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April 2015 Archives

What are the most common reasons for bankruptcy?

In most cases, going bankruptcy isn't about poor money management skills. In many cases, people are forced to file for bankruptcy protection because of outside factors that are out of their control such as losing a job or getting seriously sick or injured.

Chapter 11 And Unemployment Benefits

The economic downturn of 2008 had dramatic impacts on the financial stability of individuals and businesses across America. The Neenah Foundry Company was among the businesses impacted. The Foundry began pursuing protection under Chapter 11 of the Bankruptcy Code as well as laying off a portion of its workforce. Under Wisconsin law, the rate of contribution that an employer pays for unemployment insurance increases when adverse events occur that impact the businesses strength.

Town Of Brokaw Facing Debt Considers Bankruptcy

The town of Brokaw, Wisconsin, has been facing a difficult debt situation since a paper mill closed in 2011, leaving them to shoulder the costs of a then unnecessary water utility. As the town's debts grew, it became more and more clear that some sort of radical option may be necessary. The town hired a consultant to review their situation and recommend courses of action to help them recover.

Deep in debt from starting a business? Consider bankruptcy.

There are countless entrepreneurs in the state of Wisconsin. Starting your own business, however, is not easy work. It takes time, dedication and a substantial amount of financial investment up front. As you work to make your business lucrative, you still have to keep up with other day-to-day expenses. If your business -- like most -- doesn't start making money right away, debt can quickly pile up.

Is Chapter 11 bankruptcy right for your small business?

Although it is commonly used for larger corporations, Chapter 11 bankruptcy can be a useful tool for small business owners in the right circumstances. Through Chapter 11, you are given a temporary reprieve from all collections actions while you reorganize your business structure and seek out new revenue sources. 

Is consolidating my student loans the right decision? pt 2

Student loans have become a major and often overwhelming burden for many people in Wisconsin and throughout the entire country. Many graduates face the question of consolidation and determining if it is the right decision. Understanding whether consolidation is right for you involves a discussion about your particular situation, so do not rely on this post as legal advice.

Is consolidating my student loans the right decision?

The cost of higher education has skyrocketed in the past couple of decades. Even if you get the resident rate for the University of Wisconsin-Milwaukee, you probably have to take out a student loan. Signing the Free Application for Federal Student Aid (FAFSA) is the easy part, because you do not feel the real hurt until later.

How divorce can lead to bankruptcy, and what to do next

Many people in Wisconsin have gone through a divorce. Some of those people may have also experienced the financial challenges that are so often part of the process. Some of those people may even have filed for bankruptcy as a result of divorce.

Was your tax refund intercepted to pay your student loans? (2 of 2)

If your tax refund was intercepted this year to pay for your student loans that are in default, you are not alone. The good news is there are steps you can take to potentially get your refund back or prevent the same thing from happening next year, including:

Was your tax refund intercepted to pay your student loans? (1 of 2)

Student loan debt is a major problem in the United States, and is something the lawmakers promise that they are working on. However, in the meantime, it is causing many headaches for hardworking Americans who cannot afford to keep up with their student loan payments.

We can help you get back on your feet after bankruptcy

Bankruptcy is a positive option for people in Wisconsin who are faced with insurmountable debt. However, as we have discussed in previous posts, there are some negative aspects of bankruptcy. Certain debts like student loans and child support payments cannot be discharged, and it will hurt your credit score. But just because there are negative consequences does not mean you can't bounce back.

How long must you live in Wisconsin to claim its exemptions?

In today’s mobile society, it’s not uncommon for families to move frequently – even across state lines. These situations add another layer of complexity for those considering bankruptcy. The states where you last resided – and how long you’ve lived in each – can affect which bankruptcy exemptions you’re entitled to claim.

Don't underestimate the power of bankruptcy for medical debt

Many families do everything they can to shield themselves from debt. Smart spending, living within their means, buying all types of insurance, putting money into a savings account and paying credit card balances off every month are great ways to create a financial cushion.

Credit card debt increases in America

Credit card debt can lead to serious financial struggles for consumers in Wisconsin and throughout the country. Credit card debt levels have declined in the last few years due to the Great Recession, but the improving economy has led to a comeback in consumers taking on more debt. 

How medical debt accrues despite insurance

We cannot know exactly what life will throw at us, but we can plan for the possibility of unexpected events by purchasing insurance. We buy home insurance to protect against theft or natural disasters. We buy car insurance in case we get in an accident. We buy health insurance to prepare for medical emergencies. We may even through a few thousand into savings to cover any gaps.

CFPB: Don't fall for the promises of payday loans

Payday loan stores are scattered across the Milwaukee metropolitan area. Offers of a loan without the requirements of a credit check or verified income are easy to succumb to when you are worried about defaulting on your mortgage, having your electricity turned off or putting more groceries on a credit card.

U.S. credit card debt continues to rise after 6 straight quarters

Establishing good credit is an important part of living independently in this country. As many people in Wisconsin know, a good credit score can help you obtain loans, maintain good insurance rates and be approved to rent a home or apartment.

What filing for bankruptcy cannot do, Part 2

Welcome back. As we said in the first post, the purpose of this two-part series is to give you a clear understanding of the ways in which bankruptcy may not be able to help you. Instead of setting unrealistic expectations, we want you to know what to expect when you ask us to help you file for bankruptcy relief.

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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