Wisconsin Bankruptcy Law

Has a creditor filed and successfully obtained a judgment against you?  Has a lien been placed against your property for an unfulfilled debt?  You probably think that even bankruptcy can’t help you in your situation.  This is a false assumption.  Filing an individual bankruptcy in Wisconsin allows you to take care of the financial obligation associated with liens.  However, there is another step in the process to help improve your credit after filing.  After the bankruptcy is completed, you may not necessarily be responsible for repayment of the debt associated with the lien, however, you must satisfy the judgment to fully walk away in a better place.  Judgments stay on your record, and it may become necessary to satisfy a judgment if you are hoping to sell your home or even take out a new loan someday.  This process can be confusing, and it may be in your best interest to talk with a debt consolidation lawyer about judgment satisfactions to get the most out of your bankruptcy filing.

As touched on in the last post, judgments prove themselves to be very confusing and horrifying for the people that are facing them.  What often makes the process worse is trying to understand what these papers actually say.  It may be useful to understand what some of these processes mean and how bankruptcy can actually help in the process.

The foreclosure process is scary.  When you are served with the papers for a foreclosure proceeding, you may fear that you are about to be kicked out of your house with no time to fight back.  You may be surprised to find out that bankruptcy does assist with Wisconsin bank foreclosures.  With a Chapter 13 Bankruptcy in Milwaukee, one can stop the process completely and get caught up with their mortgage payments.  There are certain restrictions, however, as to when we can stop these proceedings.  Basically, it can go to the very last minute, right before the Sheriff’s Sale (when the house is put up for public auction) that we can file.  So, if you’re facing a foreclosure, do not hesitate to look into your options with Bankruptcy before it gets too late.

Garnishments can be confusing with their steps as well.  After the initial Summons and Complaint and the hearing, the judgment will get entered and the order for Garnishment may come.  People facing these judgments do have the right to respond to the garnishment when they receive it with what is call an Earnings Garnishment Answer.  If any of the categories applies to your situation, then you have the right to refute the garnishment.  You may receive a Financial Disclosure Form or a hearing may be scheduled to determine whether your response is valid.  Often, the fastest way to stop a garnishment in its tracks is to consider consumer bankruptcy Milwaukee.  With bankruptcy procedures, garnishments completely cease and your paycheck is completely protected.

For more answers to your Wisconsin bankruptcy questions, keep visiting back to read future blog entries.

Whether you are considering you are considering filing for bankruptcy in Oshkosh, West Bend, Manitowoc, Milwaukee, Racine, Fond du Lac, or Sheboygan, many of the people that call my office have already been served with papers for money judgments, foreclosures or replevins.  The problem often is that they have no idea what they are reading.  Perhaps it may be helpful to run through a few terms to assist people in understanding the process of judgments.  It may also be a little easier to see why it may not be such a bad idea to consider your options and the advantages that the bankruptcy laws in Wisconsin can offer.

The first documents that debtors receive are called the Summons & Complaint.  These papers are basically just designed to let you know that a law suit has been filed, and that you have certain rights to fight back.  Unfortunately, there is not really much to be done if the complaint is legitimate.  If you owe the creditor money, and you have not been paying your monthly payments, they have a legitimate reason to file the lawsuit.  However, filing an individual bankruptcy in Wisconsin may be one option to consider as it does allow you to fight back in some ways.

Another word that often confuses people is Replevin.  Creditors file judgments for Replevin in cases where a repossession is involved.  Whether it be a car, boat, or trailer, for example, these law suits allow creditors to get their collateral back, and hold the debtor responsible for the remaining balance.  A hearing is held, and if the creditor wins, the collateral can be taken back.  The creditor then also has the right to hold the debtor responsible for the financial loss they incurred having to take back the item as well as from the original loan being left unfulfilled.  A debt consolidation lawyer may prove to be a helpful asset in a situation like this, as an attorney may be able to help you get current with your loan and keep the collateral at the same time.  Filing a Chapter 13 bankruptcy in Milwaukee is a common way of handling Replevins.

Sheboygan has not been immune to the issues that the suffering economy has caused.  Many are dealing with the uncertainty and frustration incurred when served with judgment papers.  These situations are not only embarrassing, but frightening.  What is someone supposed to do when suddenly 20% of their paycheck is being allocated elsewhere?  An individual bankruptcy in Wisconsin may be the option to consider in order to handle this.

When a judgment is filed, there are few options to deal with it.  Bankruptcy in Sheboygan allows the filer to relieve his or herself of the financial obligation completely.  Whether filing a Chapter 13 or a Chapter 7, both can relieve the issues that arise with these judgment papers.  Please feel free to contact our office for more Wisconsin bankruptcy information, and we’ll see what can be done for you.