Credit reports are generated by three credit reporting agencies (CRAs) – Equifax, Experian, and TransUnion. Your credit report may vary depending on which agency the report comes from, as creditors can choose which bureau to report to and not all creditors report to every bureau. To pull your credit report for free from any of the CRAs, visit annualcreditreport.com.

What is Included in a Credit Report?

Contrary to popular belief, most credit reports do not contain your credit score without paying an additional fee. Rather, a credit report contains information related to your borrowing and payback history, as well as other information valuable to lenders. For example, it is typical to find the following types of information on your report:

• Past and current credit accounts/loans,
• Payment history – such as on-time, missed, or late payments (including amounts in collections)
• Foreclosures and repossessions,
• Bankruptcies,
• Past and present addresses,
• Relevant public record information such as liens, civil suits, and judgments, and
• Companies who have accessed your credit report

Why Would I Need to Access My Credit Report?

a. Applying for a loan

It is a good idea to access your credit report prior to applying for a loan or any other large credit-related purchase. This allows you to be prepared for what your lender will see and make sure that the report is accurate. It is not uncommon for a credit report to contain errors, which is why it is recommended to check your report from all three agencies at least once a year.

b. Scanning your report for errors

Any errors on your report can be disputed with the credit bureau who issued the report, the company whose information is inaccurate, or with the Consumer Financial Protection Bureau (CFPB). The CFPB recommends first disputing the error with the credit agency (Experian, Equifax, or TransUnion) by explaining the error and providing any supporting documentation. The CFPB’s website provides sample templates for filing disputes and other helpful dispute-related information, which can be accessed here. If the agency finds an error, it will report the error to the other two agencies.

What About Credit Scores – How Do I Find Mine and What Affects It?

The three credit agencies discussed above also create a credit score, which is a 3-digit number ranging from 300 to 850. Credit scores can also be accessed by most credit card companies/lenders. However, each agency’s credit reporting algorithm is different, which will result in different scores.

One well-known credit scoring agency is FICO, which generates a FICO-score. A FICO-score is the same thing as a credit score, just based on FICO’s credit reporting algorithm. The FICO scoring system is similar to most other credit scoring companies and thus a helpful guide for what factors affect your score. Under this system, there are 5 key factors[1]:

1. 35% of your score is based on your payment history:
   • Includes late payments – the later they are, the worse for your score
   • Includes accounts sent to collections
   • Includes bankruptcies, liens, foreclosures, and other public info
   • Takes into account the time the time since a missed payment and frequency of missed payments
2. 30% is based on your credit utilization:
   • Calculated by comparing your available credit to the amount you utilize – lower utilization is better for your score
3. 15% is based on the length of your credit history:
   • Old accounts can help boost your score
4. 10% is based on new credit accounts/ how many total accounts you have open:
   • Opening new accounts requires a lender to do a hard inquiry, which can temporarily lower your score
   • Opening may new accounts within a short period of time may lower your score
5. 10% is based on the types of credit you have (your credit diversity):
   • It is better for your score to have a mix of accounts – such as a mortgage loan, car loan, and credit card loan

What is the Deal With “Freezing” my Credit and When Should I do That?

A credit freeze temporarily stops lenders from accessing your credit report. People may freeze their credit if they have been the victim of fraud and are worried that the fraudster is attempting to open new accounts in their name. Freezing your credit will not lower your score and is free to do, but you must remember to un-freeze your credit (and dispute any fraud on your report) prior to opening a new account. To freeze your account, visit each of the three agencies’ websites and follow the instructions.

Conclusion

The best advice when dealing with your credit report and credit score is to be proactive – check what is on your report regularly and make sure it is accurate, dispute errors, and initiate a credit freeze when necessary. Do not be passive when it comes to your credit – investing in your financial health requires more than checking your score.

Schedule a consultation with Wynn at Law, LLC today to discuss your debt relief options and how the options affect your credit report and credit score.

