Milwaukee Bankruptcy Attorney Blog by Miller & Miller Law, LLC

Foreclosures in Wisconsin

wyanow — Tue, 07 Sep 2010 21:57:41 +0000

After two consecutive months in which Wisconsin foreclosure filings were lower than the same time a year ago, filings crept up 1.1% in August – a reminder of the tenacious nature of the problem in a job-short economy. After two consecutive months in which Wisconsin foreclosure filings were lower than the same time a year ago, filings crept up 1.1% in August – a reminder of the tenacious nature of the problem in a job-short economy. A preliminary count by Madison-based ForeclosureAlarm.com showed 2,511 filings in courts around the state last month, compared with 2,484 in August as reported in Milwaukee Journal on September 2, 2010.

Other Debts That May Not Be Discharged in Bankruptcy

wyanow — Tue, 24 Aug 2010 13:51:33 +0000

This is a continuation from the Blog posting on 8/23/10

*Willful evasion of tax or fraudulent tax return

*Debts incurred by fraud or lying with the intent to deceive

*Secured debts where client wishes to retain the collateral, such as vehicles, home etc.

*Tax or judgment claims secured by lien on property owned by debtor.

*Unlisted debts. Debts not included on the bankruptcy schedules.

Debts That Might Not Be Discharged In Bankruptcy

wyanow — Mon, 23 Aug 2010 17:52:36 +0000

*Criminal fines or restitution or drunk driving injury claims

*Guaranteed Educational Loans

*Fine or penalty owed to governmental unit

*Damages arising from willful injury to person or property

*Spousal or child support, or ex-spouse attorney fees for obtaining support

*Income taxes less than three years old

*Income taxes over three years and tax return not filed more than two years ago

*Income taxes not assessed at least 240 days

*Payroll taxes and sales taxes

How to Choose a Bankrupty Attorney

Jamie Miller — Wed, 18 Aug 2010 13:52:20 +0000

1. Choose someone that will speak to you and meet with you personally. Our attorneys will be happy to speak with you first over the phone before making the appointment.

2. Choose a lawyer who will handle your case personally.

3. Reputation. Choose someone who has satisfied clients.

4. Experience. Make sure you choose a firm that has been actively practicing for at least 10 years and actively practices in bankruptcy court. At Miller and Miller we have been in business only doing bankrupty for the past 17 years.

5. Fair and Reasonable Fees. We monitor our fees to make sure they are fair and reasonable for both of us. You don’t want a cheap lawyer who charges so little that they go out of business.

Bankruptcy Filings Rose 16% This Year

wyanow — Mon, 02 Aug 2010 20:12:25 +0000

As reported in the Milwaukee Journal by Paul Gores on July 28, 2010 Bankruptcy filings in Wisconsin rose 16% during the first half of this year, an increase lawyers say was driven largely by consumers and small-business operators who couldn’t find enough work in the slow economy to keep up with their debts. Bankruptcy filings in Wisconsin rose 16% during the first half of this year, an increase lawyers say was driven largely by consumers and small-business operators who couldn’t find enough work in the slow economy to keep up with their debts. There were 16,021 bankruptcy petitions filed in federal court through June, compared with 13,802 during the same period a year ago. See the rest of the article at www.jsonline.com

7 Rules You Must Know Before Filing Bankruptcy

Jamie Miller — Tue, 27 Jul 2010 16:09:11 +0000

1. All debts must be listed. It is illegal to pick and choose when listing your creditors. All creditors must be listed even the ones you intend to pay after filing i.e. your mortgage

2. You may have to turn over tax refunds to the bankruptcy trustee. Part or all of any tax refunds due for the tax year a bankruptcy case is file may be required to be turned over to the trustee.

3. You must list all business information if you are self-employed. You must list all personal and business debts, assets and income.

4. You need to refrain from incurring new debts before filing. Intentionally incurring debts with the intent not to pay may be a crime.

5. Keep making your house and car payments if you intend to keep the property.

6. Lying can get your case thrown out of court. The Court may disallow a bankruptcy if a client misrepresents any facts or otherwise lies on the papers filed in the bankruptcy.

7. Bankruptcy stops all bill collectors. The creditors including tax collectors are barred from attempting to collect any debt from you the instant the petition is filed. Bankruptcy does not stop any criminal proceeding or government regulatory proceeding.

Temporary Loan Modifications

wyanow — Mon, 26 Jul 2010 18:00:02 +0000

According to Clark Howard beware of temporary loan modifications. This is when a lender might ask you to only pay half of your usual payment for several months. But despite this being the lender’s recommendation, some banks subsequently report you as delinquent in your payments. This reflects poorly on banks so even under a temporary modification agreement, you need to verify with the bank – and get it in writing – whether or not you will be reported as delinquent if you choose to go through with it.

According to Clark Howard if you are already drowning and haven’t stayed current, a temporary modification could honestly be a waste of your time and effort. Finally, will a modification really help or is it just delaying the inevitable?

10 Brands That May Disappear in 2011

wyanow — Mon, 19 Jul 2010 16:57:23 +0000

As reported on 24/7Wall St. they have compiled a list of brands that may disappear in 2011 which includes, Kia Motors (they are a part of Hyundai), Readers Digest, Dollar Thrify, Zales, Blockbuster, T-Mobile, RadioShack, Merrill Lynch and Moody’s.

We are all aware of the change in rentals of DVDs etc espcially since the advent of Redbok and NetFlix. Blockbuster may be around as a company as mail or internet-delivered but the brick and mortar business is dead.

Dollar Thrifty Automotive is for sale with Hertz is a potential buyer as is Avis. T-Mobile is the no. 4 cellular company and only has 34 million customers and faces three larger competitiors.

RadioShack is the one of the oldest retailers in the US. It was founded in 1921 and is currently a takeover target. The company may be bought out by Best Buy.

Bankruptcy Misconception #7 Taxes

wyanow — Wed, 14 Jul 2010 16:24:21 +0000

Taxes can’t be eliminated in bankrutpcy. Wrong! Many taxes are eliminated in bankruptcy. However, there are several complex rules that apply. Eliminiating taxes depends on how old the taxes are, when the returns were filed and whether the taxes have been assessed and the type of taxes. Both federal and state income taxes can be eliminated in bankruptcy. In cases where taxes cannot be eliminated it is possible to force a payment plan on the IRS and stop interest and penalties. Any questions should be directed to an attorney.

Bankruptcy Misconception #6

wyanow — Thu, 01 Jul 2010 18:51:54 +0000

I am not allowed to have a checking account if I file bankruptcy. Wrong! There is no rule that stops you from keeping or opening a bank account. Most people keep the account that they had and continue to use it without interruption. Sometimes you may have to close an account prior to filing since the bank may be a creditor in the bankruptcy. In general, if you do not owe money to the bank your account is at, there is no need to close the account.