Falling behind on car payments can be a stressful experience, and the threat of repossession adds another layer of worry. If you reside in Wisconsin and are facing car repossession, understanding the legal process and your rights is crucial. This blog post aims to provide a general overview of the car repossession process in Wisconsin, but it is not a substitute for legal advice. When Can Repossession Happen? In Wisconsin, your lender can only repossess your car if you are in “default” on your loan agreement. This typically means you are more than 10 days late on more than one full monthly pay ..read more

Facing car repossession is a stressful experience, but what happens when the repossession itself is unlawful? In Wisconsin, specific laws protect debtors from unfair practices during the repossession process. This blog post, aimed at informing Wisconsin residents, outlines the legal parameters of car repossession and your rights when faced with an unlawful repossession. It’s important to remember that this post should not be considered legal advice, and you should consult with an attorney for personalized guidance in such situations. Understanding Repossession Laws in Wisconsin In Wisconsin, c ..read more

Facing overwhelming debt can be a stressful and frightening experience. If you’re considering filing for bankruptcy in Wisconsin, one of your primary concerns might be protecting your assets. Wisconsin, like all states, offers bankruptcy exemptions that allow you to shield certain valuable items from liquidation during the bankruptcy process. This blog post will explain the specifics of Wisconsin’s bankruptcy exemptions, helping you understand how much you can claim and keep hold of. Types of Bankruptcy Exemptions in Wisconsin: Wisconsin provides two sets of exemptions you can choose from: Wi ..read more

If you’re struggling with debt, you’re likely familiar with protections against creditor harassment. But what happens if they contact you during or after bankruptcy? Here’s what you need to know: Protections During Bankruptcy: Automatic Stay: Filing triggers a court order prohibiting creditors from collection activities like contacting you, suing you, or repossessing collateral. Violation Remedies: If a creditor violates the stay: You can request the court to order the return of repossessed property. You may be entitled to compensation for losses, attorney fees, and emotional distress. The c ..read more

Filing for bankruptcy can be a daunting process, especially when navigating asset protection. While Wisconsin offers exemptions safeguarding specific assets during bankruptcy, a recent case sheds light on a crucial distinction: inherited IRAs may not be exempt. Understanding the Exemption: Federal law typically exempts individual retirement accounts (IRAs) owned by the debtor or inherited from a spouse. However, a recent Wisconsin case challenged this. A resident filed for bankruptcy, claiming a $300,000 inherited IRA as exempt. Both the bankruptcy court and the Seventh Circuit Court of Appeal ..read more

Many Wisconsin residents are facing financial difficulties, struggling to make ends meet even with employment. This situation can lead to debt collection tactics like wage garnishment, which can further strain your finances. Understanding the process and your available defenses is crucial. What is Wage Garnishment? Wage garnishment allows a creditor with a court judgment against you to collect unpaid debts directly from your paycheck. This occurs after the creditor obtains a court order confirming your debt and files a garnishment notice. The Garnishment Process: Court Judgment: The creditor ..read more

Individuals file for bankruptcy for a myriad of reasons.  It is easy to dismiss bankruptcy as simply a vehicle for those who made poor financial decisions.  While this is true for a small fraction of cases, who among us is immune to poor decisions?  Whom among us wants to be judged by our mistakes?  In truth, bankruptcy is often dismissed until you need it.  I think about it this way.  How many unsolicited credit card applications do you receive in the mail?  Imagine if you were living paycheck to paycheck; you or a loved one was in a serious accident; or a s ..read more

In a letter to Jean-Baptiste Le Roy in 1789, Benjamin Franklin famously stated “[o]ur new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.”  This prophetic statement has withstood the test of time.  With the new year comes the obligation to file our annual tax returns.  In Wisconsin, as in many other states, we have the privilege of filing both state and federal taxes returns.  For many, this annual exercise results in a return of their interest free loan to the gove ..read more

Yesterday, I came across this article that immediately caught my attention.  The title of the article was “Jaspreet Singh: Why ‘Fake Rich’ Americans Are Going Bankrupt.  Now I have neither heard of Jaspreet Singh, nor do I believe that I have ever represented a “fake rich” debtor.  But I do believe there is some truth to what was discussed in this article. During the pandemic, many consumers purchased luxury items due to the low interest rates.  Such items as Rolex watches, Mercedes Benz G Wagons, and recreational vehicles were purchased under the belief that these would be ..read more

Student loan forgiveness has been in the news for the past few years now.  Opinions vary as to whether wholesale forgiveness is appropriate or not.  All this talk of student loans has not been lost on the U.S. Justice Department.  In November 2022, the DOJ implemented new guidance on how it will handle student loan discharges in bankruptcy. Prior to this new guidance, borrowers were required to meet the so-called “Brunner Test”.  Under this test, debtors needed to show that they couldn’t maintain a minimal standard of living if required to repay their student loans; their c ..read more