If you find yourself in a position in which you are overrun by debt and unable to manage your payments, you have probably already started receiving phone calls from creditors and letters in the mail demanding payment. Some of these letters and calls may be to inform you that your creditors have initiated the repossession process, which is the process of reclaiming financed property.
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.
According to a recent study by the Institute for Justice, the state of Wisconsin scores above average, but not as well asset could when it comes to the issue of civil asset forfeiture. We’ve previously spoken about civil asset forfeiture in general, and how it can impact bankruptcy.
In our previous post, we spoke a bit about civil asset forfeiture and its use—and potential abuse—by law enforcement in criminal investigation. As we noted, civil asset forfeiture can impact bankruptcy cases, both for creditors and debtors.
Asset forfeiture is a topic that is typically discussed in the context of law enforcement, criminal prosecution and criminal defense, and understandably so. Asset forfeiture can and does impact bankruptcy proceedings, though, and we’ll look at this issue in this and our next post.
Filing for bankruptcy can be a scary process for most people because it's not something you do on an everyday basis. A majority of people are completely unaware of how the process works let alone the specific laws that will apply to their unique situation. In nearly all cases in which a skilled attorney has not been obtained, individuals oftentimes are left feeling frustrated and asking a lot of questions.
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.
The foreclosure crisis has definitely slowed down in the United States, but that doesn’t necessary mean that the situation is under control.
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.
Did you take out an auto loan to buy your car? If you did, chances are you signed an agreement that says your lender can repossess your vehicle without getting a court order or warning you in advance if you fail to make your monthly car payments.