Category Archives for "General Bankruptcy"

Feb 21

Questions to Ask Your Bankruptcy Attorney

Blog , Client Service , Declaring Bankruptcy , General Bankruptcy

David Krekeler reviews excellent questions for your bankruptcy attorney. I am reading Brandon Williams’ book, Millionaire Mindset.  Brandon was a UW Badger and NFL wide receiver who later went through financial adversity and emerged as a successful broadcaster and financial adviser. His book is written for athletes, providing them with guidance and principles to help them […]

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Jan 31

Judgment Interest Rates Are Rising

Blog , General Bankruptcy

Interest rates on civil judgments in Wisconsin is set at 1% plus the prime rate in effect.  The rate is subject to change every 6 months and has been increasing at every change date since July of 2016.  The following chart shows these increases. Rate in effect July 1 – December 31, 2016 4.50% Rate […]

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Oct 10

Should I Get a Credit Card After My Bankruptcy?

Blog , Chapter 11 Bankruptcy , Chapter 12 Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Credit & Credit Scores , General Bankruptcy

Yes, probably. Credit reporting agencies, like TransUnion, advise us that it is good to have a credit card, even a secured card, even if you do not use it. Doing so will increase your credit score. Having a credit card is also important if you are traveling or are anywhere without case. Do not get […]

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Sep 28

Vehicle Deductions for Means Test

Blog , General Bankruptcy

A potential client contacted me for a second opinion regarding her eligibility to obtain a Chapter 7 discharge. Her income was high enough to create an issue under what is known as the means test. The means test is a mathematical calculation based on a debtor’s income for the six full calendar months prior to […]

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Sep 21

If I find employment prior to filing bankruptcy, or after I file bankruptcy, will this pose a problem?

Blog , Chapter 11 Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Employment in Bankruptcy , General Bankruptcy

No. We want our clients to be able to earn as much as possible and part of our job is to make sure any income you have is protected. The amount of income can affect your case, depending on the chapter you are filing under and the amount you are earning. In Chapter 7 consumer […]

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Aug 10

How Debtors and Creditors Use Proofs of Claim in a Bankruptcy Case

Blog , Chapter 7 Bankruptcy , Client Service , General Bankruptcy

One of the purposes of bankruptcy is to provide creditors with distributions (made up of the debtor’s assets or income). Creditors must file proofs of claim to receive their share of the distributions. Surprisingly, many creditors do not file proofs of claim, thereby foregoing their shares of the distributions. How Proofs of Claim Work In […]

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Aug 01

Will I Be Liable for the Debts of a Business That I Inherit?

Blog , Chapter 11 Bankruptcy , General Bankruptcy

Generally, no. Depending upon how the business is organized, you will likely inherit one of the following: Corporation                                         Stock Limited Liability Company              Membership Interest Sole Proprietorship                            Assets With a corporation or LLC, what you really are inheriting is the net worth of the business. With a sole proprietorship, you inherit both the business and its assets. For […]

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