Contact us today for a consultation at 262-725-0175 or our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has three office locations: Lake Geneva, Delavan, and Salem.

[1] How are FICO Scores Calculated? | myFICO

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A Chapter 7 bankruptcy filing stays on a FICO record (aka ‘credit score’) for 10 years from the date you file your bankruptcy. It’s seven years from the date of filing for a completed Chapter 13. Either may sound like a very long time. But first and foremost, it beats the bind that led to the filing. The creditor calls (see related article on the Automatic Stay) are a thing of the past. The stack of bills next to your checkbook might be considerably shorter and probably better matches your paycheck.

Credit scores react first

A bankruptcy filing is serious business and should be given serious thought prior to filing. That being said, it does have some potential bright spots as a new beginning.

Hidden among the bad news that your credit score likely will go down upon filing bankruptcy is the fact that your score probably was in bad shape before the filing anyway. And heading for worse. Another silver lining is that many of your debts are gone; therefore, the bankruptcy will make your debt to income ratio much better. In both Chapter 7 and Chapter 13, delinquent accounts before filing remain on your credit report. In Chapter 7 cases, they will stay on the report for seven years. Chapter 13 debts are often paid off according to the bankruptcy payment schedule in three to five years. Since these debts are repaid all or in part, the records will be removed from your credit report sooner than Chapter 7 debts, which aren’t repaid at all.

You can get credit again

It isn’t going to happen overnight, but you will have an opportunity to rebuild credit. More, shall we say ‘aggressive,’ lenders swoop in first with high interest credit card and auto loan offerings right after filing. Resist the temptation, if possible. As you rebuild a steady track record of paying on-time things like mortgage payments, car payments, and student loan payments, better chances to rebuild credit will come. Usually a secured credit card opportunity is going to come your way first.

Once you establish a good payment record and are living within your means, lenders will see you as a decent risk. Why? They know you can’t file another Chapter 7 bankruptcy again for eight years after your previous Chapter 7 filing.

You know your pitfalls

The best outcome in a bankruptcy filing is that you’ve learned from and implemented corrections to previous money errors or have been able to put a horrible life event behind you like a medical emergency or car repossession. You’ll know the consequences of paying late, for example. You also learn to budget. And stick to it.

Image by Andrew Lozovyi, used with permission

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7 Signs You’re Living Beyond Your Means

1. You Constantly Carry a Credit Card Balance. There is no problem at all with using a credit card to pay for items. However, you should be paying off the balance each month. If you carry a balance month to month, you’re spending more than you can afford. You’ll need to make a double, triple, or quadruple payment to get yourself out of the red.

2. You Can’t Pay Your Bills on Time. You may have good intentions, but if you don’t have enough money in the bank to pay your bills on time, then you are living beyond your means. Elkhorn bankruptcy lawyer, Shannon Wynn, suggests reexamining your spending habits. You may need to forego some luxuries such as nail salon visits, morning coffee runs, or weekend pizza and drinks. It’s imperative that you cut back now and get your bills under control before your bills are out of control.

3. You’re Not Saving. You should be able to pay all your bills on time each month and still save at least 5% of your income, 10%-15% would be even better. If you aren’t saving at all, or you are constantly robbing your savings account to pay bills, then you need to budget.

4. You’ve Been Denied Credit. Even if you think you can handle the payments, your existing debt may be too high of a risk for a creditor to lend to you. Your current credit score may be below 700 points. You may pay bills on time, but have nothing left at the end of the month. You may pay bills, but not on time, and some end up in collections dinging your credit score. You may be piling up debt and not able to pay any of it off. Whatever the situation, many factors go into being denied credit. Being denied new credit is a major sign that you are living beyond your means.

