Debt does not discriminate. Whether your income is $25,000 or $125,000, you may still find yourself struggling to make ends meet. People whose income exceeds $100,000 often worry that they will not be eligible to file for bankruptcy. The good news is there are options. Understanding how bankruptcy works and what alternatives are available is the first step.
Bankruptcy filings down 4.7% in state
Weak economy hitting small-business owners
Bankruptcy filings in Wisconsin continued to fall for the second consecutive year, but attorneys say the hangover from the economic downturn still is forcing some small-business owners to throw in the towel.
In the event that you are denied employment by a private employer because of a bankruptcy you likely will not have rights against that employer.
With April 15th only a few days away, many people are working hard to come up with the money to pay the Government. For those who are self employed, estimated tax liability payments are due every quarter starting April 15th. The IRS will allow you to pay your tax debt with a credit card, but you can expect to pay a 2% "convenience fee".
Bankruptcy might seem like the end of the road, but the stigma is not nearly as severe as it once was. In the past, it meant that the chances of getting approval on unsecured personal loans applications were practically nil, while even those lending firms who might be willing to take a chance would still be more likely to say no.
Misconceptions About Bankruptcy Could Be Keeping Away Those Who Need Help
Thousands of Milwaukee residents file for bankruptcy each year. A good number believe they can't afford a lawyer but are intimidated by the idea of trying find their way through a legal system they don't understand.
The Milwaukee Journal/Sentinel reported today that
Judges cracking down on paid preparers who pocket fees, overcharge clients, wreck paperwork and have botched bankruptcies! To read the remainder of the article please click here http://www.jsonline.com/watchdog/watchdogreports/bankruptcy-filings-botched-oe333mt-134731393.html
Can same-sex couples filing a joint bankruptcy? The U.S. Department of Justice announced on July 6, 2011 that it will no longer oppose joint bankruptcies filed by same-sex couples legally married in their state. This news comes close on the tails of the recent court decision in Los Angeles where 20 of 24 judges signed an opinion allowing a same-sex couple to file a joint petition for bankruptcy. That opinion declared that the federal Defense of Marriage Act (DOMA) was unconstitutional. The U.S. Trustee in Bankruptcy has agrees that DOMA will not be raised to protest joint filings by married same-sex couples. One would assume that this rule would only be applied in states where the marriages are recognized. However, it has been noted that joint filings are the rule in North Carolina so long as the couple is actually married.
If you are having problems making your second mortgage payment or home equity line of credit you may want to meet with one of our lawyers to see if we can get rid of that secondary mortgage. When you file a chapter 13 bankruptcy a bankruptcy Judge may get rid of a second mortgage or home equity loan if that mortgage is wholly unsecured. Those secondary mortgages are wholly unsecured if your home is valued at an amount equal to or less than the amount you owe on your first mortgage. As an example. You have a home worth $150,000.00 with a 1st mortgage of $155,000.00 and a 2nd mortgage of $30,000.00. In this case the 2nd mortgage company would get nothing in the event your home sold for $150,000.00 or less. For that reason a Chapter 13 judge would order the 2nd mortgage void since it is entirely or wholly unsecured.