Sapinski Law Office S.C.

Keep Track of Your Finances with This Handy App!

After filing for bankruptcy, it’s natural to have some reservations about spending your money going forward. Even though you have found relief from your creditors, you may worry about ending bad financial habits. The key to improving your financial lifestyle is to find an effective way to keep track of your savings and spending practices.

With the help of the EasyMoney - Expense Manager app, you can always keep track of where your money is going. Not only does this app track your expenses, but it can also remind you of upcoming bill deadlines. By downloading the EasyMoney app, you can give yourself peace of mind, knowing your future finances will be properly managed.

Call (877) 939-1739 to speak with the bankruptcy team at Sapinski Law Office S.C. Milwaukee bankruptcy attorney Andrew Sapinski will work with you to determine your best debt relief option. To schedule an appointment in the Appleton area, call (920) 358-0333.

Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

What Are Unsecured Debts?

If you’re considering filing for bankruptcy in Wisconsin, you’ve probably heard of secured and unsecured debt. The fundamental difference between the two is that secured debt is backed an asset. Consider mortgage loans and car loans. In each of these situations, failure to make the loan payments results in the repossession of the house or car. Unsecured debt, on the other hand, isn’t tied to a particular asset and failure to pay the debt does not result in repossession of an asset. Examples of unsecured debts include credit card obligations, payday loans, child or spousal support, and medical bills. 

Knowing the difference between these two debt classifications is crucial for understanding how a particular bankruptcy Chapter will affect you. For example, under a Chapter 7 bankruptcy most of your secured and unsecured debts can be discharged. However, if you don’t make payments on a secured loan, the creditor will still be able to repossess their collateral. If you wish to file Chapter 7 and keep the collateral, you will be required to get current and stay current on those payments.

Chapter 13, on the other hand, will stop repossession and help you consolidate your secured loans into one low monthly payment. Most secured loans must be paid in full through the Chapter 13 plan with interest. However, you can often lower the interest rate you pay on those loans. In some cases, the secured creditor can be forced to only accept full payment on the value of their collateral, instead of the full balance owed.

There is a lot of room for flexibility when it comes to the treatment of unsecured creditors in Chapter 13. They may receive nothing, something or full payment through the Chapter 13 repayment plan. How much they receive will typically depend on your assets, income and pre-petition financial dealings. A few unsecured debts, such as some income tax debts, get “priority” status in Chapter 13 and will need to be paid in full through the Chapter 13 plan.

For more information on general bankruptcy terms, contact the bankruptcy team of Sapinski Law Office S.C. in Milwaukee by calling (877) 939-1739. To schedule a consultation with a bankruptcy attorney in Appleton, call (920) 358-0333. All initial consultations are free, so don’t hesitate to see how we can help you become debt free.

Disclaimer:
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

How Debt Negotiation Works

In certain situations, filing for bankruptcy may not be in the debtor’s best interest. Debt negotiation is a non-bankruptcy debt relief option where the creditor forgives a substantial portion of the debt that is owed.  The debtor pays only a portion of the balance and the remaining debt is forgiven.  Typically the debtor must pay the agreed upon portion in a lump-sum.  The reason creditors are open to these agreements is because most bankruptcy cases are Chapter 7 no-asset cases.  That is, the assets are exempt and not subject to liquidation by a Bankruptcy Trustee.  The creditor stands to get nothing and faces certain discharge of the debt owed to them.

One key to understanding debt negotiation is recognizing that creditors hold much of the decision-making power. Also, in order for a debt negotiation to be successful, the debtor needs to understand how creditors think, what to say to them, and when to begin the negotiation process.  You need to know when a creditor is bluffing and when they are serious.  For this reason, hiring a bankruptcy lawyer who has experience negotiating settlements is strongly recommended.  Your lawyer will know when and how to negotiate and will properly document the settlement and get it in writing so it is binding.  Different tactics work best for each creditor and an experienced lawyer will know what tactics are best for your unique situation.

