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Milwaukee Bankruptcy Law Blog

4 Things You Should Do About the Equifax Hack

This article was initially published in The New York Times on September 10, 2017.

Same story, different details: A massive company (this time, Equifax) was breached by hackers, exposing the private information of millions of people to nefarious actors in who-knows-where.

Hacks like these have become an unfortunate hazard of modern society that we have to protect ourselves against. Locking down your digital life does only so much; we are still at the mercy of security systems from the companies that hold our most valuable information. (Still, here are nine easy steps to protect your digital life, and here are the two online security steps you should stop putting off.)

Restoring credit after bankruptcy

People considering bankruptcy often worry about the impact that bankruptcy will have on their credit. Many people defer bankruptcy longer than they should fearing they will never be able to get a credit card, mortgage or car loan again. Learn the truth about bankruptcy and credit and what can be done to restore credit after bankruptcy.

Don't let the door that closes cost you your house

You can probably relate to many other Wisconsin residents whose financial situations were stable until they were suddenly caught off-guard by unexpected circumstances that wound up throwing it all into a downward spiral before they knew what had hit them. Perhaps you endured a drop in income or someone in your immediate family suffered an urgent medical situation that required surgery and a lengthy recovery period.

Even moving to a new location where cost of living is higher than it was in your previous area is enough to cause financial instability. While some economic crises may resolve themselves with a little time and diligence on your part, when you least expect it, a financial problem can get so out of hand that you are staring straight into the distinct possibility that you may lose your home to foreclosure.

Repossession: Can a creditor really take my property?

If you find yourself in a position in which you are overrun by debt and unable to manage your payments, you have probably already started receiving phone calls from creditors and letters in the mail demanding payment. Some of these letters and calls may be to inform you that your creditors have initiated the repossession process, which is the process of reclaiming financed property. 

You may assume that repossession always involves the confiscation of a vehicle, but that is not always the case. There are several other types of property that may be subject to repossession, and you would be wise to apprise yourself of your rights, as well as the right of a Wisconsin creditor to take this course of action.

Make it your business to know when your business is in trouble

As a Wisconsin business owner, you likely have already survived various challenges and stressful situations along your path to success. In fact, if you think back to the days when your business was merely a hope and dream inside your mind, different obstacles probably arose that caused you to doubt whether you'd ever be able to make your dream a reality. If you ponder what helped you overcome those situations, several characteristics, such as perseverance, diligence, ambition and knowledgeable decisions, may have been high on the list.

The thing about business is that solving one problem doesn't necessarily mean you'll never face another. One could say that problem-solving is a much needed skill in the business world as new situations often develop or arise unexpectedly that call for informed decision-making and sheer determination to succeed. Most business owners would agree that financial problems are often the most challenging to resolve.

Are you at risk of debt relief, credit repair scams?

Having financial issues can understandably leave you feeling considerably stressed. You may want to grasp onto the first signs of help offered to you if you think the possibility exists of reducing or eliminating your substantial debt. However, not all debt relief offers provide true assistance, and you could potentially find yourself facing an even more difficult situation if you choose an untrustworthy method for managing your debt issues.

At some point, you may have seen advertisements for debt consolidation services or other relief methods and wondered whether this type of avenue could work in your favor. Though some services do provide certain benefits, a considerable likelihood also exists that the service providers could simply hope to scam you out of more money.

Lose your debt, not your property, by filing for bankruptcy

If you are like one of the many Wisconsin consumers who are currently dealing with overwhelming debt, you know how overwhelming this situation can be. From facing threats of foreclosure to fielding phone calls from creditors at all hours, being in debt can be stressful for every member of the family. 

You may be able to find relief from your debt and secure a better future for you and your loved ones by seeking bankruptcy protection. For many consumers with certain types of debts, such as medical bills and credit card debt, Chapter 7 is a viable option. Many consumers fail to take advantage of this option, however, because they fear that liquidation bankruptcy will mean that they have to give up all of their property.

Don't close the book on your home. File Chapter 13 bankruptcy.

Your home undoubtedly acts as the center for many of your life's activities. Whether you host get-togethers or simply spend time with your family, you likely have a great sense of attachment to your house as it reminds you of the many memories made there. However, financial problems could result in you facing the possibility of losing your home due to foreclosure. You may feel an immense sense of dread if your predicament does not seem to improve.

Before accepting that you will lose your home, you may wish to consider your options for stopping foreclosure. Chapter 13 bankruptcy could act as the relief method you need if you qualify and feel that moving forward with this route suits your circumstances.

How can I figure out if I qualify for Chapter 7 bankruptcy?

If you consider filing for bankruptcy, a test outlined in the U.S. Bankruptcy Code makes figuring out if you qualify, along with determining which chapter of bankruptcy you should file, fairly simple. If you want to file for bankruptcy, you must complete the "means test." 

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

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