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2006 Bankruptcy Filings
Link Home
Published Date Tue, 2 Jan 07 9:15 CDT
Bankruptcy filings in this district fell by over 75% from last year and over 65% from
the previous two years averages. At the same time a record number of foreclosures
has occurred. These events do not make sense. One of the best ways to save a
home in foreclosure is to file a Chapter 13 bankruptcy. Virtually every Chapter 13
bankruptcy we have filed for a client has involved foreclosure. Although more
expensive than in the past, the new law encourages Chapter 13.
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Median Income Update
Link Home
Published Date Mon, 18 Sep 06 10:40 CDT
The USTO has released the new median income numbers for the bankruptcy means
test. The numbers go into effect on Oct. 1. We have updated the means test with
the new income numbers. Overall, if you are single or a couple, it will be easier to
file as the median numbers have gone up roughly $5k (except So. Dakota!). If you
have 3 or 4 kids, it has gotten harder as your numbers have decreased substantially.
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Divorce Uptick
Link Divorce
Published Date Wed, 13 Sep 06 8:18 CDT
For some unknown reason, we have been getting a lot of calls for divorce recently.
Apparently the good economic conditions have stabilized enough to begin the
divorce cycle again. It has been three years since we saw a uptick. If you are
considering it, remember there is a very wide range of fee plans out there, but the
first thing you should look for is an attorney you can work with and trust. Give us a
call.
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Bankruptcy Myths
Link Moderate Mainstream
Published Date Wed, 13 Sep 06 8:16 CDT
Tracy offers a review of bankruptcy myths on her blog. Bankrate.com published
their 12 myths but added a few of their own in the process. Check out her take on
their take.
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Foreclosure Rates
Link Home
Published Date Wed, 13 Sep 06 8:15 CDT
Foreclosure rates continue to be well above last year. South Central Wisconsin is
averaging over a 50% increase over last year. ARMs and rising gas prices have
pinched homeowners. You have options if you are facing foreclosure, do not just
walk away. Call us first.
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Bankruptcy Court Costs Going Up - Again
Link Home
Published Date Fri, 31 Mar 06 17:15 CDT
The filing fees for bankruptcy are going up again, the second time in six months.
Chapter 7 fees will be $299 and Chapter 13 will be $274 beginning with cases filed
April 9, 2006 or later.
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Bankruptcy Filings Down 80%
Link Home
Published Date Fri, 31 Mar 06 17:15 CDT
Although the number of bankruptcy cases filed last year set records, most of those
filings occurred in September and October. Filings for January and February this
year were down 80% from 2005 and an average of 2003 & 2004.
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Foreclosures Soaring
Link Home
Published Date Fri, 31 Mar 06 17:15 CDT
The number of foreclosure filings are surging this year. Many districts are reporting
50% or higher. Here in South Central Wisconsin foreclosures are up 68%.
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Yes You Can STILL File Bankruptcy!
Link Home
Published Date Fri, 31 Mar 06 17:15 CDT
Many people think the new bankruptcy law no longer allows most people to file
bankruptcy. That is not true. Although the number of hoops and costs have gone
up, it is still possible to file for almost everyone. Call now to see how the new law
affects your situation.
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Taking New Clients - Appts Still Available
Link Home
Published Date Thu, 6 Oct 05 16:00 CDT
Many attorneys have stopped taking new clients in the wanning days of the old law.
We still have appointments available....please call now
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New Clients - Changes
Link Home
Published Date Mon, 3 Oct 05 12:00 CDT
The deadline to file bankruptcy under the old law is less than 14 days away. Credit
card companies are doubling their minimum payments to 4% starting this month.
Home heating oil is 3 times the cost of 2 years ago, natural gas has doubled in the
last year. With gas prices around $3, most people are going to get squeezed like
never before. We are accepting new clients until October 12th...please call now
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Filing Deadline Nears
Link Home
Published Date Tue, 30 Aug 05 14:00 CDT
While the new bankruptcy law (most provisions) goes into effect in just 47 days,
many bankruptcy attorneys are gearing up for an onslaught. Finding an
experienced attorney in October with the time to meet with clients and prepare
filings may not be possible in many areas. Many areas are already seeing
significant increases in clients seeking to file before the deadline. We expect very
few attorneys will accept new clients for filing under the old law after October 1st.
