You're thinking about getting married, but your significant other has already declared bankruptcy or is thinking about doing so. You're wondering what this means for your future. Here are a few things you should know.
Gander Mountain got its start in Wisconsin. Back then, it was just based out of a small town, and it was a catalogue company, allowing people to order what they wanted and have it shipped to them. This was long before the Internet era, in the 60s, and the company thrived.
You and your spouse have plenty of joint accounts. You opened a credit card account together, you bought a house, and you bought a new car. You both co-signed on everything because it made it easier to get the loans that you wanted.
If you're thinking about using Chapter 7 bankruptcy, you want to look at the big picture. What assets will be liquidated? What do you get to keep? What does the bankruptcy filing mean for your future?
Bankruptcy has taken on something of a negative connotation, perhaps due to the fact that you need to be struggling financially to consider it. The reality, though, is that it can be a hugely positive event for those who have run into financial troubles.
Chapter 7 bankruptcy liquidates your assets. They're sold off, the money is paid to your creditors, and the debt is erased. The money paid is typically far less than is owed, but it still gives the creditors something as you get a clean slate.
Last time, we were discussing a reaffirmation agreement in a Chapter 7 bankruptcy. This agreement allows you to keep a vehicle by "reaffirming" the terms of the loan. To be eligible for this agreement, you typically need to be current on your payments and capable of making the remainder of the outstanding payments of the loan.
One of the more complex aspects of your Chapter 7 bankruptcy is the matter of your vehicle and whether you should reaffirm that loan obligation. It is likely if you live in the Appleton region, you need a vehicle to get to and from work. The question is, do you need this particular vehicle? The answer, of course, depends on the facts of your personal situation.
Most people in Wisconsin are familiar with the concept of bankruptcy. Far fewer fully understand what happens during a bankruptcy and the differences between to two primary types of bankruptcy filings, a Chapter 7 and a Chapter13.
Financial challenges can strike nearly anyone at any time. Last week, we discussed a former trucking executive who was left with overwhelming debt and the need to file for Chapter 7 bankruptcy. Many Wisconsin residents hear the word "bankruptcy" and cringe. The reasoning is understandable. Society has painted bankruptcy with a shadow, often portraying those who utilize the system as having failed to manage their money wisely. At our law firm, we know that this is not always the case, and we understand the myriad of financial hardships that can befall Wisconsin residents through no fault of their own.