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August 2015 Archives

What are the eligibility criteria for homestead credit?

Wisconsin residents with a low income may have heard of particular programs that could help them. The homestead credit program is a program that was designed to minimize the impact that property taxes and rent may have on a person with a low income. The credit is based on the relationship of household income to the amount of property taxes and rent. However, the maximum credit allowed is $1,168, and no credit is allowed if the household income exceeds $24,680.

Asset protection planning favors the debtors

Like many states in the U.S., Wisconsin has laws that allow forfeiture of assets in the event of bad debts. Often, individuals who do not manage their credit well become victims of asset forfeiture by the creditors. However, there are certain methods that may assist a debtor in protecting their assets from being forfeited. Asset protection planning is something that people may need to do during the good financial periods, so that during the bad financial times, they can retain his or her assets.

Wisconsin debtors looking for relief, consider Chapter 128

Overwhelming debt is a problem that many people in Wisconsin and in the rest of the United States are trying to cope with. Debtors may be aware that there are a number of ways in which they can obtain debt relief. However, more often than not, they are confused regarding which debt relief option to choose for their particular situation. Those debtors should understand that in addition to Chapter 7 and Chapter 13 bankruptcy, which falls under federal bankruptcy laws, they can also file for debt relief through Wisconsin's Chapter 128.

When is Chapter 13 Bankruptcy a good option for debtors?

Appleton, Wisconsin, residents may be aware that when a person files for bankruptcy, the filing is either according to the provisions of Chapter 7 or Chapter 13 of the United States Bankruptcy Code. The eligibility criteria and the process for those two types of bankruptcy, however, differ to a certain extent. For example, when a person has a steady source of income and the outstanding debts are comparatively small, Chapter 13 bankruptcy may be the better option. Chapter 7 Bankruptcy is also known as Liquidation Bankruptcy.