Clients ask us if we practice Wisconsin Bankruptcy Law.  Strictly speaking, we don’t do that.  What we do is represent clients in bankruptcy law in Wisconsin. 

There’s a big difference between the two.

Under our Constitution, there is just one bankruptcy law.  It’s federal.  In just one sentence of the Constitution, our Founding Fathers gave the United States federal government gave Congress the exclusive right to regulate both bankruptcy and immigration.  That’s quite an assignment for one sentence.

Even though we practice federal bankruptcy law, Wisconsin law is still very important to our Wisconsin debtors in bankruptcy.  Why?  That’s because all property rights are determined by State law.  In  Wisconsin, unlike Illinois, you get to select whether you’d like to take advantage of Wisconsin exemptions or federal exemptions in a bankruptcy case.  The federal exemptions can be very advantageous if you don’t have any equity in your house.  You can then use the federal homestead exemption to protect personal property.

On the other hand, Wisconsin exemptions have just been amended to be much more liberal.  So planning your bankruptcy case with reference to allowable exemptions is very important.

If you have moved into Wisconsin from another state within the past two years, other state law may decide what you get to keep.  But that’s a different question for a different day.

So remember.  Lakelaw practices bankruptcy law in Wisconsin. Don’t let anyone tell you that they practice Wisconsin Bankruptcy Law.  If they do, run in the opposite direction!!

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You can file your bankruptcy case in Wisconsin even if you are relatively new to the State.  Suppose you move to Wisconsin after having spent the last several years elsewhere.  First, welcome to a state with wonderful people and a lot of reasons to stay.   But you might be moving to Wisconsin and be concerned about filing a bankruptcy.  This is where an experienced bankruptcy attorney can assist you.

You have some flexibility, just like the big corporations which file their cases in New York and Delaware.  Once you’ve lived in Wisconsin a little more than 3 months, you can file your case here.  Or you could file your case in Wisconsin right away if most of your property is now located in Wisconsin.

If you just moved to Wisconsin, you can’t use  Wisconsin’s exemption law to figure out what property you can keep.  Chances are, you’re going to use your old state’s rules.  The key factor is where you lived in the 180 day period before the last two years started.  If, like me, you moved recently from Illinois, spending the bulk of that 180 period in the Land of Lincoln, you’d be using the Illinois rules.  Sometimes, however, you may have to use the federal exemptions.  Make sure your lawyer asks you the right questions so that you can get the right answers.

For financial relief in Kenosha, Racine, Walworth or Milwaukee, call Lakelaw today at 262.694.7300 and ask for Attorney Ryan Blay or David Leibowitz. 

This post was written by Ryan Blay, Supervising Attorney in Lakelaw’s Kenosha office.

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You can keep exempt property in a chapter 7 bankruptcy case.  Thanks to a new Wisconsin law going into effect on December 16^th, you’ll be able to keep more of your property if you have to file for bankruptcy.

Under 2009 Wisconsin Act 90:

• The homestead exemption is raised to $75,000 and each individual in a marriage may use this $75,000 exemption.  Prior to this change, the exemption was limited to $40,000. 
• Equipment, inventory, farm products, and professional books used in the business of a debtor or a debtor’s dependant is doubled from $7,500 to $15,000.
• Household goods and furnishings are now protected up to $12,000, up from $5,000.  This includes wearing apparel, keepsakes, jewelry, appliances, books, musical instruments, firearms, sporting goods, animals, and other tangible personal property.
• Protection in the equity of a motor vehicle rises from $1,200 to $4,000 in value.  Moreover, any unused portion of the Household goods exemption can be applied to the car protection.  
• Bank accounts can now be protected up to $5,000 instead of $1,000.  These are only for personal use and not business. 
• Exemptions for personal injury claims double from $25,000 to $50,000. 

In Wisconsin, you can select either state or federal exemptions.  Sometimes, federal exemptions are better for you.  So always consult an attorney before selecting the exemptions for your bankruptcy petition and schedules.  What you protect from your possessions and estate can mean the difference between peace of mind and a trustee demanding that you turn over the things you need for a normal life after bankruptcy.  Click here to go to our Virtual Law Library

For financial relief in Kenosha, Racine, Walworth or Milwaukee, call Lakelaw today at 262.694.7300 and ask for Attorney Ryan Blay or David Leibowitz. 

