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February 2016 Archives

Factors to consider when deciding between Chapter 7 and Chapter 13 bankruptcy, P.3

In our last two posts, we've been looking at some of the factors that should be taken into consideration when deciding which form of bankruptcy to pursue. We've already mentioned the debt limits imposed in Chapter 13 bankruptcy, as well as the income limits of Chapter 7 bankruptcy. We also referred to the need, in Chapter 13 bankruptcy, to have a sufficient ongoing income to support payments under the court-supervised repayment plan.

Factors to consider when deciding between Chapter 7 and Chapter 13 bankruptcy, P.2

In our last post, we began discussing some of the factors that need to be considered when deciding whether to file for Chapter 13 bankruptcy or Chapter 7 bankruptcy. Eligibility requirements dealing with a debtor's debt load and income have to be considered, for the simple reason that one will not be approved for either form of bankruptcy if one does not meet its specific requirements.

Factors to consider when deciding between Chapter 7 and Chapter 13 bankruptcy, P.1

In our last post, we mentioned that there are different goals, requirements and outcomes for bankruptcy cases depending on whether one files for Chapter 7 or Chapter 13 bankruptcy.  As we noted, the big difference between Chapter 7 and Chapter 13 bankruptcy is that the former pays off creditors by liquidating the debtor's nonexempt assets, while the former allows a debtor to repay creditors over a three to five year period of time.

Defaulted payments: Bankruptcy can stop repossessions

The emotional impact of the repossession of a Wisconsin person's belongings, along with the fact that such actions are public record, can be severe. Furthermore, when defaulted payments lead to repossessions, the impact can be more significant than the hurting of a person's pride. One of the consequences of repossession is the substantial drop it will cause in a consumer's credit score.

Careful consideration required for choosing a debt repayment plan

Debt problems can arise as the result of various circumstances. While some Wisconsin consumers may just have accumulated too much credit card debt, illness, unemployment and other dilemmas can also bring about overwhelming debt. Debt repayment problems may lead to some consumers falling for the marketing tricks of companies who promise so solve all financial problems instantly.

Good news: 2015 bankruptcy filings in Wisconsin at eight year low

Statistics relating to bankruptcy filings can be of interest for a variety of reasons. For one thing, they can serve as a barometer of economic health, at least to an extent. Bankruptcy statistics can also tell you a bit about the type of people who file for bankruptcy, the reasons they file, and the type of relief they are seeking.

Looking at the basics of Chapter 11 bankruptcy, P.2

In our last post, we began looking at some of the basic features of Chapter 11 bankruptcy. In addition to the points mentioned last time, we wanted to look at several additional points about Chapter 11 bankruptcy.

Looking at the basics of Chapter 11 bankruptcy, P.1

In our last post, we mentioned the recent bankruptcy filing associated with paper mills in both Wisconsin Rapids and Stevens Point, and began speaking about some of the general characteristics of Chapter 11 bankruptcy. As we noted, Chapter 11 is most often used in connection with corporations and partnerships.

Paper company’s Chapter 11 filing highlights concerns for industry

Milwaukee readers may have heard the news that the owner of Virginia-based paper company Verso Corp. recently filed for bankruptcy, listing $2.4 billion in debt. The company owns two mills in Wisconsin, one in Stevens Point and the other in Wisconsin Rapids, having acquired them from NewPage about a year ago.

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