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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.

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.

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.

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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.

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