5. Your Credit Cards Are Maxed Out. Having a credit card for emergencies is one thing. Maxing out every credit card you own is another. Elkhorn, Wisconsin bankruptcy attorney, Shannon Wynn, says possessing several credit cards with no available money left is a major concern. Missing just one payment can put you over the credit card limit due to the late charges and interest fees. Exceeding the credit card limit can really hurt your finances. How can you afford the monthly payment? To top it off, your credit report is taking a beating.

6. More Than 28% of Your Income Goes to Housing. Calculate what percentage of your monthly gross income goes toward your mortgage, property taxes, and home owners’ insurance or rent and renters’ insurance. If it’s more than 28% of your gross income, then you are more than likely in over your head. 28% is the magic number most lenders use as a guideline to ensure a person can properly pay for their home, plus live a comfortable lifestyle. If you are in over 28%, you should consider downsizing to a more comfortable price range.

7. You Don’t Budget. Elkhorn bankruptcy attorney, Shannon Wynn, states that having a budget in place is one of the most important pieces to obtaining financial freedom. Most people have never made an honest assessment of their spending. Not budgeting is a tell tale sign that you may be living beyond your means. Attorney Shannon Wynn recommends that you monitor your spending for a couple months and see where your money is really going. Then, you can set up a budget, knowing full well where you can cut back. Be sure to budget for savings, too, not just monthly bills.

Contact Elkhorn, Wisconsin Bankruptcy Attorney, Shannon Wynn

If you are guilty of even one item on the above list, you need to take a second look at your finances. If you feel now is the time to consider bankruptcy options, feel free to contact Attorney Shannon Wynn for a free bankruptcy consultation. You can reach Wynn at Law, LLC by phone at 262-725-0175. Wynn at Law, LLC has bankruptcy offices located in Lake Geneva, Delavan, Muskego, and Salem, Wisconsin.

Find out if you qualify for bankruptcy.

Click Here to Get a Free Bankruptcy Assessment
from Wynn at Law, LLC

.

It’s Free. It’s Easy.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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WE Energies and Alliant Energy Winter Disconnections and Bankruptcy

First, Attorney Shannon Wynn will address the main question at hand. Does a bankruptcy stop WE Energies or Alliant Energy? The answer is yes.

If you qualify and file a Chapter 7 bankruptcy, you are required to produce all debts to the trustee for discharge. This includes utility bills. If your bankruptcy gets discharged, you will no longer be responsible for the utility debts. However, Attorney Shannon Wynn wants you to keep in mind that to continue service after bankruptcy you many need to submit a lump sum deposit to WE Energies or Alliant Energy.

If you file a Chapter 13 bankruptcy, your outstanding utility bills will be wrapped up into the repayment plan. Disconnection will no longer be an issue. However, you must make your repayment plan payments on time.

In Wisconsin, your heating source is not disconnected during the winter months from November through April. You can find the exact dates on your provider’s website. But, if you are even “Googling” to find out if you can be disconnected, you aren’t addressing the bigger problem.

File a Union Grove Bankruptcy to Stop Accruing More Debt

The bigger issue is accruing more debt. If you are having problems paying your utility bills, you may want to consider bankruptcy as an option. What happens in April when WE Energies or Alliant wants back payment in full from all the winter months you didn’t pay, or else they shut off your service? If you are having a hard time coming up with a couple hundred dollars for your heat and gas bills, then you will have even bigger trouble coming up with $1200 in the spring.

It doesn’t make sense to accrue more debt this way. There is no reason to stress during the entire winter season wondering what you are going to do to keep the lights on in the spring. Make a change now. Bankruptcy may be the relief you need to get your finances back on track and give yourself a fresh start for the New Year.

Schedule a Free Consultation with Our Union Grove Bankruptcy Lawyer, Shannon Wynn

Our Union Grove bankruptcy lawyer, Shannon Wynn, knows that each situation is unique. Wynn at Law, LLC offers a free, initial bankruptcy consultation. During your free consultation, you will describe your current financial situation to Attorney Shannon Wynn. Then, you will be provided with various options to rectify your current financial dilemma. There is no obligation, and you will know exactly how our Union Grove bankruptcy lawyer can assist you.

