A bankruptcy has an effect on many parts of one's life and therefore people like your accountant, financial advisor, etc. might end up giving you some advice or sharing a story about someone they know who has filed. While these confidants are usually trying to be helpful, beware: their advice isn't always accurate, and it is always best to discuss your situation with a knowledgeable bankruptcy attorney to get the right answers.
RACINE COUNTY - Local homeowners facing foreclosure will have another option to keep their homes through a new mediation program that's expected to begin next month.
In you own a car that you owe more than it is worth, our lawyers may be able to help lower your car payments. Our lawyers can use a Chapter 7 bankruptcy redemption to lower your payment. Many people are forced into bankruptcy because a car loan company has over-financed a vehicle. A high car payment can make it impossible to afford your car. We may be able to force your car lender to accept a payoff on your vehicle for only the value of your vehice.
It is extremely important for you to be honest about your assets when you're filing for bankruptcy. You can't pick and choose what assets or debts to include while filing, you have to list any and all you may have.
U.S. Consumer bankruptcies fell 8% during the first half of 2011 from the same period last year. The number of U.S. consumer bankruptcy filings fell to 709,303 from 770,117 last year according ti a report by the American Bankruptcy Institute. For June, bankrutpcies were down 5% from a year ago.
The Milwaukee Journal Sentinel is reporting this morning that the number of new foreclosure cases in Milwaukee dropped 8% in June compared to foreclosure filings in June 2010. The article went on to say that monthly totals remain at elevated levels for the area, as high unemployment and a week housing market continue to take a toll.
In June, the HUD launched $1 billion Emergency Homeowners' Loan Program, or EHLP. This program is one that targets homeowners who are among the most difficult to help; those who fell behind on their mortgage payments because of job loss or unexpected medical bills. This latest government program was supposed to start last year, but implementation delays mean that HUD must spend all of its $1 billion by the end of September 2011. This program will help home owners repay mortgage payments that are behind.