Posts Tagged ‘Bankruptcy filings’
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
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.
The total number of U.S. Bankruptcy cases filed during the first 3 months of 2010 increased 17.5% over the same period in 2009, according to data released by the Administrative Office of the U.S. Courts. As total filings reached 388,148 during the first quarter of 2010, the total surpassed the 330,293 cases filed in first quarter 2009.