Wynn at Law, LLC has bankruptcy offices located in Lake Geneva, Delavan, Salem, and Muskego. You can schedule your free, initial bankruptcy consultation with Attorney Shannon Wynn by calling 262-725-0175. You can also complete the contact form on our website’s contact page and our Union Grove bankruptcy lawyer will get back to you promptly.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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4 Reasons To File an Elkhorn, Wisconsin Bankruptcy Before the Holidays

1. Stop accruing more debt during the holiday season. You are already in debt. The last thing you need is even more debt. Family dinner ingredients, travel expenses, and gifts can put you past the point of no return. If you file bankruptcy before the holidays, you won’t use your credit cards to pay for holiday expenses and gifts. Our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn, wants to remind you that paying for holiday gifts on your credit cards may prolong or prevent you from filing bankruptcy. The bankruptcy trustee may think you purposely racked up credit bills for fraudulent reasons. You may not get these charges discharged.

2. Stop embarrassing phone calls while hosting family, guests, and holiday parties. The last thing you want happening while entertaining family and friends is for your phone to be ringing off the hook with bill collectors on the other end. Not only is this situation embarrassing, but it is also depressing. The holidays are hard enough without being reminded about your financial problems. Our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn, wants you to know that as soon as you file for bankruptcy, all collection attempts must stop, including letters and phone calls. So, you won’t have to hide your mail during the holidays, either.

3. Start budgeting now, before spending even more on holiday items. Budgeting isn’t fun, but it is important. With the holidays approaching, you may be considering spending money on decorations, food, and gifts. Can you even afford all of this right now? Start a budget now while filing for bankruptcy to keep your finances in check.

4. Start 2017 with a clean slate. Wouldn’t it be great to start the new year debt free? Think of the great New Year resolutions you can make regarding your spending habits. No more collection attempts. The New Year is the perfect time to start rebuilding your credit. It’s a second chance for a fresh start.

Contact Our Elkhorn, Wisconsin Bankruptcy Lawyer, Shannon Wynn

If you are dreading the holiday season because of your financial situation, give us a call. Don’t put yourself further into debt. Don’t ruin your chances of ever being able to file for bankruptcy by racking up more credit card debt during the holidays. Now is the perfect time to strategize wisely about your finances. Before the holiday bills hit you like a freight train, contact our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn. You can schedule a free, initial consultation by calling our bankruptcy office at 262-725-0175 or by stopping one of our offices in Delavan, Muskego, Salem, or Lake Geneva.

Find out if you qualify for bankruptcy.

Click Here to Get a Free Bankruptcy Assessment
from Wynn at Law, LLC

.

It’s Free. It’s Easy.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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Most of us mean well and want to pay off all of our debt as soon as we are able. However, sometimes a creditor cannot wait and wage garnishment happens. There are even more implications when it happens this time of year, right before the holidays and right before the winter utility bills go up. Read below to find out how our East Troy bankruptcy lawyer, Shannon Wynn, can help stop wage garnishment before the holidays.

What Does A Wage Garnishment Mean?

A wage garnishment is when a creditor is given permission from the court to be forwarded money due and owing from a portion of the debtor’s paycheck. If your wages are being threatened by wage garnishment by a creditor, you may want to consider how bankruptcy can help. You can contact our East Troy bankruptcy lawyer, Shannon Wynn, at 262-725-0175 for a free, initial bankruptcy consultation.

How Can An East Troy Bankruptcy Lawyer Stop Wage Garnishment?

