Do you have a no-asset bankruptcy?
Most people in Wisconsin are familiar with the concept of bankruptcy. Far fewer fully understand what happens during a bankruptcy and the differences between to two primary types of bankruptcy filings, a Chapter 7 and a Chapter13. Many are fearful of filing, as they worry they could “lose everything.” This does not happen because the […]
What if you are too poor to file for bankruptcy? Pt. 2
In our last post, we discussed how a woman who could not afford to pay attorneys’ fees up front in a Chapter 7 bankruptcy filing, instead, filed a “fees only” Chapter 13. In most Chapter 13 plans, the debtor has to pay their secured debts and some percentage of unsecured debts, depending on how much […]
When are student loans eligible for bankruptcy? Two options
Taking time to pursue higher levels of education is supposed to set you up for future financial success. It is supposed to set you up for a better, higher paying job than your peers that choose not to go to college, law school, medical school or receive other post secondary training. In theory, all these […]
What if you are too poor to file for bankruptcy? Pt. 1
This seems to be an odd statement. Bankruptcy is designed to help those who have been overwhelmed by financial circumstances and allow them to receive an economic “fresh start.” How could you be “too poor” to use a tool that is designed to help the financially distressed? Not surprisingly, bankruptcy is not free. There are […]
No joke: HBO show forgives $15 million in individuals’ medical debts
People often believe that bankruptcy is used by frivolous individuals who have lived beyond their means, and now want an easy out. Sadly, the truth is that a large number of bankruptcies are due to various catastrophes hitting people and leaving them with no way out. Medical debt is a leading cause of bankruptcy. Even […]
FAQs about creditors and wage garnishment
Owe someone money? Be warned, they may take you to court. A recent analysis by ProPublica finds that millions of Americans are facing court hearings over old debts. What can a court do about debt? Courts come into play when the creditor takes the person that allegedly owes them money to court to demand payment. […]
Helping to guide Wisconsin residents through Chapter 7 bankruptcy
Financial challenges can strike nearly anyone at any time. Last week, we discussed a former trucking executive who was left with overwhelming debt and the need to file for Chapter 7 bankruptcy. Many Wisconsin residents hear the word “bankruptcy” and cringe. The reasoning is understandable. Society has painted bankruptcy with a shadow, often portraying those […]
Former trucking company CEO seeks Chapter 7
Running a successful business can be challenging. There are usually significant financial challenges, and the ever-evolving marketplace can make these obstacles even more daunting. Those businesses that wind up overwhelmed with debt may be able to find relief and protection via bankruptcy, but what about those who own and run such businesses? Could they, too, […]
An overview of Chapter 13 bankruptcy and credit card debt
Although the economic recovery seems to have found its rhythm, many Americans, including those in Wisconsin, still struggle to make ends meet. When financial pressures mount, these individuals might look for options to stay afloat. Payday loans and credit cards are often used as a temporary measure, but far too often these sources of temporary […]
How do I qualify for a Chapter 13 bankruptcy?
Previous posts here have discussed bankruptcy options and how particular bankruptcy routes may be beneficial to an individual or a business. Yet, sometimes the intricacies of bankruptcy can leave some Wisconsin residents forgetful of the big picture. For example, who, exactly, can file certain types of bankruptcy? This is a critical question, albeit preliminary, the […]
