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You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

April 2010 Archives

Were you aware that in certain situations a second or third mortgage can be discharged in bankruptcy?

It can if all the following are true:
1) You file Chapter 11 or Chapter 13
2) The value of the home is less than the first mortgage amount
3) You complete the plan and make all payments

New WI Regulation on Payday Loans

The Wisconsin Senate has passed a plan regulating the payday loan industry in Wisconsin. Under this legislation, the payday loan companies may not loan more than $1,500 at a time to consumers and consumers may not rollover the loan more than one time. Surprisingly, there is currently no limit on the rate of interest. The Assembly has a slightly different version of the Senate's plan. Some critics of the plan don't believe that it goes far enough to protect consumers from predatory lending. While others hold that such loans would not be available at all if payday loan companies cannot charge high interest rates to protect against the risk of default.

What is Credit Counseling?

Before filing for bankruptcy, The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires debtors to complete credit counseling from a government approved organization within 180 days before filing. Debtors must also complete a debtor education course before the discharge of the bankruptcy. Click the link below for more information on credit counseling:

Is there a minimum amount of debt to file bankruptcy and what can I "file bankruptcy on"?

There is also no "minimum" amount of debt required to file a bankruptcy. How much debt you can carry and hope to pay off is directly related to how much money you earn. I think the best way to see if bankruptcy is a good option for you is to compare how long it would take you to pay off your debt with how long it would take you to restore your credit after a bankruptcy. Generally, though a bankruptcy can be reported by the credit bureaus for up to 10 years, a person can achieve a credit score that allows for decent financing rates within one to two years of their discharge from a Chapter 7 bankruptcy, provided all the debts that survived and post-dated their bankruptcy are paid on time. If it will take a longer time to pay off your debts in full, and you don't see your income changing too much in the future, then bankruptcy is an option to consider.

Credit Cards After Bankruptcy

As mentioned in an earlier Blog that one cannot pick and choose the debts they wish to include in a bankruptcy. In general, if someone has a zero balance on a credit card that particular card will not be included in the bankruptcy filing. One may think that they will then be able to use that credit card in the future. In most cases the lender will close your account once they get wind of the bankruptcy filing and in this new credit environment they will close it.

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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