Would you like to learn more about the debt negotiation process in Milwaukee? You can schedule a free consultation with Sapinski Law Office S.C. by calling (877) 939-1739. To meet with a bankruptcy lawyer in Appleton, call (920) 358-0333.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

What to Expect When You File for Bankruptcy

Under the United States Bankruptcy Code, there are two bankruptcy options for individuals: Chapter 7 and Chapter 13. Both the local rules of each bankruptcy court and the Federal Rules of Bankruptcy Procedure dictate the process under which individual bankruptcy petitions are filed. Whether you are filing a Chapter 7 or Chapter 13, there are some basic steps you will need to go through.

Meeting with an Attorney

One of the first decisions you will need to make is what Chapter you should file under. While a Chapter 7 allows you to discharge (forgive) your bad debt, a Chapter 13 bankruptcy establishes a repayment plan through which you slowly re-pay your obligations over time. Your income, types of debt, and assets will all determine what Chapter is best for you and what Chapter you are eligible for. An experienced bankruptcy attorney can help you determine the best course of action for you and your family.

Undergoing Credit Counseling

When you file your bankruptcy, you will need to undergo special courses with an agency approved by the Office of the United States Trustee. The first course (a pre-bankruptcy CREDIT COUNSELING course) must be taken before you file bankruptcy.  Your case is subject to immediate dismissal if you fail to file a certificate that certifies completion of the class before your bankruptcy filing.  A second course (a FINANCIAL MANAGEMENT course) is required after you file bankruptcy.  If you do not take this second course, the Bankruptcy Court won’t give you a bankruptcy discharge.

Filing the Necessary Documents

When you file bankruptcy, you will need to prepare and file complicated forms and schedules that provide the Court detailed information regarding your monthly budget, financial history, current assets, and debts.

In addition, when you file Chapter 13 bankruptcy, you will need to present a detailed repayment plan that addresses how your different creditors will be paid. Even though there is no official federal form for this plan, many of the various bankruptcy courts have a specific version they always require.  Your lawyer will know what forms are required and how to prepare them.

To speak with an experienced Milwaukee bankruptcy attorney, contact Sapinski Law Office S.C. at (877) 939-1739. For a meeting in the Appleton area, call (920) 358-0333. There are a variety of ways to relieve debt obligations, and we provide counseling on both bankruptcy and non-bankruptcy options. We can help end harassing phone calls from creditors, wage garnishments, the threat of car repossession and home foreclosure.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Discover More About Your Debt Elimination Options by Exploring These Resources

If you are overwhelmed by your current financial situation, you have many bankruptcy and non-bankruptcy options for debt relief and elimination. Sapinski Law Office, S.C. is committed to finding a way out of financial hardship for each and every one of our clients. Click on the links below to learn more about how a bankruptcy lawyer can help you work through the debt relief process:

• To determine if you are eligible to discharge your tax debt by declaring bankruptcy, contact your bankruptcy lawyer and familiarize yourself with these IRS regulations for assessment during bankruptcy proceedings.
• To find out more about how you can declare bankruptcy for tax debt, read this article by The Wall Street Journal.
• If you need a private trustee for a Chapter 7 or Chapter 13 bankruptcy declaration, use this private trustee locator from the U.S. Department of Justice.
• Has your debt collector gone too far? Know your rights and protect yourself against unfair debt collection practices with this fact sheet from the Privacy Rights Clearinghouse.
• To learn even more about the Fair Debt Collection Practices Act, read the full text at the Bureau of Consumer Protection.
• Check out these answers to frequently asked questions about bankruptcy from Wisconsin’s Public Interest Law Network.
• Read this article from the Wisconsin Law Journal to learn more about declaring Chapter 13 for your outstanding student loan debt.
• If you and your spouse have been struggling with credit card and housing debt, you are not alone. Read this couple’s story from The New York Times.
• Find out if you pass the means test to qualify for Chapter 7 bankruptcy in Wisconsin by using this helpful means test calculator.

If you live in Milwaukee or the Fox Cities area, contact bankruptcy lawyer Andrew Sapinski. With over 13 years of experience providing non-bankruptcy and bankruptcy debt relief options, Sapinski Law Office, S.C. is proud to offer our clients a dedicated, compassionate bankruptcy experience. Call (877) 939-1739 today to reach our Milwaukee area office or call (920) 358-0333 for our Appleton location.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.