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Appleton WI Bankruptcy Law Blog

Repossession of personal property to pay debt

When a debtor doesn't pay his or her bills, it is seldom because he or she is being stubborn. It is typically because they just don't have the funds to pay them. That is why Wisconsin has laws to protect consumers and laws to protect retailers or business owners.

Protecting consumers and informing them of their rights is the subject of this article. Anyone who has been late paying a bill knows that debt collectors can be relentless when it comes to collection actions.

Suffering under a burden of debt when you can have a fresh start

Financial problems can put a huge burden on a marriage or a family. Believe it or not, there are few people that have not experienced them at some point in their lives. It is easy to believe that only people with little or no income experience financial problems, but the truth is people with a lot of money experience them just as much. The more money a person has, the more money that can be mismanaged.

A little credit can go a long way and quickly become a slippery slope. First-time credit card holders often start with a low-dollar credit amount and quickly find themselves up to the limit. Miss one payment or even be late, and all of a sudden the balance is over the limit with fees spiraling out of control.

Swimming in medical debt?

Are you swimming in medical debt? If you do not have insurance and need any kind of medical treatment, this can quickly become the case. Even if you do have insurance, there are some services that are often billed separately, such as bills from the anesthesiologist, surgeon or a radiologist. You may receive these bills instead of your insurance company, and they may or may not be covered.

To start with, you should be sure all medical bills are yours and are correct. Many people find it easier to lay the bills aside assuming insurance is going to pay for them or to wait until a later date when they might have the money to pay them. A few months later, collection calls start. It is a good idea to try to handle the bills as they come in.

Understand basic points about bankruptcy before you file

Filing bankruptcy is a big step toward financial freedom when your bills are pulling you deeper and deeper into debt. There seems to be a lot of misconceptions about bankruptcy that you shouldn't fall for if you are considering filing for this relief.

One thing that can impact the way that a bankruptcy will effect you is the type of bankruptcy you file. There are two primary types of consumer bankruptcies, Chapter 7 or Chapter 13. These are very different, so make sure you learn about the specifics of the type you are filing.

Chapter 7 or Chapter 13 bankruptcy: Which is best?

When it comes to filing personal bankruptcy, which is better: Chapter 7 or Chapter 13?

The type of bankruptcy you file will depend largely on your financial situation. For instance, are you facing foreclosure on your home or property, or are you just drowning in credit card debt and other bills? Their are advantages and disadvantages for both as explained below.

Debt-reduction calls via robocalls

Did you know that the National Do Not Call Registry contains more than 229 million phone numbers, and more than 7.1 million complaints to the Federal Trade Commission were received from November 2016 to October 2017? The majority of calls: marketing calls for debt reduction, warranty plans, and vacation and timeshare plans.

It may come as no surprise that a number of these complaints are regarding robocalls -- and debt-reduction. Debt-reduction marketers are fervently trying to take advantage of using a recorded message to reach out to as many people as possible.

Bankruptcy controls foundation's funds

The University of Wisconsin-Oshkosh Foundation filed bankruptcy in August. The foundation was suffering severe financial problems after making some poor real estate deals. The foundation also purchased former Chancellor Wells' home, which they purchased for $450,000 in 2013. That was $120,000 more than it was valued at. Wells has since retired.

Now that the foundation is in bankruptcy proceedings, all spending for the nonprofit organization is subject to court approval. The foundation's funds are separated into two accounts: an endowment fund set up for a specific expenses and an unrestricted fund for other expenses. This past Tuesday, a judge released over $600,000 to see them through to the end of the year and into the first part of 2018. This was following a previous release of $500,000 in September.

Understanding bankruptcy and its benefits

Many people think filing bankruptcy is reprehensible, but the truth is that it is a legal process that can help individuals or couples who are going under financial strain to get back on track with a new start in life.

If you are tired of collection calls and being harassed by debt collectors, you might want to consider it. Filing bankruptcy is a legal way to stop creditors, and it works immediately. Once you have filed for bankruptcy, creditors are no longer allowed to contact you.

Make plans to rebuild your credit after you file a bankruptcy

One of the primary concerns that people have when they are filing for bankruptcy is how the filing will impact their financial status in the upcoming years. There isn't any easy answer for this because there are many factors that can affect how a bankruptcy impacts you.

Filing for bankruptcy is going to impact your credit. The initial impact will be negative, but there are ways that you can start to rebuild your credit. You must ensure that you are taking things slowly and remembering that you must use credit wisely. Here are some points to remember about rebuilding your credit after a bankruptcy:

Eliminating Christmas debt before it starts

Maybe you make the same resolution every year: "Next year, I'm going to shop for Christmas during the year, and then relax as I glide through the holidays worry-free." Then somehow that resolution is forgotten by the time New Year's Day rolls around?

Here we are in the Christmas season again, and those of us with non-existent Christmas savings accounts are left with no option but to rely on credit cards or prolong paying them off until after the new year so we can splurge on our loved ones. Either way, it can leave us buried in debt for the new year. Here are some new tips to try:

  1. Make that list and check it twice. Put down everyone you need to buy for, and set limits on what you will spend for each. Come up with gift ideas to fit within those limits. Then don't leave your list at home when you go shopping, and be mindful to use it. Cross off each name as you go.
  2. Do not buy impulsively. If it is not planned and on your list, don't buy it. Refrain, refrain, refrain (put it to the tune of "Dashing Through the Snow" and sing often).
  3. Tune out the advertisers. This is a tough one, as our emails and social media are barraged with advertisements. Delete or scroll past them before they catch your attention. Get your mind on something else, such as volunteering, visiting friends or even reading a good book.
  4. When you have bought everything on your list, stop shopping. You've stayed within your budget, so don't blow it now by seeing a good bargain and rewarding yourself. Save the reward for next year when you will be thanking yourself for starting the year off right.