There are two ways our East Troy bankruptcy lawyer, Shannon Wynn, can stop wage garnishment before the holidays. One way, is through the filing of a Chapter 7 bankruptcy. If you qualify for a Chapter 7 bankruptcy, determined through a means test, wage garnishment will be avoided or cease the moment you file. All creditors will be notified that you have filed for a Chapter 7 bankruptcy and that all debt collection attempts should immediately stop. The other way, is through a Chapter 128 Debt Amortization Plan. If you do not qualify for a Chapter 7 bankruptcy, you can file a Chapter 128 Debt Amortization Plan. Chapter 128 can stop wage garnishments, stop accruing interest, and requires no court appearance for the majority of cases.

Contact East Troy Bankruptcy Lawyer, Shannon Wynn

To learn more about Chapter 7 bankruptcy and Chapter 128, schedule a free, initial consultation with our East Troy bankruptcy lawyer, Shannon Wynn, by calling 262-725-0175. Attorney Shannon Wynn will listen closely to your situation and discuss all options available to you. Call or stop by one of our bankruptcy offices today. Wynn at Law, LLC has bankruptcy offices located in Lake Geneva, Delavan, Muskego, and Salem, Wisconsin.

Find out if you qualify for bankruptcy.

Click Here to Get a Free Bankruptcy Assessment
from Wynn at Law, LLC

.

It’s Free. It’s Easy.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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Simple Measures to Save Money Throughout Fall and Winter from Elkhorn Bankruptcy Attorney, Shannon Wynn

1. Use the Sun. During the summer months, we close our blinds and curtains during the day to keep the sun out and then open up our windows at night. This keeps our homes cool. During the fall and winter months, we can do just the opposite. Open your curtains and blinds during the day to allow the sunlight into your home. This is free, natural heat. Then, close your curtains and blinds at sundown to keep the cold out.

2. Plastic Your Windows. Most of us know about this one already, but it is definitely worth sharing. You can buy plastic window kits at any department store, such as Wal-Mart or Home Depot. Plastic window kits come in all sizes, including patio door size. The plastic is tightly fixed to the inside of your window frame, either with a sticky tape or with a blow dryer. Our Elkhorn bankruptcy attorney, Shannon Wynn, adds that you can buy thermal, insulated, energy-efficient curtains to hang over your windows for an additional savings on your heating costs.

3. Adjust Your Thermostat. You can manually adjust your thermostat or purchase a programmable thermostat. Bundle up while at home by wearing more layers and covering with blankets. Turn your thermostat down to as low as possible while still being warm and comfortable under your layer of clothes and blankets. Turn your thermostat down anywhere from 10-15 degrees while sleeping and while away, such as during the week while at work. You’ll save anywhere from 10-30% on your heating costs, depending on how much time you spend away from the home and sleeping.

4. Caulk. Caulk around your windows and doors to seal air leaks. Replace your weatherstripping where needed.

5. Use a Draft Stopper. Purchase draft stoppers to stop air leaks underneath your doors. If on a tight budget, Attorney Shannon Wynn suggests pushing a blanket up against the bottom of your door to help stop the cold air from getting inside your home. This tactic will work just as well.

6. Make Use of Used Heat. If you have already baked dinner in the oven, leave the oven door open as it cools down to keep all the additional heat produced by the oven inside your home. This holds true for toaster ovens, rotisseries, etc.

7. Clean Your Furnace. Have your furnace serviced and cleaned. Our Elkhorn bankruptcy attorney, Shannon Wynn, also adds to remember to replace your furnace filters.

8. Maintain Your Fireplace and/or Wood Burning Stove. If you have a fireplace or wood burning stove, be sure to have it cleaned prior to winter. This will make the system more efficient and avoid a terrifying house fire. Turn your thermostat down while using your fireplace or wood burning stove. Tip from Elkhorn bankruptcy attorney, Shannon Wynn: Remember to keep your fireplace damper closed when you aren’t burning wood. Leaving the damper open is like throwing money out an open window.

9. Close Off Rooms. If there are parts of your home that you do not use much, seal them off from the rest of the home during fall and winter months. This could be unused bedrooms, porches, lower levels, etc. Close doors and/or turn off 2nd furnaces that would be used for those portions of the home.

