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Bankruptcy and celebrities

Debt is not partial to any particular group of people. No matter where you come from or where you have been, you might find yourself in a financially poor situation.

Seems the latest celebrity to join the ranks is Lisa Marie Presley, who once had claim to a $100 million fortune. Her fortune is now allegedly down to $14,000. Her claim to becoming "fortuneless" is being blamed on her former business manager acting in his own best interest instead of hers. However, per a lawsuit filed against Presley, she was apprised of where her money was being spent.

Why Chapter 13 might be the bankruptcy option for you

If you are swimming in debt and unable to afford your monthly demands, Chapter 13 might be a good option for you. With Chapter 13 bankruptcy, your debt is reorganized to an affordable payment that is paid to a trustee.

Chapter 13 is a way to bring debts current, ending collection calls and the worry and stress that goes along with them. In most cases, as long as you make the required payments and follow through with the plan requirements, at the end of the bankruptcy term, the court discharges the remainder of the debt. This gives you a fresh start on life.

Americans owe trillions in debt including student loan debt

If you had to guess what category holds the largest debt for Americans, most of you would probably guess it was mortgage debt. You would be correct. But you may not as easily guess that the second debt category is student loans.

According to the Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit, at the end of 2017, Americans were $13.15 trillion in debt. Mortgage debt was nearly 71 percent of the total. Student loans, the second largest debt owed by Americans, is about 10 percent of the total debt.

You can’t ignore the benefits of Chapter 7 bankruptcy

Even though you hope it never happens, there could come a time when you have no choice but to consider filing for Chapter 7 bankruptcy.

You've tried everything else, from credit counseling to altering your budget, and you just can't make any progress.

Bankruptices decreasing in Wisconsin

Most of us can remember the poor economy at the end of the last decade. According to U.S. Bankruptcy Court records, bankruptcies peaked at nearly 30,000 filings in 2010. However, it appears that the economy might be on the upswing after all. Since 2010, the number of filings has been steadily decreasing.

Wisconsin appears to have filed the least number of bankruptcies in 2017 than in the last 10 years. In 2016, bankruptcy records revealed that 16,835 bankruptcies were filed in Wisconsin. In 2017, the number was down to 16,769.

Bank levies and wage garnishments can cripple your finances

You're struggling to pay off your debts, and you haven't contacted your creditor to make arrangements to do so. Tthen after while, your creditor decides that they will file a lawsuit against you to have a judgment issued in your case. Once this happens, your creditor's attorneys can file a turnover order which will allow them to either garnish your wages or the funds in your bank account.

In instances in which a creditor is successful in securing a turnover order, federal law allows them to request that your employer withhold as much as 25 percent of your disposable earnings each pay period.

How to get out of debt

If you are suffering from debt overload, you know what it is like to have creditors calling all hours of the day and night. How many times can you tell them you don't have the money, and then sit and listen to a lecture on how serious the situation is? Creditors are trained to be aggressive and somehow convince you into coming up with the money or pledging a promise to pay. Seldom do they take your personal situation into account.

If that sounds like your situation, it may be time to take some action of your own to get out from under the pressure. You do have options -- maybe one you haven't even thought of.

A wage earner's plan: Chapter 13 bankruptcy

Have you ever considered bankruptcy and then wondered if you qualified? Many Wisconsin working individuals who struggle with debt believe they own or make too much to qualify for bankruptcy. If that is you, you will want to read on.

Chapter 13, "also called a wage earner's plan," is just for such individuals. Having a lot of income, unfortunately, does not preclude people from being "debt-poor." People at all different income levels find themselves in serious financial trouble.

Bankruptcy myths: Don’t believe these to be true

There are many people out there who have filed for bankruptcy. And there are just as many who hope to do so at some point in the future.

Even though filing for bankruptcy is not the ideal financial situation, it may be the best thing you can to do eliminate or reorganize some or all of your debt.

What happens to employees during layoffs

Kimberly-Clark plans on cutting more than 5,000 jobs and closing 10 facilities across the globe, according to an announcement by their leaders this week. In case you didn't know, Kimberly-Clark, who makes paper products, such as Huggies, Kleenex and paper towels, was founded in Neenah in 1872. While now headquartered in Dallas, it still employs about 3,200 people in the Fox Cities.

K-C has not yet announced where the actual cuts will be, but they are hoping to cut costs by $500 million to $550 million by the end of 2021. Given their operations in 35 countries, the mayor of Neenah is hopeful that it won't affect employment in the Fox Cities. Mayor Kaufert claims that he is remaining optimistic but will have to wait and see.