Wisconsin Bankruptcy Law

As stated in the previous post, it is not uncommon for things to come up after filing bankruptcy that are easy to deal with as long as you don’t ignore that they are happening.  Creditors may still try to collect debts, your credit rating may be affected incorrectly, or you may find troubles selling or buying a  house if you do not take action after filing to make sure everything is correct with your filing.  If a creditor calls or sends you a bill, do not ignore it or worry that the debt was not included in the bankruptcy.  Instead, contact the creditor and explain that the debt was discharged and ask what documents they need to stop collection efforts.

Bankruptcy laws in Wisconsin affect how your filing is reported on your credit report.  Be sure to keep an eye on it and find out if your debts are noted as being discharged in bankruptcy.  Perhaps you don’t like that notation, but it really is better than having a debt listed as unpaid or delinquent in the long run.  Don’t let clerical mistakes keep you from rebuilding your credit post bankruptcy.

Another common issue that comes up often occurs when someone who files tries to sell and/or buy a new home.  It is true that filing a Chapter 13 bankruptcy in Milwaukee gives you financial relief, and you may be current with your house payments, but if you have a judgments on your record, you may find this process difficult.  Any judgments entered before your case gets file stay on your record.  The important thing to do is to make sure that you get these judgments satisfied after discharge whether you’ve filed a Chapter 7 or a Chapter 13 bankruptcy.  This is an added step to the process, but do not overlook it or wait until there is a looming deadline to take care of it.  Any Wisconsin bankruptcy lawyer can help you with this, but be prepared for it to take a little longer for judgments to get satisfied.

As with anything, even after bankruptcy there can be some bumps in the road.  Don’t panic, and handle these issues with a level head.  These can be very small problems, but if ignored they can turn into more.

Filing for bankruptcy may be the biggest step you take to get back on top of your financial situation, but as with everything, you may run into a few issues afterward.  The best approach is not to panic, but to be smart about what you do next.  If you’ve found bankruptcy help in Milwaukee, chances are that you’ve ended up accumulating a lot of court paperwork or other documents from your bankruptcy attorney in Milwaukee.  Do not lose or destroy this paperwork.  It is important that you have all of the relevant proof of your filing if something should come up after your bankruptcy is finished.

The most common problem bankruptcy filers run into is having a creditor contact them after the case is finished trying to collect on a debt that was already discharged.  It is probable that the creditor never received notification, or if notification was sent, it was sent to the wrong department of the business and never got entered into the system.  In this situation, a debtor just has to send a copy of their discharge paperwork to that creditor to acknowledge that the debt was discharged in his or her bankruptcy.  The order of discharge should be sufficient notification.  Do not panic if a creditor contacts you after your bankruptcy is finished.  Try to work with them to fix the problem first, and if that does fail, contact your Wisconsin bankruptcy lawyer.

Be sure to monitor your credit report after the bankruptcy is finished.  You want to make sure that you are not continuing to report bad debt if you’ve discharged it in your bankruptcy.  Make the most out of your filing and utilize it to really truly get back on your feet.

Assuming that bankruptcy will ruin your credit may prevent you from getting back on terms that you can be happy with.  There are several ways to restore your credit rating after you’ve filed bankruptcy, and they are not difficult.  I’ve been providing Milwaukee bankruptcy services for years now, and part of that is knowing how to reestablish yourself once you’ve finally rid yourself of all of your unsecured debt.

One way to improve your credit rating post bankruptcy is to make sure to pay all of your bills on time.  Pretty self explanatory, isn’t it?  Filing a Chapter 7 bankruptcy in Milwaukee allows you to free up some of the funds once allotted to monthly payments of unsecured debts.  With those freed up funds, get back on top of your bills and stay current with your payments.  This positive reporting plays a large role in a better credit score.

Another recommendation I gave to those that have gotten bankruptcy help in Milwaukee is to obtain a secured credit card after filing.  It important to use this card every month while paying more than the minimum balance, but less than the total amount owed to demonstrate your capability of maintaining your debt responsibly.  The key to this is to show financial responsibility.  Having debt after filing bankruptcy is just a reality, but to improve your credit score, the point is to manage your finances effectively.

Be sure to read the next blog for more information about ways to bounce back after filing.