Milwaukee, WI Bankruptcy Law Blog

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.

A 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. The only thing debtors should maybe take a look at are the new 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.

Unfortunately, as I discussed in a 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 . . .

Sunday, November 19, 2017

Bankruptcy Fraud Is A Bad Idea

A doctor out in Montana is facing five years in prison and a $250,000 fine if prosecutors prove he committed what they allege to be bankruptcy fraud.

The doctor claims he is innocent, but there is evidence that he hid $309,686 and a 2001 Harley Davidson motorcycle from the bankruptcy trustee, and transferred $539,736 to another person because he knew he would soon be filing for bankruptcy.

These are big ticket items, and the doc is a prominent person, so the case is making headlines, but this kind of fraud is actually pretty common in Read more . . .

Monday, October 23, 2017

We’ve Seen This One Before

The Appleton-based paper company Appvion has filed for bankruptcy. As Yogi Berra supposedly said, “It’s déjà vu all over again.” We’ve all seen this one before.
Read more . . .

Sunday, October 1, 2017

Credit Reporting Agency Hacked

A few months ago, I blogged about the benefits of tracking your credit score using free reports from the big three credit reporting agencies. While I stand by my previous advice, I feel obligated to warn you that your personal information may have been stolen by one of the companies I recommended readers use to track their score.

Between May and July, the Read more . . .

Wednesday, September 27, 2017

Are We On the Brink Of Another Farm Crisis?

Many of us still vividly remember the farm crisis of the 1980s. Rising commodity prices in the previous decade inspired many farmers to buy more property and new equipment, then the prices tanked and inflation soared. Many farmers went bankrupt.
Read more . . .

Friday, September 22, 2017

Bankruptcy Is A Frequent Consequence of Divorce

One of the most common reasons couples get divorced is money trouble. But splitting up often does little to fix the problem. In fact, dividing a single household into two households is a lot more costly than many people expect. Sometimes the only way to get back on your feet financially after a breakup is to file for bankruptcy. However, it is important to know how filing for bankruptcy will impact your divorce and your ex-spouse.
Read more . . .

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