Wisconsin Bankruptcy Law

More sobering statistics as one year comes to a close and a new one begins. Under 2010 projections, some three million homes will be seized by banks and other lenders after foreclosure proceedings run their course, according to Business Week. Overall foreclosure court filings (that, in the end, don’t always result in homeowners actually losing their property) could go as high as 4.5 million as compared to four million in 2009. December 2009 foreclosure cases filed in the America’s courts increased by about 15 percent (some 350,000) from December 2008, the 10th consecutive month the total surpassed 300,000. National foreclosures in the fourth quarter of 2009 increased 18 percent over 2008’s fourth quarter. And the government’s loan modification program apparently has had little effect because of what’s called “negative” equity: “Homeowners with negative equity, where a property is worth less than the loan, have little incentive to keep paying the mortgage and will ’strategically default,’” claims one real estate expert.

As discussed previously in this blog, Wisconsin is hardly immune from these national recessionary trends. Many well-meaning people in our state who have not botched their money management find themselves nonetheless in a real financial jam because of long-term unemployment and falling property values. While it is unlikely that good, hardworking Wisconsin homeowners will choose to default on their loans for any “strategic” reasons, the fact remains that many state residents unfortunately face the prospect of Wisconsin bank foreclosures. An individual bankruptcy in Wisconsin could, however, be one method for avoiding foreclosure. Before making any final decisions, carefully and candidly going over your assets and liabilities with a Wisconsin bankruptcy lawyer might be an appropriate way to start. As one byproduct, a consumer bankruptcy in Milwaukee or elsewhere in the state means that all foreclosure activity stops while you and your debt consolidation lawyer sort things out.

It is unfortunate, but Wisconsin bank foreclosures have not slowed down one bit.  After the problems arose from the high risk loans, people were faced with more issues when unemployment sky rocketed.  Many families are now facing the problems that arise when incomes are cut in half due to layoffs.  It is under these circumstances that people start asking themselves Wisconsin bankruptcy questions.  What can bankruptcy do for you when you’re facing foreclosure?  Can it really help you save your home?

We have several offices throughout eastern Wisconsin because people everywhere are facing these problems.  Many are considering whether a debt consolidation lawyer can really do anything to help them.  The answer to that is a resounding yes.  The biggest problem when a foreclosure action has been filed is that people are expected to pay back the multiple months of back payments owed all at once to prevent a sheriff sale.  Some try to modify their loans, but discover that the banks are unwilling to compromise with them, leaving them with few options.  In a Chapter 13 bankruptcy, clients are able to catch themselves up with those payments in one quick maneuver.  Borrowers are finally capable of getting back on top of their debt and save their houses in the process.  Whether you’re interested in bankruptcy in Manitowoc, Sheboygan, Oshkosh, Fond du Lac, West Bend, Racine or Milwaukee, we have offices that can serve you throughout this process if you’re looking to get back on your feet.