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Pewaukee, WI Bankruptcy Attorney – Bankruptcy and Credit Scores

Pewaukee, WI Bankruptcy Attorney – Bankruptcy and Credit Scores I often get the question – what will the bankruptcy do to my credit score?  There is no simple answer to this question as it depends on your financial fingerprint.  Here are some facts regarding bankruptcy and your credit score:
  1.  The bankruptcy stays on your report for 10-years;
  2. You can start rebuilding your credit once the bankruptcy is complete.
I refer all my clients to a credit repair specialist after their case is complete.  This,...
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Menomonee Falls, WI Bankruptcy Attorney – Reasons to File for Bankruptcy

What are the general reasons why people file for bankruptcy?  by Menomonee Falls, WI Bankruptcy Attorney.

In my practice, we see a few “general reasons” why clients have the need to file for bankruptcy.

  1.  Divorce.  When clients get divorced, they often face financial burdens that were not present while they were married.  For example, obtaining health insurance when their spouse usually carried it, child support or maintenance payments, child care expenses, maintaining a household on one income (vs. two when married), and...
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Can a power of attorney file bankruptcy on behalf of the debtor(s)? by West Bend, WI Bankruptcy Lawyer

Can a power of attorney file bankruptcy on behalf of the debtor(s)? by West Bend, WI Bankruptcy Lawyer A power of attorney document allows an agent to carry out transactions for their loved one.  These transactions may include banking matters, the filing of taxes, and borrowing money or collecting debts.  As a power of attorney, you may file bankruptcy on behalf of the debtor IF the power of attorney form expressly provides for it.  In other words, the power of attorney document...
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Are my disability payments considered income when filing bankruptcy? by Menomonee Falls Bankruptcy Attorney

Are my disability payments considered income when filing bankruptcy?   by Menomonee Falls Bankruptcy Attorney There are two-parts to this answer.
  1. Social security disability income (SSDI) is not considered income for the purposes of the “means test.”  Meaning, SSDI will not be considered if you are considering a Ch. 7.
  2. Private disability income (AFLAC, etc.) is considered income, and depending on how much you receive, you may or may not qualify for a Ch. 7 bankruptcy.
As always, it is best to consult with...
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Income limits when filing a Wisconsin Chapter 128. by West Bend Bankruptcy Attorney

Income limits when filing a Wisconsin Chapter 128.  by West Bend Bankruptcy Attorney Filing a Chapter 128.21 in Wisconsin is a great way to pay off your unsecured debts without enduring late fees or interest charges.  Unlike a Chapter 7 or 13 Bankruptcy, a 128.21 does not account for your income.  The only requirement to file a 128.21 is that you have income (i.e., wages, SSI, etc.).  The amount or your income is irrelevant (although it must be high enough to...
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