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August 2013 Archives

Homestead laws and bankruptcy

Wisconsin residents who find themselves so far in debt that they won't realistically be able to pay it back may consider filing for bankruptcy. Many choose Chapter 7 bankruptcy because it can eliminate most or all of someone's unsecured debt. However, some people may hesitate to file because an individual's assets may be used to pay off some of their debts to creditors before their remaining debt is discharged by the bankruptcy.

Debt management for 30 to 40-year-olds

The Census Bureau reports that adults who are 35 to 44 years old have 25 percent more household debt than the next closest age range. For more and more thirty-somethings, student loans make up a sizeable portion of that debt and compete with other financial obligations such as buying and maintaining a home or building a family. With the average student loan debt now approaching $30,000, Wisconsin residents who are having difficulty balancing their competing financial priorities may be interested in some helpful hints.

Jeopardizing retirement to deal with credit card debt

During difficult economic times, downturn, some Milwaukee residents may turn to credit cards as part of their fiscal survival strategy. On the plus side, a majority of people are making their credit card payments on time; just over two percent of people were more than 30 days late on their payments in the first quarter of this year. On the other hand, the Federal Reserve reports that outstanding credit card balances in the United States clocks in at more than $850 billion.

Casey Anthony files bankruptcy

Casey Anthony, formerly on trial for the murder of her toddler daughter for which she was later acquitted, has entered into a bankruptcy agreement that will save her from having to sell her life story. The judge who is presiding in Anthony's Chapter 7 bankruptcy case approved the agreement in which she and her bankruptcy trustee agreed on a payment of $25,000 in order for her to not have to sell the rights to her story. Wisconsin bankruptcy clients may be able to enter into favorable agreements that allow them to retain the rights to income-garnering assets.

Bankruptcy and failed businesses

When a Wisconsin resident has a business that failed, it is not uncommon for them to also have large amounts of debt. Many people who have struggling businesses will attempt to use credit cards or loans to keep their business going, and it is not uncommon for these individuals to also have trouble keeping up with payments to suppliers. The good news is that someone in this situation can file for Chapter 7 bankruptcy and it will eliminate most or all of their unsecured debt.

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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