Wisconsin Bankruptcy Law

One of the things that people seem curious about when they call my office is what exactly the process all entails.  Well, the very first step is to set up an appointment for a free consultation with a bankruptcy attorney.  During this consultation, the attorney gets a very personalized view into your situation and can determine what can and cannot be done in terms of bankruptcy.  I also provide people with a packet full of information about what is needed to file in terms of documentation and what they should do next if they would like to proceed with a filing.
 
After the consult, if someone does decide that he or she wants to file, then it is time for him or her to start getting together the necessary information.  Certain documents, such as copies of taxes from previous years, copies of previous pay stubs, or titles to currently owned property are examples of things needed by a bankruptcy lawyer to proceed with the paperwork involved with filing.  Once those documents are gathered, we have another appointment to finish the actual paperwork that is filed with the Bankruptcy Court.  From there, we go over the paperwork to make any final corrections and get everything typed up.  When that’s finished, we file the case.
 
Altogether, the process can be very quick, easy, and as painless as possible.  Hiring a bankruptcy attorney helps you with that.  If you opt to go forward without an attorney, you may end up finding yourself lost in the paperwork, and you may end up making a mistake that would ultimately get your case dismissed.  As you can see, the process can be easy, if you choose to let it be.

For the consumer, getting behind on a mortgage can cost an arm and a leg, especially when late fees and penalties become part of the overdue payment mix. As a direct response to the mortgage meltdown, the U.S. Bankruptcy Court in Milwaukee is considering local rules changes that would require Chapter 13 creditors to give debtors more upfront details about collection attempts on secured property.

If the rules go through, creditors–many of whom have bought delinquent mortgage notes on the open market from the original lender–could be required to come up with a detailed breakdown of principal and interest payments due as soon as they enter the debtor’s case. Chief Bankruptcy Judge Margaret Dee McGarity suggested that the changes, such as a court mandate for a creditor to submit a secured proof of claim, will provide more transparency by giving debtors immediate notice of how much they owe and to whom.

According to the Wisconsin Law Journal, “as lenders have tried to recoup their losses, bankruptcy cases have been plagued by record-keeping problems created by mortgages being sliced up and sold off in pieces to far-away investors.”

The U.S. Bankruptcy Court for the Eastern District of Wisconsin scheduled a public hearing to consider the rules changes for December 15. Massachusetts bankruptcy courts have already adopted a rule that requires mortgage holders to submit the original mortgage agreement along with documentation to establish the chain of ownership of the note.

It appears likely that the court will adopt rules along these lines for a Chapter 13 bankruptcy in Milwaukee and the surrounding area. In the meantime, if you are having trouble keeping up with your monthly mortgage payment and fending off a Wisconsin bank foreclosure right now, this may be the moment to consult a Wisconsin bankruptcy lawyer to examine your options for keeping your family under one roof and otherwise obtaining bankruptcy help in Milwaukee.