10. Reduce Water Heating Costs. Some tips include: Turn down your water heater thermostat. Insulate your tank and pipes. Wash your clothes in cold water. Buy energy star appliances. Install slow flowing faucets and shower heads.

11. Use LED Holiday Lighting. You can reduce holiday decorating costs by purchasing LED lights instead of using the older string sets.

Almost every tip included in this money saving list by Elkhorn bankruptcy attorney, Shannon Wynn, is low-cost or free. Implement the suggestions on this list and you are sure to free up some much needed cash this fall and winter season. If you have any questions regarding debt relief, contact Wynn at Law’s Elkhorn bankruptcy attorney, Shannon Wynn, at 262-725-0175 or visit a Wynn at Law office in Delavan, Lake Geneva, Salem, or Muskego, Wisconsin.

Find out if you qualify for bankruptcy.

Click Here to Get a Free Bankruptcy Assessment
from Wynn at Law, LLC

.

It’s Free. It’s Easy.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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What is an Elkhorn, WI Chapter 7 Bankruptcy?

An Elkhorn, WI Chapter 7 Bankruptcy eliminates (or “discharges”) all unsecured debt. Unsecured debt is debt that does not have any collateral attached to it, such as utility bills, medical bills, credit card bills, past due rent, civil judgments, repossession balances, etc. To qualify for an Elkhorn, Wisconsin Chapter 7 Bankruptcy, you must pass a means test. A means test determines if your income qualifies you for a Chapter 7 Bankruptcy. With an Elkhorn, WI Chapter 7 Bankruptcy, there is no repayment plan. Most filers can keep their assets, such as their home or vehicle. It is important to note that an Elkhorn, WI Chapter 7 Bankruptcy may also stop a foreclosure, credit lawsuits, and wage garnishments.

What is an Elkhorn, WI Chapter 128 Debt Amortization Plan?

An Elkhorn, WI Chapter 128 Debt Amortization Plan is an alternative to bankruptcy. Chapter 128 can stop wage garnishments, stop accruing interest, and requires no court appearance for the majority of cases. Elkhorn, WI Chapter 128 filers will pay off their debt in three years or less. In order to file a Chapter 128 Debt Amortization Plan, the filer must be a Wisconsin resident and must have a steady source of income. The type of debt that can be included in an Elkhorn, WI Chapter 128 Plan are: credit cards, civil judgments, payday loans, medical bills, collection accounts, and most personal loans.

What Are the Main Differences between an Elkhorn, WI Chapter 7 Bankruptcy and Chapter 128?

1. You must qualify through a means test to file a Chapter 7 Bankruptcy. Chapter 128 does not require a means test.
2. When you file a Chapter 7 Bankruptcy, all unsecured debt must be included in the petition and may be wiped out (discharged). All debts do not have to be included in an Elkhorn, WI Chapter 128 plan.
3. Chapter 7 Bankruptcy eliminates all debt immediately. Chapter 128 is a repayment plan.
4. A Chapter 128 Debt Amortization Plan can be less expensive than an Elkhorn, WI Chapter 7 Bankruptcy.
5. You can only receive a discharge from a Chapter 7 Bankruptcy once every 8 years. With a Chapter 128, you can file after bankruptcy and you can file more than once.
6. No assets or property are ever sold or liquidated during an Elkhorn, WI Chapter 128.
7. A Chapter 128 may be better for your credit score than a Chapter 7 Bankruptcy
8. An Elkhorn, WI Chapter 128 Debt Amortization Plan is a faster process than an Elkhorn, WI Chapter 7 Bankruptcy.

