The answer is you might get busted for fraud. Taking on debt that you don’t intend to pay back is fraud, and it’s illegal. It doesn’t matter if your sister’s husband’s cousin got away with doing something similar, the odds are that you will get caught if you try something like this because the courts are wise to this scheme, and they carefully check credit card records to root it out. 

The period that is scrutinized most closely is the 90 days before a bankruptcy case is filed.
Read more . . .

Sunday, December 10, 2017

Why Can’t Student Loans Be Discharged?

Student loan debt is a serious and growing concern for many debtors. Student loan debt has surpassed credit card debt. The median borrower with outstanding student loan debt for his or her own education owed $17,000 in 2016. Around 11% of students default on their student loans within three years of leaving college.

Read more . . .

Thursday, November 30, 2017

A Few Tweaks To the Farm Bankruptcy Law

In the movie O Brother, Where Art Thou? the character Delmar O’Donnell agrees to break out of prison along with the men he is chained to because he thinks there is some money to be made. When the men are discussion what they will do with their share of the $1.2 million they hope to recover, Delmar says, “I’m gonna visit them foreclosein’ son of a guns down at the Indianola Savings and Loan. Slap that money on the barrel head and buy back the family farm. You ain’t no kind of man if you ain’t got land.
Read more . . .

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