Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742

Good news for debtors: State foreclosure filings are declining

According to a recent survey of court records, the number of Wisconsin foreclosure filings is continuing to decline. In fact, levels during the first quarter of 2014 were at pre-recessions levels.

Yet despite signs of general economic recovery, many Wisconsin homeowners may still have concerns about foreclosure. The reasons for such concern could be various. Perhaps mounting credit card bills and car loan payments are creating debt management issues. Perhaps a homeowner was relying on a modification or refinance to ease their financial strain, only to have that arrangement fall through. The housing crisis created many underwater mortgages, and homeowners may have felt helpless as hard-earned equity disappeared before their eyes.

Of course, accident or misfortune can also create debt mismanagement issues. Illness might strike and require extended treatments or render an individual unable to work. In that scenario, the combined effected of lost wages and mounting medical expenses may quickly deplete an individual's cash reserves. If an individual is not able to obtain more loans, he or she may wonder whether it will be possible to regain financial footing before defaulting on mortgage and loan payments.

For individuals in this predicament, a consultation with a bankruptcy attorney might illuminate options that a homeowner may not have realized were available. First and foremost, there may be legal options for saving a home. Both Chapter 7 and Chapter 13 bankruptcy filings include an automatic stay that brings a temporary halt to any collection efforts that creditors may have started. In addition, both options may also provide a way for a homeowner to save his or her home.

Milwaukee Journal Sentinel, "Dip continues in Wisconsin foreclosures," Paul Gores, April 15, 2014

No Comments

Leave a comment
Comment Information

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.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map