While some people are able to find ways to get by without a motor vehicle, most people require one to get to work, pick up groceries, haul around kids, and to generally take care of business.
Wisconsin consumers who are considering filing for Chapter 13 bankruptcy may have many unanswered questions. While every person's circumstances and financial concerns are unique, Chapter 13 can help an individual who has a regular income regain financial stability without losing valuable assets in liquidation procedures. Bankruptcy filers may need to explore the state laws related to property exemption and how to use those laws to his or her advantage.
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.
Chapter 7 is the most common bankruptcy option for individuals who are facing overwhelming debt. Essentially, Chapter 7 bankruptcy results in nearly all debt being "discharged" or eliminated.
When individuals or businesses are faced with financial woes, there are many options for reorganizing assets and handling debts. Bankruptcy is one option, but bankruptcy exemption and Wisconsin's alternative Chapter 128 are just two other routes that could be considered. The American TV & Appliance retail chain, which owned 11 stores in the state, opted to file Chapter 128 when it was facing financial issues. The filing let the company liquidate assets and use that liquidation to pay creditors.
This is a Wisconsin-specific follow-up to a post we did recently on a U.S. Supreme Court ruling regarding bankruptcy exemptions.
In the first part of this post, we began discussing the importance of bankruptcy exemptions.
Bankruptcy exemptions are very important. They reflect one of the humane elements of bankruptcy: the fact that filing bankruptcy does not have to mean giving up all of your personal possessions.
No. A lot of people believe that they cannot own anything for a long time after filing bankruptcy. This is not true. The bankruptcy laws allow people filing for bankruptcy to protect much of what they own by using what are called exemptions. Search this blog for previous discussions of what exemptions are and how they work.