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Property and Asset Forfeiture Archives

Bankruptcy might prevent vehicle repossession

When you don't make the required payments on your vehicle, there is a chance that it will be repossessed. This is a difficult situation for most people, but it is especially troublesome if that is your only vehicle. Fortunately, there are some ways that you might be able to save your vehicle from being taken.

Asset protection and bankruptcy

Dealing with creditors can be one of the most stressful times in a person's life. Creditors can be relentless, and for the debtor receiving numerous collection calls, threats or collection letters, life can be just short of a nightmare. It often takes a debtor getting to their breaking point before they give in and file bankruptcy. If this is where you are, read on.

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.

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.

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.

Unsolicited loan checks can lead to wage garnishments

You may be able to pinpoint the exact moment that your financial future took a nosedive. It might have been the carefully targeted loan solicitation in the form of an already-executed check for a couple grand awaiting only your signature to cash.

Secured loans come with risks

Unsecured loans don't have any collateral behind them. For example, credit cards are short-term unsecured loans. They're not backed by anything, but they're given out based on your credit history and income. That's also part of the reason the interest rates are so high if you don't pay. Lenders can't take collateral, so they try to extract more money.

Vehicle repossession and how to deal with it

Many Wisconsin residents find themselves facing overwhelming financial challenges at one time or another. The stress of the situation can be more than enough to deal with, but oftentimes these individuals also have to confront the reality that their possessions may be repossessed to satisfy debts owed. This often occurs when a debtor owns a vehicle and is unable to make the monthly payments. Yet, without that vehicle, an individual may be unable to make it to work, make money and pay down bills.

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.

Protecting Wisconsin assets from forfeiture

Wisconsin residents may be aware that some financial transactions require assets to be kept as collateral. According to most loan agreements, the debtor is legally bound to repay the money that was borrowed within the prescribed amount of time. Otherwise, the creditors may take action against the defaulter and if the debtor's assets have been kept as collateral, those assets may be forfeited, if the borrowed amount is not repaid on time. However, before taking any drastic action, such as asset forfeiture against the debtors, the creditors should first send a legal notice, and a repayment window of at least 15 days should be provided to the debtor.