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December 2015 Archives

Small business bankruptcy can provide an opportunity for success

When a small business in Wisconsin is struggling, the owners may consider filing for a Chapter 11 bankruptcy. It offers the entity the opportunity of financial reorganization and restructuring of its debts. One of the benefits of a small business bankruptcy is the fact that operations can continue during the reorganization process. After working through detailed financial information provided by the filer, a collaboration between the courts, the creditor and the debtor will format a proposed reorganization plan.

How are monthly payments determined in Chapter 13 bankruptcy?

Many people are aware that there are different types of bankruptcy filings available for individuals carrying unmanageable debt. Not many people are aware of what their options are, though, until they start looking into filing for bankruptcy themselves.

Asset forfeiture in Wisconsin: report says there is room for improvement

According to a recent study by the Institute for Justice, the state of Wisconsin scores above average, but not as well asset could when it comes to the issue of civil asset forfeiture. We’ve previously spoken about civil asset forfeiture in general, and how it can impact bankruptcy.

What is the Chapter 7 means test?, P.2

Last time, we began speaking about the Chapter 7 means test, and the specific forms that relate to the means test which must be filled out by debtors pursuing a filing. We’ve already spoken about Form 22A-1, which aims to determine whether the debtor’s income falls in relation to the median income in his or her state.

What is the Chapter 7 means test?, P.1

We spoke in out last couple posts about how a debtor’s income can impact debt relief both outside of bankruptcy and within bankruptcy itself. As we noted, a debtor’s level of income can affect whether or not he or she is able to successfully keep up with monthly payments negotiated with debtors, as well as whether the debtor qualifies for Chapter 7 relief and what a debtor’s repayment plan will look like in Chapter 13 bankruptcy.

Looking at the impact of income on debt relief and bankruptcy, P.2

In our last post, we began speaking about the impact of income in the way a debtor deals with burdensome debt. First of all, we noted, income affects whether a debtor is able to seek debt relief outside bankruptcy. We left off speaking about debt management plans.

Looking at the impact of income on debt relief and bankruptcy, P.1

Earlier this month, the U.S. Census Bureau released the latest American Community Survey, the aim of which is to gather data about a variety of population characteristics, including household income. For the state of Wisconsin, one of the outcomes of the survey was that there has been a decrease in income figures.

Holidays and credit card debt often go hand-in-hand

Now that we are well into the holiday season, people all across Wisconsin are scrambling to get many things done. There are events to attend, gifts to buy and trips to take. While the logistical complications of all these tasks can be hard enough, it is the financial obligations that come along with them that can put people over the edge.

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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