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Chapter 13 Archives

What are the different types of bankruptcy? (Part 2 of 2)

Welcome back. Last week we discussed Chapter 7 bankruptcy and Chapter 11 bankruptcy. Today, we will explore Chapter 13 bankruptcy and alternatives to bankruptcy, including Wisconsin's Chapter 128 Reorganization law.

Child custody dispute leads to bankruptcy for Oksana Grigorieva

People find themselves in need of bankruptcy protection for a wide variety of reasons. Credit card debt, mortgage debt, medical debt, student loan debt -- these are all common types of debt familiar to people throughout Wisconsin. Another kind of debt that gets less attention is the cost of divorce.

Wisconsin same-sex couples might be eligible for bankruptcy

For most married couples, being able to file bankruptcy together is an option available during difficult financial times. If the couple is a same-sex couple, however, being able to file bankruptcy as a couple wasn't possible. A new policy by the Justice Department will change that and afford same-sex couples many of the same rights afforded to opposite-sex couples.

Can a person walk away from their home in a Milwaukee bankruptcy?

In a bankruptcy, the question of walking away from a home often arises because the owner can no longer afford to make the mortgage payments, even when loan modifications have been made. The answer to that question is usually yes, but there are some factors that need to be considered.

Lenders could foreclose because of unpaid home equity loans

People who have paid off their homes might believe that they are not in danger of foreclosure. However, Wisconsin residents who have outstanding home equity loans might want to think again. Home equity lines of credit are secured by the properties to which they are attached, and the loans act as mortgages. If you default on those loans, the lenders are likely to foreclose. A bankruptcy adviser makes the following recommendations.

Reasons many choose chapter 13

Those in Wisconsin experiencing economic difficulties may, at some point, consider filing for bankruptcy. Although people often hope for a fast, streamlined process, Chapter 13 bankruptcy can sometimes take up to five years; but, unlike Chapter 7, allows them to save their assets when filing. Of the approximately 1.175 million bankruptcies that were filed in the United States in 2012, 30 percent of the filings were Chapter 13 while the remainder were Chapter 7. Those who file Chapter 13 repay most, if not all, of their debts through a manageable budget plan that is tightly controlled and overseen by a court-appointed trustee.

3 Things to Know Before Filing Bankruptcy

For people in Wisconsin and everywhere, debt is a scary, nerve-wrecking experience. You're angry at the collectors who are bringing chaos into your world. Sleepless nights have made your irritable. Your imagination paints bleak pictures of a hopeless future. Worst of all, you're down in the dumps because you believe your family and friends may see you as a failure.

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