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February 2013 Archives

Bankruptcy comes early for many college students

Many Wisconsin residents in their early 20s, including college students, find themselves deeply in credit card debt thanks to impulsive choices due to lack of financial experience and easy access to credit. According to a study by the International Journal of Business and Social Science, half of college students in the United States have four or more credit cards. This can cause them to end up with enormous debt, financial troubles and poor credit scores.

Options for escaping debt and making a fresh financial start

A number of options exist for Wisconsin residents looking to escape debt, and not all of them involve filing for bankruptcy. Two debt relief options that do not involve filing for bankruptcy are credit counseling and debt settlement.

Using bankruptcy to protect personal vehicles from repossession

For many Wisconsin citizens, debt can seem impossible to overcome, which is why federal law allows people whose debts exceed their assets to get a fresh start by filing for bankruptcy. There are two types of personal bankruptcy protection: Chapter 7 and Chapter 13. Each type has different benefits based on a person's specific financial situation. With a Chapter 13 bankruptcy, the consumer is allowed to set up a repayment plan whereby some debts may be paid off over a period of three to five years.

Golden Guernsey trustee seeks purchasers

Waukesha's 83-year-old Golden Guernsey Dairy plant filed for Chapter 7 bankruptcy in Delaware and closed abruptly on Jan. 5. The California capital firm that formerly owned the Wisconsin facility criticized the workers' union, pricing pressures and operating expenses for their roles in prompting the decision.

Understanding bankruptcy and foreclosure

As increasing numbers of people in Milwaukee and beyond are facing foreclosure due to a poor economy, lost jobs or decreased income from divorces, some look to personal bankruptcy to save their homes. While filing for bankruptcy could delay the foreclosure process, it may not to be able to save someone's home. Additionally, the delay that filing for bankruptcy provides in the foreclosure proceedings generally ends up being only about two months' time, experts say.

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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