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April 2013 Archives

Who has control of a trust in a bankruptcy case?

Wisconsin residents seeking bankruptcy protect should find out if their trusts are revocable or irrevocable, according to a Bankrate bankruptcy adviser in a recent piece. In a bankruptcy case, a trustee, who is an individual presiding over the petition, looks for any assets to sell. The money from the sold assets is given to creditors to pay off the unsecured debts. Some assets that can't be sold are called "exempted" because they are protected.In a revocable trust, the trust beneficiary, or person waiting to receive the trust, does not have immediate control of it. Instead, the person who is the creator of the trust, called a grantor, has control. Only when the grantor does the trust beneficiary can decide what happens to it. With an irrevocable trust, the grantor has transferred all the rights to the trust beneficiary. He or she has no control of the assets. How does this affect a Chapter 7 bankruptcy?

Getting out of debt may cost more in the long run

When residents of Wisconsin are faced with large amounts of debt, one of the things they may do is speak with a credit counseling agency to see what can be done to pay off what they owe. However, while taking advantage of debt relief options and paying off creditors is admirable, it may end up harming someone in the long run. This may seem obvious, but when people eliminate their debt instead of filing for personal bankruptcy, the money they are spending to get out of debt is not available to be saved or put towards a retirement fund.

Wisconsin female and Hispanic farmers receive deadline extension

The United States Department of Agriculture is responding to claims that Hispanic and female farmers have been discriminated against by extending the deadline to file a complaint to May 1. The claims may help these groups of Wisconsin farmers avoid personal bankruptcy by paying cash awards or exercising loan forgiveness.The claims affect Hispanic and female farmers who were denied loans or loan servicing assistance between 1981 and 2000 by the USDA. Potential claims must be filed by the deadline, and those who believe they may have a claim are urged to contact the USDA prior to the new deadline.

Transferring car loans to credit cards

Because many credit card companies are allowing users to transfer more than just credit card debt to their cards, some Wisconsin residents have started to transfer their car loan debts to credit cards. Turning a car loan into credit card debt can provide some benefits, such as getting a vehicle in the debtor's name sooner and lowering payments, but it is not without a downside.One of the biggest draws for putting a car loan on a credit card is that many companies are now offering 0-percent interest rates for transfers. This can reduce the total amount owed on a vehicle loan, but only if people pay off the debt before the introductory period ends. If the loan is not paid off in that time frame, people may end up paying a lot more for their vehicles over the long run.

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