Reorganization provisions of Chapter 13 bankruptcy
Most people know about the bankruptcy law that helps people liquidate their assets in order to pay off their debt, known as Chapter 7. But, some people may not know that they could be able to reorganize their debts under Chapter 13 bankruptcy law, which is sometimes preferable to Chapter 7 bankruptcy. A Chapter 7 […]
Advantages and disadvantages of Chapter 13 bankruptcy
A Wisconsin resident may easily agree that filing for bankruptcy is an important decision that could affect one’s self-image and one’s personal financial status. Various provisions are made under the law for filing for bankruptcy in the United States. Under Chapter 13 bankruptcy proceedings, the debtor may undertake reorganization of finances after approval and subsequent […]
Medical debt tops list of reasons for bankruptcy filings
Medical expenses such as hospital bills from an accident can suddenly and negatively affect a family’s finances. People with limited income and resources can suffer and end up smothered by debt because of unforeseen expenses. Paying off debts may simply not be possible. Many Wisconsin residents believe that health is wealth. Sadly, a lack of […]
Low unemployment rate can spur Chapter 13 filings
An improving job market is good news to the residents of Wisconsin, however, to economic experts, declining employment rates could mean an increase in bankruptcy filings. Since 2010, the number of people filing for debt relief options has declined. In fact, from 2012 to 2013, consumer bankruptcies fell by 12 percent, according to the American […]
Balance transfers are not always a good idea
Balance transfer credit cards with zero percent interest rates are very attractive, especially during the holidays. Transferring debt from a high-interest rate card to a zero percent card can help the consumer pay off the debt faster. Wisconsin residents should take note, however, that strategy can sometimes do more harm than good, leading to financial […]
How to avoid the debt trap of deferred interest rates
As the holiday season approaches, many Wisconsin retailers will be offering their customers great deals. Exhortations to “buy now, pay later” will be seen in many stores. This kind of offer enables consumers to make big purchases that they can pay off over a span of years. People should be wary about these great offers, […]
Defeating debt trap in Wisconsin through Chapter 13 bankruptcy
Residents in Wisconsin and most Americans in general always try to stick to their budget plans. However, there are instances when a person’s finances cannot cover all expenses until the next payday. Many people turn to payday loans or cash advances as a temporary debt relief in such a situation, but this relief option could […]
When to press the “bankruptcy button” for debt relief
Wisconsin residents are well aware of the financial issues occurring in their neighboring state. Detroit’s bankruptcy filing are not only a topic of conversation but could also be a reality for some residents and business owners. Bankruptcy might be most beneficial for people on the verge of pressing the panic button because of financial challenges. […]
Candidate files for bankruptcy, says it lends ‘perspective’
Filing for bankruptcy to try and protect your business and erase your debts is a big decision, and it can impact clients and employees. The legal obligations that come with bankruptcy differ as well, so it’s important to discuss all the types and options available before taking steps toward a fresh financial start. Chapter 13 […]
Couple files Chapter 13 bankruptcy to manage debts
When debts spiral out of control, individuals and couples still have options to consolidate their debts into manageable payments and regain control of their finances. A Chapter 13 bankruptcy reorganizes debts into payments that are determined by income level. This type of reorganization is, therefore, a way to stop creditor harassment and gain a fresh […]