Contact Our Elkhorn, WI Chapter 7 Bankruptcy and Chapter 128 Attorney

There are special circumstances that may apply for each type of bankruptcy and line item listed above. To learn more about which debts can be discharged and what assets you can keep during either an Elkhorn, WI Chapter 7 Bankruptcy or an Elkhorn, WI Chapter 128 Debt Amortization Plan, contact our bankruptcy attorney. Wynn at Law, LLC has bankruptcy offices located in Lake Geneva, Delavan, Muskego, and Salem, Wisconsin. You can reach our Elkhorn, WI Chapter 7 Bankruptcy and Chapter 128 attorney by calling 262-725-0175 or by visiting the contact page on our bankruptcy website.

Find out if you qualify for bankruptcy.

Click Here to Get a Free Bankruptcy Assessment
from Wynn at Law, LLC

.

It’s Free. It’s Easy.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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What Is An Automatic Stay?

An automatic stay protects you from creditors. The bankruptcy law requires most creditors to stop all collection activities against you during the automatic stay because your monies, assets, and property are now part of the bankruptcy estate and some portions may be exempt under bankruptcy law. Creditors are not allowed to garnish your wages, attach liens to your property, repossess assets, foreclose on your property, call you, or send you collection letters during the automatic stay.

It is important to note that not all collection activities are subject to the automatic stay. There are certain collection actions that may still proceed during an automatic stay. These may include: criminal actions, child support, certain evictions, certain taxes, court proceedings for traffic violations, domestic violence issues, divorce proceedings, spousal support payments, and paternity law suits.

You also may be given a shortened automatic stay or no automatic stay at all if you have filed multiple bankruptcy petitions in a short period of time. If you filed for Chapter 7, 11, or 13 Bankruptcy during the past year, and the bankruptcy was dismissed, the automatic stay will end in 30 days. However, you can submit a good faith motion to the bankruptcy court to extend the automatic stay. If you had two pending bankruptcy cases in the past year, the automatic stay will not be issued at all. If this is your second bankruptcy within a year, talk to your Elkhorn Chapter 7 Bankruptcy attorney to learn more about filing a motion to extend or initiate your automatic stay.

It is possible for a creditor to ask the bankruptcy court to lift the automatic stay. Creditors who have liens on your property are the creditors most likely to ask the bankruptcy court to remove the automatic stay, although any creditor has the right to ask the bankruptcy court to remove it. The creditor must show good cause for requesting that the automatic stay be lifted.

How Do the Appropriate People Know to Stop Garnishing My Wages?

When you complete your Elkhorn Chapter 7 Bankruptcy petition, you will list all of your creditors, along with their addresses. Each creditor that you list will be notified by the bankruptcy court that you have filed for an Elkhorn Chapter 7 Bankruptcy and that an automatic stay is immediately in effect. The creditor must then make every effort to stop all collection activities, including your wage garnishments. Because the court will notify all creditors, you do not have to do anything, but you can always send a copy of your court stamped bankruptcy filing to the creditor garnishing your wages, the sheriff’s office, your payroll department, and any bank processing your wage garnishment.

What If My Wages Are Garnished After Filing An Elkhorn Chapter 7 Bankruptcy?

This should never happen, but if it does, notify your Elkhorn Chapter 7 Bankruptcy attorney immediately. The bankruptcy court may penalize creditors who violate the automatic stay and do not return the property or monies seized. You may be rewarded damages and attorney fees if a creditor violates an automatic stay and you win a court hearing against them.

If I File an Elkhorn Chapter 7 Bankruptcy, Can I Get Back Wages Garnished Before I Filed?

It may be possible to retrieve wages which were garnished prior to filing an Elkhorn Chapter 7 Bankruptcy. If certain criteria are met, you could be refunded wages garnished within 90 days prior to your bankruptcy filing. Speak with your Elkhorn Chapter 7 Bankruptcy attorney to find out if you meet all criteria and if this is a wise decision for you.

Once My Elkhorn Chapter 7 Bankruptcy Case is Finished, What Happens to My Wage Garnishment?

