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March 2013 Archives

3 Things to Know Before Filing Bankruptcy

For people in Wisconsin and everywhere, debt is a scary, nerve-wrecking experience. You're angry at the collectors who are bringing chaos into your world. Sleepless nights have made your irritable. Your imagination paints bleak pictures of a hopeless future. Worst of all, you're down in the dumps because you believe your family and friends may see you as a failure.

NEW PROGRAM FOR STRUGGLING HOMEOWNERS!

There is widespread coverage this morning of an FHFA announcement indicating Fannie and Freddie will begin offering a streamlined loan modification program in July. The program is expected to help more delinquent borrowers avoid foreclosure. According to FHFA Acting Director Edward DeMarco, "This new option gives delinquent borrowers another path to avoid foreclosure." The program commences on July 31, 2013, and is expected to end on August 1, 2015. The Wall Street Journal says that previously, borrowers had to provide proof of hardship before trial modifications became permanent. The Journal quotes Leslie Peeler, senior vice president of Fannie Mae's National Servicing Organization, as saying, "This streamlined modification initiative will cut through the paperwork and simplify the process of securing a permanent mortgage modification for struggling borrowers." Several news outlets note that some officials and consumer advocates praised the move. One analyst voiced concern that the program could encourage more strategic defaults. But the FHFA said the GSEs "would use existing 'screening measures to prevent strategic defaulters.'"

Should You Be Worried About Credit Report Inquiries?

Some things never change when it comes to what annoys people about credit scores. Consumers' understanding of credit scores has evolved over the years with largely positive results. Credit card holders in California and Wisconsin have credit scores as high as 750, up over a hundred points since 2010, patrially thanks to better education about credit scores. However, within that always increasing level of understanding there remain some parts of credit scoring, such as inquiries, that people just don't seem to get. They get the idea of late payments and maxed out credit cards predicting risk. But inquiries?

Resolving credit card debt

One of the possible consequences for Wisconsin residents who do not pay off their credit card balances is being sued by their creditors. When someone fails to make any attempts to pay for their credit card debt, the credit card company may try to get a judgement against them. A judgement allows a creditor to have access to an individual's property, their bank accounts and even their salary. When people receive a summons from a creditor, they should be sure to respond to it. If someone does not reply within 20 to 30 days, there is an automatic judgement against them. The next step is to start developing a defense. There are a number of reasons that a creditor may lose a court case, including failure to apply payments to an account, lack of records proving someone owes the debt and a person only being an authorized user on a credit card.

Student debt hinders economic recovery for country

Student loan debts currently exceed every other type of debt balance besides mortgages, and this $966 billion debt total is dragging down economic recovery, according to experts. Wisconsin students seeking debt relief from tremendous loan balances are finding that they cannot discharge students loans in a bankruptcy in most cases, leading to focuses on how to pay off thousands of dollars in debt without the help traditionally available to over-extended debtors.One of the results has been that new graduates have cut back on spending. Since consumer spending accounts for about 70 percent of the country's gross domestic product, it is unlikely that economic recovery can flourish with such a large number of people avoiding major purchases. These students may also have trouble securing financing for a home or other major acquisition. In fact, only 7 percent of the students with the highest debt took out mortgages last year compared to 17 percent in 2005, even though housing prices have dropped.

Bankruptcy and other options for resolving payday loan debt

When Wisconsin residents run into financial trouble, one of their options for quick access to money is to take out a payday loan. However, payday loans should be paid off as rapidly as possible because they continue to accrue fees and interest as long as they are outstanding. Due to this fact, it is easy for those who are already struggling financially to find themselves considering filing for personal bankruptcy due to large amounts of payday loan debt.In addition to filing for bankruptcy, an individual should also consider adjusting his or her finances, taking out a loan or paying off the loans with a credit card. If possible, they should try to reduce payday loan debt by cutting out all unnecessary spending, including dining out, cable TV and similar recreational spending. Finding a temporary part-time job may also help increase income and speed up the process of paying off the loans.

We Energies Moratorium Coming to a Close...

Wisconsin residents:  As you may know, the winter energy shut off moratorium will soon be coming to an end.  As of April 16th, WE Energies will again be permitted to shut off customers who have a past due bill and have not made acceptable arrangements with them to pay it.  Remember, BOTH Chapter 7 and Chapter 13 bankruptcy will stop a shut off, but a Chapter 128 will not.  Too many people wait until the last minute and then find they cannot afford WE's payment arrangments OR a bankruptcy in time to avoid the consequences.  Knowing this, we urge you to call us TODAY for your free consultation, so that you have time to plan your next move before you get the letter/call from WE.  We are here to help you!  Call us today. http://www.millermillerlaw.com/

Wisconsin man indicted on personal bankruptcy fraud charges

On Feb. 20, a federal grand jury issued an indictment to a Neillsville man with charges related to bankruptcy fraud. The charges are in association with a bankruptcy case that was filed in April 2008, in which the 45-year-old man allegedly concealed assets during his personal bankruptcy proceeding; he was additionally charged with witness tampering.According to the assistant attorney, the man provided a false bill of sale and also concealed a camper and nine guns in the 2008 bankruptcy filing. She states that he may face up to 30 years in prison if he receives the maximum penalty for the charges against him.

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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