While it's difficult for everyday Wisconsin residents to relate to jet-setting celebrities, the situation that Hollywood star Nicolas Cage finds himself in could be instructive for all of us. Because of international spending sprees involving multiple mansions, yachts, and cars, the otherwise highly paid actor and Oscar winner is said to be broke and teetering [...]

A sad story recently appeared in the news about a Florida man on disability because of severe heart disease. He fell behind on his mortgage payments and was harassed by debt collectors so much that–according to his wife–his heart simply gave out. She is now suing the mortgage company for wrongful death. The trial is [...]

Across-the-board problems persist in the housing market according to federal government number crunchers. A report released earlier this week by the U.S. Treasury Department says the number of home foreclosures made history by going over the one million mark for the first quarter ever in the third quarter of 2009. These findings come from a [...]

Some interesting but not surprising findings emerged from a December 2009 survey of about 1000 web surfers looking for bankruptcy information on the Internet. Among the provided choices, job loss or wage reduction came in as the top economic factor influencing them to consider bankruptcy protection; 57% of the respondents chose that category. The credit [...]

A federal plea bargain by a Milwaukee man for failing to disclose taxpayer-subsidized daycare center income on his bankruptcy petition will likely send him to jail for at least one year. Sentencing is expected sometime in 2010. The man's wife, who pleaded not guilty, is facing related charges that will go to trial separately, assuming [...]

This is not exactly the way we wanted to ring in the New Year: Under preliminary year-end figures, Wisconsin unfortunately posted a record number of foreclosure court filings in 2009. As reported by the Milwaukee Journal Sentinel, there were almost 31,000 foreclosure filings across the state, up about 20 percent from the 2008 benchmark (about [...]

A piece in the Washington Times notes that when Congress overhauled the bankruptcy code in 2005 (revisions that changed the bankruptcy laws in Wisconsin and everywhere else), it intended to steer more consumers towards a Chapter 13 bankruptcy repayment plan. However, things didn't pan out as anticipated because the explosion of long-term unemployment forced more [...]

Bankruptcy protection cuts across all walks of life and income brackets. A previous blog posting summarized Oscar winner Nicolas Cage's vast financial problems. Another case in point: former NFL quarterback Bernie Kosar. Last week, a Florida bankruptcy judge converted his Chapter 11 case to a straight-up Chapter 7 liquidation at the request of the court-appointed [...]

A lot of people out there are looking for work, and perhaps having an individual bankruptcy in Wisconsin on their credit report may not seem like the greatest credential. One of your Wisconsin bankruptcy questions might be how would it affect, if at all, your ability to find a new job. Fortunately, under the bankruptcy [...]

Each and every bankruptcy filing must by law contain a complete inventory of debts and creditors. It is against the law to conceal any financial info–it constitutes a crime. To obtain a full discharge of debts in a bankruptcy, your list must be all-inclusive. But with so many things going on, it is entirely possible [...]

As we put 2009 in the rear-view mirror, final numbers show that bankruptcies filed in Wisconsin (both the Eastern District and Western District U.S. bankruptcy courts) totaled 27,413–a 30 percent increase over 2008. The vast majority (80 percent) were Chapter 7 petitions. Wisconsin bankruptcy filings jumped by an astounding 65 percent since 2007. And going forward, [...]

An unresolved personal injury claim can pose a potential snag when a consumer considers an individual bankruptcy in Wisconsin. Typically, this may involve a situation where you've unfortunately been injured in a car accident and you have an outstanding claim against the other driver for money damages. In fact, it may be unpaid medical bills [...]

In a previous blog entry, I mentioned that a bankruptcy filing in U.S. bankruptcy court must contain a complete inventory of assets, income, and debts. To conceal any information is a federal crime. That being said, keep in mind that April 15 is right around the corner. Before we know it, tax season will be [...]

This blog often addresses the careful decision making that may or may not lead a debtor to an individual bankruptcy in Wisconsin. But in certain circumstances under the bankruptcy laws of Wisconsin, a creditor can go to federal court to force a debtor into Chapter 7. This is called an involuntary bankruptcy, but it is [...]

Have you reached the point of no return when it comes to financial difficulties? Making the decision to file for an individual bankruptcy in Wisconsin is not to be made lightly. It's difficult for many consumers–especially given widespread unemployment and plummeting home equity– to really come to grips with their financial picture. With that in [...]