Wisconsin Bankruptcy Law

With the baseball season in full swing, the ordinary perception is that owning a professional sports franchise is like a license to print money. Evidently not so. The Hicks Sports Group (HSG), the owners of the Texas Rangers, defaulted on $525 million in debt last year, and unhappy creditors may force the team into involuntary bankruptcy. The team and the creditors have evidently reached a stalemate in negotiations. Amidst this turmoil, Major League Baseball (MLB) may seize the team (under its "best interests of baseball" rule) to orchestrate the sale of the franchise to a group that includes team president Nolan Ryan, the Hall of Fame pitcher. Creditors, however, are said to be dissatisfied with that prospect because of other, higher offers that are on the table. The team owes money to 40 creditors, with the largest being Monarch Alternative Capital.

According to Sports Business Journal.com:

MLB is motivated in part to have the sale completed because it has been supporting payroll at the team since the default. But baseball may also be moving to act now because of worries the creditors could file an involuntary bankruptcy petition. At that point, baseball would not be able to exert the influence it could now, said Irwin Kishner, chairman of the corporate department at New York law firm Herrick Feinstein.

“In bankruptcy court, the judge wants to maximize the assets on behalf of the creditors,” he said.

As part of the deal, apparently the Ryan group is willing to pay HSG for land near the ballpark on which there are no creditor liens, which makes it the preferred buyer from HSG’s point of view.

All high-finance wheeling-dealing is a far cry from what might be involved in, for example, a Milwaukee small business bankruptcy voluntarily entered into by the business owner. Subject to certain unsecured debt limits, a self-employed individual or someone operating an unincorporated business is eligible for Chapter 13 relief under the bankruptcy laws of Wisconsin. By restructuring the amount owed, a Chapter 13 plan allows some debts to be paid off in monthly installments in a three-to-five year period while discharging others. If you operate a business that’s on the verge of closing its doors because the debt load has become unmanageable, contact a bankruptcy attorney in Milwaukee. And depending upon the circumstances, you may be allowed to continue your business during the course of a Chapter 13 bankruptcy in Milwaukee or elsewhere.

The Milwaukee Business Journal reports that an increasing number of southeastern Wisconsin real estate developers have been forced into a personal bankruptcy in Milwaukee because of Wisconsin bank foreclosures in the commercial sector. The story explains that “Developers typically provide personal guarantees on their commercial mortgages, which means banks eventually pursue the developers personally for a judgment.” In general, a developer that has signed off on a now-defaulted, huge personal note for a commercial property can seek Chapter 7 protection if the lender decides to take the matter to court.

But as we have alluded to previously, Chapter 7 isn’t just for real estate moguls or entrepreneurs that have been undermined by fading property values. For most ordinary, hardworking Wisconsin consumers facing serious financial difficulties, a Chapter 7 bankruptcy in Milwaukee often allows homeowners to remain in their primary residence while the case works its way through court. Exemptions that among other things protect the residence were created in order to provide debtors with the basic essentials needed to help them achieve a fresh start. And during that time, any foreclosure attempts by the lender come to a grinding halt. Perhaps you’ve been downsized out of your job and can no longer afford your high monthly mortgage payments. Protection under the bankruptcy laws of Wisconsin may be an option for obtaining needed debt relief in Wisconsin. A step in the right direction might be to obtain guidance from a debt consolidation lawyer at the initial appearance of financial distress.

It seems like most people will go to any possible lengths to avoid seriously considering filing bankruptcy.  Sometimes the choices that these people make don’t really help in the long run, though.  A very important, and often unknown, aspect of bankruptcy is that you can protect your pension, 401k, or IRA even if you decide to file.  Regardless of whether you decide to file a Chapter 13 or a Chapter 7 bankruptcy in Milwaukee, you can protect your future.

Before coming to see me, a lot of people start to drain their accounts that represent their savings for retirement.  The intention is always the same.  They need the money now and they feel that if they can just get back on top again, then they can start rebuilding their retirement savings in the future.  Unfortunately, this can be a very slippery slope.  Even after people deplete the money invested for their futures, they might find that they never really got back on track in their current situations.  This is why it is important to really look at Milwaukee bankruptcy services before you borrow against your future.

Any reputable Wisconsin bankruptcy lawyer will tell you that you have other options to get rid of your debt without jeopardizing your savings.  Bankruptcy protection allows you to handle your current financial crisis without possibly facing another one in the future by allowing you to keep your pension, 401k, or even your IRA.  Don’t think of bankruptcy as a last resort, but rather try to think of it as an investment in your future.  Consider all of your options before you really end up making things worse for yourself in the end.

The idea of filing your own bankruptcy case may be appealing because you can avoid paying an attorney to do the work for you.  While you can avoid attorney’s fees, you might run into more problems than you bargained for, and that may cost you more in the end.  You may be interested in finding out more about the Milwaukee bankruptcy services that are offered around you, however, to help make this determination for yourself.

Finding bankruptcy help in Milwaukee can be essential to freeing yourself of your debt.  Attorneys are more familiar with the practices of reporting income and assets while knowing what and how much can be exempted.  You may think that you can approach the paperwork in a step by step approach, but the legalities of the filing may trip you up in the end.  While bankruptcy laws in Wisconsin can seem pretty straight forward, it is best to really know what you are doing when you are filling out the paperwork because it could make the difference between successfully completing your bankruptcy and having your case get dismissed over some technicality.

While you may be hesitant to talk with a Wisconsin bankruptcy lawyer, it really could end up being the answer that you need.  Consider talking with someone who’s familiar with the bankruptcy process before attempting to do it on your own.  Even if you decide to try on your own, it could be informative for you.

Small business owners are finding themselves in very difficult times.  Many are finding themselves struggling harder than ever to compete in the current economic situation.  Unfortunately, these problems may prove to be too much to continue as business starts thinning out.  In Milwaukee small business bankruptcy is becoming more and more of an option for owners.  Bankruptcy laws in Wisconsin can actually help small business owners figure out how to recover from the economic downfall.  Perhaps filing bankruptcy is not an option that you would like to consider.  There are also other options that offer debt relief in Wisconsin.  We also have the capability of negotiating business debts.  Owning your own business can be stressful, and it can be really hard to watch as what you’ve worked toward starts to deteriorate in front of you.  There is no need to just sit back and watch things get worse.  You may find solutions by exploring Wisconsin bankruptcy information.  For answers to your questions, it would be useful to contact a Wisconsin Bankruptcy lawyer to help assist and explain the process.  Our firm has been offering Milwaukee Bankruptcy Services for the past 11 years, and whether you are looking to file a personal bankruptcy in Milwaukee, or you need to help with your small business, we have the experience necessary to help.