Wisconsin Bankruptcy Law Blog

Payday loans are not always the quick fix they claim

On behalf of Jamie Miller of Miller & Miller Law, LLC on Monday, May 20, 2019.

The week before payday is often the worst. You are out of cash, maxed out on your credit cards and you need just enough money to tide you over until your next paycheck comes. It can be a desperate feeling that often causes people to make desperate choices.

Taking a payday loan is one of those desperate choices. They have the benefit of offering fast cash with no credit check, so they may seem better than a traditional loan. However, if you are already in financial straits, a payday loan may only add to your troubles.

Has your credit card balance thrown your finances off-track?

On behalf of Jamie Miller of Miller & Miller Law, LLC on Friday, May 3, 2019.

Credit cards provide convenience to consumers in many ways. If you've recently purchased a big-ticket item such as a car or vacation property, you may have used your credit card in the transaction. Wisconsin residents, like those in other states, understand that the global and national economies can greatly affect their personal financial portfolios.

In short, when times are tough, many people resort to using their credit card to help meet their expenses. Shopping on credit typically involves an intention to pay off the balance before the pay cycle ends. However, if you're having trouble doing that and it has prompted a serious financial crisis, you might want to explore your debt relief options, including but not limited to bankruptcy.

Do debt issues have you considering Chapter 13?

On behalf of Jamie Miller of Miller & Miller Law, LLC on Wednesday, April 17, 2019.

Finding the best way to handle outstanding debt is different for everyone. Your particular financial details will differ greatly from someone else's, and though you may both struggle with considerable debt, important other factors may determine which debt relief avenue best suits your circumstances.

If you have the ability to generate a steady income, but have become overwhelmed with outstanding balances nonetheless, you may qualify for Chapter 13 bankruptcy. Though you may balk at the idea of filing for bankruptcy, it does not have to be the outlandish suggestion that many people consider it to be.

Will bankruptcy permanently lower your credit score?

On behalf of Jamie Miller of Miller & Miller Law, LLC on Wednesday, April 3, 2019.

Money is a topic that is often on the minds of many Wisconsin residents and those around the world. Some may think about how to invest, and others may be looking forward to their next paychecks. Others still may worry about meeting everyday needs due to the amount of debt with which they are burdened.

If you fall into the last group, you may struggle with stress and anxiety over your finances on a daily basis. You may count every dollar, wonder whether to spend money on something you truly need and despair over the seemingly never-ending bills. Though you may have considered filing for bankruptcy, you have concerns over whether completing the process would leave your credit in a worse state than simply contending with your debt on your own.

Do you know fact from fiction when it comes to Chapter 7?

On behalf of Jamie Miller of Miller & Miller Law, LLC on Friday, March 29, 2019.

No one wants to live life struggling to pay for basic needs. Unfortunately, financial issues can plague anyone, and even those who feel somewhat prepared for an emergency could end up in difficult financial straits due to not having enough savings or facing a serious upheaval like job loss or an emergency medical situation.

Though the reasons for your financial struggles are unique, you do have options that can help you find the debt relief you desire. In particular, Chapter 7 bankruptcy may be able to help you understand your debt, pay off applicable liabilities and discharge qualifying ones.

Should you hide your vehicle from repossession?

On behalf of Jamie Miller of Miller & Miller Law, LLC on Tuesday, March 19, 2019.

Perhaps it is becoming too common an event. You have a large bill coming due this week, such as your mortgage or car payment, and you know you will not have enough money in the bank to cover it. Maybe you are to the point where you are alternating months, paying one debt this month and putting of another for next month. This kind of juggling is evidence of a serious financial crisis, and if you have missed your car payment, matters could get much worse very quickly.

Car loans use your vehicle as collateral. This means if you default on the loan, in some cases missing only one payment, the lender has the right to repossess the vehicle. Because of this, you may think your best course of action is to hide your vehicle from repossessors in hopes that you will be able to catch up on the payments. However, hiding your vehicle may be a bad idea.

Is bankruptcy your best option, or not?

On behalf of Jamie Miller of Miller & Miller Law, LLC on Thursday, March 7, 2019.

Are you one of many Wisconsin residents who are currently experiencing financial problems? While your situation is unique to your own circumstances, you might also find that you can relate to others who have had similar experiences. Perhaps you or someone in your household suffered a job loss. This is often enough to offset financial scales, causing great difficulty to make ends meet.

Many people don't really experience a single, cataclysmic event; rather, their financial problems develop slowly, over time. In either case, or no matter the particular issues are that led to your distress, the good news is that there are typically options available to help get your financial life back on track. Maybe you don't want to file for bankruptcy. In Wisconsin, you might not need to because there are alternative debt relief options available.

Experiencing these issues? It may be a good time for bankruptcy

On behalf of Jamie Miller of Miller & Miller Law, LLC on Monday, February 18, 2019.

If 2019 hasn't been financially strong for you thus far, you are definitely not alone in your struggle. Many Wisconsin residents are barely staying afloat to pay their bills and struggling to put food on their tables. Most families experience financial distress at some point in life. In fact, you may have already overcome such problems in the past and have been enjoying financial stability until something else happened to derail your financial train again.

It's not uncommon for people to hesitate when it comes to choosing debt relief options. For one thing, some people don't even realize they have options. Then again, you might be aware of the options that exist but are embarrassed or worried about social stigmas attached to certain financial crisis solutions, such as filing for bankruptcy. There's no shame in taking advantage of available financial tools to help wipe the slate clean and start afresh. The question is: If you plan to do that, when should you?

What penalties occur at the stages of credit card delinquency?

On behalf of Jamie Miller of Miller & Miller Law, LLC on Tuesday, February 5, 2019.

Many Wisconsin residents may have a love-hate relationship with credit cards. They can certainly come in handy when facing a large purchase that may need payments over time or when bridging a gap after a financial emergency. Some people may choose to use their cards simply for the rewards offered.

Of course, credit card use can sometimes turn into a slippery slope. You may think that using your card for a significant purchase is wise, but if you do not pay off your balance in a timely manner, you could accrue interest and other fees. If you end up in a situation where you stop making your payments, you could face a number of consequences.

Understanding 'default' and other foreclosure terms

On behalf of Jamie Miller of Miller & Miller Law, LLC on Wednesday, January 30, 2019.

If you encountered a financial crisis that made you unable to make payments on your home loan, you may be at risk for foreclosure. A lender takes back possession of a property when a mortgagor can no longer make payments through this process. In such situations, your loan is said to be "in default." Facing a foreclosure threat on your Wisconsin home can be highly stressful even though the threat does not necessarily mean it will happen.

You may have several options available to avoid foreclosure. Sometimes, however, it's difficult to see what's right under your nose in such situations, meaning, you may feel so overwhelmed and worried that you aren't even aware that you have options. If you're concerned about possible foreclosure, it can help to seek financial counseling or speak to someone who has helped others find viable solutions to similar problems.