Once your Elkhorn Chapter 7 Bankruptcy case is heard before the bankruptcy trustee and completed, the automatic stay ends. If the debt that was being recovered by means of wage garnishment is wiped out during the bankruptcy proceeding, then the creditor cannot continue to garnish your wages. This will most likely be the case. However, if your bankruptcy case is dismissed or the debt being recovered by means of wage garnishment is not wiped out during the bankruptcy proceeding, then the creditor can continue to garnish your wages.

Speak with an Experienced Elkhorn Chapter 7 Bankruptcy Attorney

Wynn at Law, LLC has a 100% bankruptcy success rate. If you are struggling financially and need to stop wage garnishments, an Elkhorn Chapter 7 Bankruptcy may be right for you. Our knowledgeable Elkhorn bankruptcy attorney can discuss with you ways to stop wage garnishment with and without bankruptcy. Contact our Elkhorn bankruptcy attorney to discuss all of your options by calling 262-725-0175 or by visiting our website’s contact page.

Find out if you qualify for bankruptcy.

Click Here to Get a Free Bankruptcy Assessment
from Wynn at Law, LLC

.

It’s Free. It’s Easy.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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File a Walworth County Chapter 7 Bankruptcy After Filing Income Taxes

Our Walworth County bankruptcy attorney suggests filing bankruptcy after filing your income taxes. In most cases, this is the best scenario. If you file a Walworth County bankruptcy before you file your 2015 income taxes, your tax refund will become property of the bankruptcy estate and distributed among your creditors. Unless your 2015 income tax refund is exempt, you will lose it.

How can you file a Walworth County Chapter 7 Bankruptcy and Keep Your Income Tax Refund?

There is a way. One thing our Walworth County bankruptcy attorney needs to make clear is that you cannot receive your income tax refund, spend it on frivolous items, and expect to keep it. If the bankruptcy trustee knows you received an income tax refund check, he or she will ask where it went. If you spent the check on luxury items, you may have to repay the amount spent to the bankruptcy trustee. This being said, your 2015 income tax refund must be spent on necessities. You will be allowed to keep your income tax refund if you file your income tax return before filing for bankruptcy and spend the refund on life necessities, such as: groceries, medical items, car repairs, etc.

You can are also allowed to pay your bankruptcy attorney fees with your income tax refund check without having to repay the money back to the bankruptcy trustee. For this reason, tax season is one of the best times to file for bankruptcy. You can easily afford your bankruptcy attorney fees by using your income tax refund. You won’t have to struggle by taking money out of your weekly checks.

File a Walworth County Chapter 13 Bankruptcy After Filing Income Taxes

When filing a Walworth County Chapter 13 bankruptcy, all income tax returns over the past four years must be filed before the meeting of creditors. In this situation, you have no choice but to file your 2015 income taxes before filing a Walworth County Chapter 13 bankruptcy.

File a Walworth County Bankruptcy After Filing Taxes

No matter which type of bankruptcy you file, Chapter 7 or Chapter 13, the bankruptcy trustee will ensure all required tax returns have been filed, this year and previous years. If you have any unfiled tax returns, the bankruptcy trustee may think you are hiding financial information. This will not only delay your bankruptcy process, but it will also cause the bankruptcy trustee to dig deeper into your case. Always be up front and honest will your Walworth County bankruptcy attorney and the bankruptcy trustee.

Schedule a Free Bankruptcy Consultation with our Walworth County Bankruptcy Attorney

If you are considering a bankruptcy this year and have questions, please contact our Walworth County bankruptcy attorney. Wynn at Law, LLC offers free, in-depth bankruptcy consultations. Our Walworth County bankruptcy attorney is here to listen, advice, and help you during your financial difficulties. You can reach our Walworth County bankruptcy attorney by phone at 262-725-0175 or by email via our website’s contact page. Wynn at Law, LLC has bankruptcy offices conveniently located in Salem, Delavan, Muskego, and Lake Geneva, Wisconsin.

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*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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