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Wisconsin Bankruptcy Law Blog

What's going to happen to your personal property in bankruptcy?

It is not easy to make the choice to file for bankruptcy. Even people overwhelmed by debt are reluctant to move forward with this step because they have concerns about what to expect from the process. There are a lot of fears and misconceptions that hold people back from taking a step that could be beneficial for their future.

One of the main concerns Wisconsin debt holders have regarding the bankruptcy process is what will happen to their personal property. In reality, you may be able to keep most of the things that are important to you. Even when filing for Chapter 7 bankruptcy, known as liquidation bankruptcy, certain exemptions may be available that will allow you to keep a majority of your personal possessions.

Are you in danger of wage garnishment?

Your paycheck already stretches too thin. The last thing you need is having even less money to take home. That is what will happen if one or more of your creditors decide to garnish your wages. It can be devastating to receive a notice that a creditor is taking steps to get the court's permission for wage garnishments, and you may think you have no option but to let it happen.

However, you do have options. To avoid having your wages garnished, your first step will be learning as much as you can about the process and the methods of debt relief available to you.

Is tax debt a main concern in your current financial crisis?

Your personal economics have a lot of impact on your ability to function within the Wisconsin economy. Things may be financially strong for the state as a whole, but if you're out of work or have recently faced an unexpected expense, it can spark a serious debt problem in your own household. You may be one of many people in this state who had to have surgery this year or who had to pay for much needed car repairs.  

Perhaps income tax is your main concern. The good news is that there are often several types of debt relief options, such as bankruptcy, that can help overcome financial problems that have gotten out of hand. The not-so-good news is that not all tax debt is dischargeable. To avoid complications when filing for bankruptcy, it is always best to seek clarification of eligibility requirements as well as to learn more about which types of debts you are able to discharge and which you will still be liable for after bankruptcy. 

Chapter 7 versus Chapter 13 bankruptcy: What's the difference?

When you first realized you were financially in over your head, you likely did what many other Wisconsin residents do in similar situations: You tried to handle it yourself. Perhaps, you tightened your purse strings and started packing lunches from home for work instead of eating out. Maybe you also canceled some magazine subscriptions or regular indulgences, such as manicures or a membership at a local gym.  

When financial crisis hits, however, even the best efforts are not always enough to get things back on track. That is not necessarily a reason for despair though, because there are often debt relief solutions available if you know where to look. In fact, many people are able to wipe their slates clean and start afresh by filing for Chapter 7 or Chapter 13 bankruptcy. There are differences between the two and if you're considering filing, you'll want to seek clarification ahead of time. 

Is your sole proprietorship in need of bankruptcy?

As a Wisconsin small business owner, you likely could not have felt more proud than the day you opened the doors of your operation. You may have felt excited to get your company running and to provide your customers or clients with the product or service you crafted. For a time, you may have felt your business was on the rise.

Of course, as you likely knew before starting your company, many small businesses do not last, and unfortunately, your business has suffered considerable financial losses that have led to substantial debt. Now, you wonder whether you will have the ability to keep your business running and how you will be able to address your outstanding liabilities.

Overwhelming debt: Should you plow through or opt for bankruptcy?

Has your financial train gone off-track in recent months? If so, you're definitely not the only one in Wisconsin who is currently facing such problems. The causes of your debt might be different than another person's; however, many people say they experience similar situations, such as losing a job, having to pay child support or facing an unexpected medical need.

When discerning your financial future, it can be challenging to determine whether you'll be better off if you stick it out and execute a debt management plan, or whether you should opt for a more immediate form of debt relief, such as bankruptcy. Since there are numerous types of bankruptcy, it pays to do a bit of research ahead of time, as you might be eligible for one kind but not another.

The key to rebuilding your credit after bankruptcy

One of the reasons people hesitate to file bankruptcy is fear about the impact of bankruptcy on their credit. Paying attention to your credit is a good thing, but it should not keep you from investigating whether bankruptcy is the right option for you.

When considering bankruptcy, people often worry about being able to get credit again. The truth is, your bad debt has probably hurt your credit already. You should be focused on taking care of the debt now so you can move on. You can get credit after bankruptcy, provided you take the right steps to rebuild it.

Why wait when bankruptcy might be the healthiest option available

Dealing with the burdens of debt can be a stressful and harrowing experience. If you are constantly struggling just to make ends meet, you could be scouring over every possible outlet for relief in search of the one path that is right for you, but you might already know the direction you wish to take.

When it comes to deciding on a path to protect your financial future, you may feel it best to take your time and get it right. However, time may be of the essence, and by waiting to file for bankruptcy out of fear of the unknown, you could be experiencing unnecessary levels of stress.

Are creditors violating the Fair Debt Collection Practices Act?

Do you feel like every time you turn around, your home phone, cell phone or work phone rings and people claiming to be collection agents are telling you to send them money? Whether or not you believe you owe a creditor money, it doesn't necessarily mean that the calls you receive are legitimate.

First, there are a lot of scammers out there who use sneaky and manipulative tactics to fool people into thinking they are authentic agencies that have the right to call you to collect a debt. The Fair Debt Collection Practices Act protects you against creditor harassment. Facing financial problems is stressful enough without worrying about having to deal with angry phone calls every day.

Are you thinking of a payday loan to get you through?

If you are having a tough time right now, you are not alone. At this time of year, many are realizing they overspent on their vacations, a medical or car repair bill has set them back, or they are a little short for what they need to get those back-to-school supplies for their kids. When money is tight, it is easy to make rash decisions.

Once the credit cards are maxed out, you may think your options are limited. There is a quick and easy option in a payday loan. However, what may seem like the answer to your problem may actually create an even greater problem.

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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