This post was written by Ryan Blay, Supervising Attorney in Lakelaw’s Kenosha office.

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Today, I met a new client seeking to file a bankruptcy.  She faced moderate debts and also a large installment loan on her car.   She was unemployed.  But the future looks brighter for her.  Why?  This fifty-something client has taken advantage of the time given her during unemployment.  She has been studying at the local technical college in Wisconsin and has learned a new profession.  I’m not going to mention the specifics to protect her privacy.  However, when she graduates from the program, there will be a job waiting for her.  She’ll be able to keep her house thanks to a loan modification agreement – there actually has been one offered to her.  She’ll be able to support herself thanks to her new job.  And thanks to bankruptcy, she’ll enjoy a fresh start and a sound financial footing.  Wisconsin offered this client job retraining support – a fact which can be very useful to know for other Wisconsin clients facing bankruptcy and unemployment in light of factory closings in Kenosha , Racine and Janesville.

We at Lakelaw know that you are hurting.  We at Lakelaw care about your financial future. You can count on us for far more than just a bankruptcy petition.  We’ll work with you from start to finish and beyond to be sure you get the relief you need and deserve and the fresh start to which you are entitled.

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Lakelaw represents people in Wisconsin in Consumer Bankruptcy Cases and in defending against mortgage foreclosures.  Our office is in Kenosha.  However, we can help you just about anywhere in the State.  In Wisconsin, lawyers frequently appear in court by telephone and remote access.  We find it saves us a lot of time driving around the state.  We think that if this is good enough for us in working with the courts, it’s good enough for you in working with us.  If you would like to work with an outstanding, Board Certified, bankruptcy lawyer, recognized throughout
Wisconsin for expertise in mortgage foreclosures, Lakelaw is the place for you – from Eau Claire to Kenosha and from Monroe to Green Bay.  If you are reading this blog, you have demonstrated that you are techologically advanced.  We use technology to project our practice throughout the state.  Call 1 – 866- LAKELAW (525 – 5359) for bankruptcy and mortgage foreclosure help now.

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Lakelaw has joined forces with Legal Aid Society of Milwaukee to help Wisconsin homeowners fight foreclosure.  Under a grant from WHEDA, the Wisconsin Housing and Economic Development Authority, Lakelaw will be providing foreclosure prevention advice and assistance to Wisconsin homeowners from every county other than Milwaukee.  Lakelaw Wisconsin maintains offices in Kenosha and LaCrosse.  These services will be provided pursuant to a grant from the National Foreclosure Mitigation Counseling Program’s legal assistance funds.  

While services under this program will focus on non-litigation strategies, Lakelaw continues to serve its clients directly in all aspects of foreclosure defense in state, federal and bankruptcy courts, in Wisconsin as well as in Illinois.

More information can be found at WHEDA’s foreclosure resource website.

David Leibowitz of Lakelaw and Catey Doyle of the Legal Aid Society of Milwaukee will be presenting a series of training programs for attorneys throughout Wisconsin during the month of April.  These sessions will be held in Milwaukee, Madison, Eau Claire and Green Bay.

Details will be posted here, on the Legal Aid Society of Milwaukee’s website and on WHEDA’s foreclosure resource website.

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If you live in Wisconsin, listen up!  You cannot ignore a mortgage foreclosure complaint.  If you get served with a summons, you will have 20 days to do something about it.  You need to file an answer or a motion on before those 20 days are up.  You probably need a lawyer like Lakelaw to help you.  If you don’t answer within 20 days, Wisconsin Courts rarely will give you a break.  You will face a judgment of foreclosure right away.  You will lose your house in a matter of months.

These days, there are many defenses available to foreclosure.  Not only that, Lakelaw can help you file a chapter 13 case to protect your house.  And if Congress enacts legislation to amend Chapter 13, you’ll be able to reduce your mortgage to the current value of your house, stretch out the loan for up to 40 years, and possibly reduce the interest rate of your loan to an affordable rate.

So be alert!  If you get served with a summons or a mortgage foreclosure complaint, don’t be scared.  Don’t ignore it.  Don’t delay.  Call Lakelaw at 262.694.7300 and ask for help right away.

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