Archive for the ‘Chapter 128’ Category
Reported in the USA TODAY, dated October 13, 2011, more
Americans are piling on debt and fewer are seeking counseling or bankruptcy in
order to get their finances back in order.
Poverty has increased, unemployment hovers around 9% and consumers have
accumulated close to $19. Billion in credit card debt during the second
quarter. That is up 66% from the same
quarter in 2010!
The number of people who went to a credit counselor has
declines, fewer people are signing up for debt repayment plans and the number
of people seeking to file bankruptcy is down 10% for the first nine months of
the year. This is according to the
American Bankruptcy Institute.
One factor people are not seeking bankruptcy is due to
cost. At Miller and Miller our fees are
reasonable and we do offer payment plans.
If you are experiencing financial difficulties at this time please call
our office to set up a free initial consultation to see how you can get the
financial relief you need.
Karen Blumenthal recently published an article in the Wall Street Journal entitled, New Ways Bankers are Spying on You, which discusses how in these difficult economic times, banks are doing much more than simply looking at your credit score when deciding whether or not you are worth lending to.
This brings to mind the client who comes to my office and tells me that even though they are hopelessly in debt, they are worried about filing a bankruptcy because their credit score is still high. I always remind these clients that your credit score is supposed to be one of many barometers of your financial health, not an absolute indication of financial health. Unfortunately, many people are encouraged to misuse credit based upon the erroneous assumption that all is well because their credit score is still above 700, and they slowly fall into financial hardship.
The definition of financial health includes living within a budget, controlling debt, using credit responsibly, working towards short and long-term financial goals, and saving. It is challenging to manage any of these things when you are struggling to make minimum payments on your monthly obligations.
The federal bankruptcy laws provide a solution for those who are overwhelmed with debt. Bankruptcy can restructure or eliminate certain debts while protecting assets like your car, your home, and your 401(k). If you have more debt than you can handle, and feel like you aren’t getting ahead, don’t be fooled by a high credit score. It might be time to consult with one of the experienced attorneys at Miller and Miller, who can advise you of your options on how to get back on the road to financial health.
Here’s an article by Paul Gores of the Milwaukee Journal Sentinel revealing some unfortunate statistics about foreclosures in Milwaukee County last month:
Foreclosure filings spike in August
After slowing down this year, foreclosure filings spiked in Milwaukee County in August, setting the pace for an overall 34% increase in foreclosure actions in southeastern Wisconsin from July.
Court records show there were 970 foreclosure filings in August after 725 were recorded in July in Kenosha, Milwaukee, Ozaukee, Racine, Walworth, Washington and Waukesha counties. July had fewest filings of any month this year.
In Milwaukee County, foreclosure filings jumped to 543 after totaling only 367 filings in July. August was the first time that Milwaukee County topped 500 foreclosure filings in a single month in 2011. In 2010, Milwaukee County monthly totals exceeded 500 filings nine times.
Kenosha and Racine also posted relatively big jumps in filings from July to August. Kenosha’s rose to 107 from 80, while Racine’s went to 107 from 78.
Economists say foreclosure numbers generally track with unemployment trends.
While foreclosure filings rose on a month-to-month basis, August’s total of 970 still was down about 6.5% from 1,037 in August 2010. Foreclosure filings in southeastern Wisconsin totaled 7,080 through August, compared with 8,175 in the first eight months of last year.
Other July-to-August county results: Ozaukee, 18, up from 16; Walworth, down to 60 from 64; Washington, unchanged at 38; and Waukesha, 97, up from 82.
If you need help with foreclosure proceedings call Miller & Miller today at 414-277-7742. You have options.
One important thing to do when you are speaking with a debt collector is to take detailed notes. The more detail that you can provide about the conversations with collectors, the more credibility you will have if you are involved in a lawsuit against the collector.
Moreover, the more knowledge you have of your conversations, the more intelligently and persuasively you can speak with the debt collectors. Debt collectors are notorious for putting false information in their notes in order to make you feel bad in an effort to convince you that you broke your promise. Isn’t it is ironic that a collector would lie in order to use your sense of morality against you?
When a debt collector says, “This is what you discussed with us last week,” and it is inaccurate, it is empowering to have your notes at hand to tell debt collector exactly what was discussed. It is not unusual for a collector to call one day and make an offer only to have the same collector deny that such an offer was made a few days later.
Naturally, the more detail the better. The more organized and prepared you are, the less likely you are to be badgered by or taken advantage of by rude collectors. I’ve talked about that on this blog here.
Have you asked yourself should you consider bankruptcy? Have you wondered if qualify?
If three or more of the following apply to you, you should consult with Miller & Miller now. We offer free no obligation initial consultations.
*My debt is over $5,000 not including a car or house.
*I am frequently late on payments.
*I buy necessary items like food or clothing, on credit.
I am thinking about getting a loan to pay other loans.
Collection agencies are calling me.
I make payments, but my balances don’t go down.
Payments are over one month behind on more than one bill.
I can’t afford car insurance.
My car is worth much less than I owe.
I frequently get cash advances.
Someone has filed a lawsuit against me.
My drivers license is suspended becasue of an accident.
My mortgage or rent is always late.
I owe income taxes that I can’t pay now.
I have high medical bills that weren’t paid by insurance.
If you can say yes to 3 or more please call Miller & Miller today!