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Free Credit Reports
Link Home
Published Date Tue, 30 Aug 05 14:00 CDT
The final step for consumers seeking a free credit report occurs on September 1st
when people from every state will be able to get a free report from each of the
three reporting agencies each year. You may contact them online, by mail or by
phone at: www.annualcreditreport.com; 877-322-8228 or at Annual Credit Report
Request Service, P.O. Box 105281, Atlanta, GA 30348-5281
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Bankruptcy Filing Fees
Link Newlaw
Published Date Thu, 11 Aug 05 23:35 CDT
The court costs for filing bankruptcy are changing effective October 17, 2005. For
Chapter 7 they will be $274, up from $209. For Chapter 13 they will be $189,
down from $194.
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CLIENT AID
Link Client Aid
Published Date Sun, 26 Jun 05 22:20 CDT
We would like to introduce CLIENT AID. A new service for attorneys that plan on
continuing to practice bankruptcy under the new law. The service assists clients in
obtaining the necessary information and documentation to file a bankruptcy petition.
CLIENT AID works under the supervision of the client's attorney and does not help
'pro se' debtors file under the new law. CLIENT AID can be contacted via email at
atty@clientaid.com or by phone at (800) 368-0920.
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Chapter 20 Availability
Link Home
Published Date Thu, 26 May 05 14:10 CDT
Chapter 20 bankruptcy is when you file a Chapter 7 to eliminate unsecured debt
and then file a Chapter 13 to deal with secured and/or priority debt. To file a
"Chapter 20" under the current law, our deadline is June 17th. After that date there
will be insufficent time to complete the filing process before the new law kicks in on
October 17th.
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Means Test and the New Bankruptcy Law
Link Means Test
Published Date Tue, 26 Apr 05 14:15 CDT
We have two versions of the Means Test available, one a general test to give you
an idea of the results, the other a more comprehensive version that requires more
information.
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The End of Bankruptcy as we know it
Link Start here
Published Date Tue, 26 Apr 05 16:15 CDT
The Law has been signed. Some provisions are already in effect. If you are
considering, or ever considered bankruptcy, CALL US NOW!
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The End of Bankruptcy as we know it
Link Newlaw
Published Date Thu, 14 Apr 05 14:25 CDT
The House has passed the Bankruptcy Reform Act, next stop the Presidents desk...
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Bankruptcy Reform Status
Link BK Status
Published Date Wed, 13 Apr 05 22:00 CDT
The House Rules Committee reported the Bankruptcy Reform Bill out with a closed
rule - that means no amendments can be added to the bill in the House. Debate is
limited to 1 hour and an up or down vote is expected tomorrow. We will adjust our
doomsday clock only after the bill is signed by Bush
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Divorce and Politics
Link Divorce
Published Date Wed, 13 Apr 05 22:00 CDT
We had decided not to post divorce notices, especially when it involves famous
people (Aniston/Pitt for example) because there are so many outlets with the
information....however, Senator from Wisconsin Russ Feingold announced that he
and his wife of 14 years(?) will be getting a divorce. Feingold has broad appeal to
Democrats and Republicans in Wisconsin and has gained a national audience.
Some have encouraged him to consider the Presidency in 08....this will not
help...unless it is to get it out of the way early...
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Bankruptcy Reform Issues
Link S.256 - Title I Issues
Published Date Wed, 6 Apr 05 22:30 CDT
We have listed each section of the Reform Bill and the issues as we see them with
each one.
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Bankruptcy Reform Means Test - Wisconsin Residents
Link Means Test
Published Date Thu, 24 Mar 05 21:30 CDT
We have added a functioning Means Test for Wisconsin residents. See how the new
means test might be applied to your situation.
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Foster Kids Abuse Increase
Link Forum Discussion
Published Date Thu, 17 Mar 05 10:00 CDT
AP: MILWAUKEE - The number of Milwaukee County children who were abused or
neglected after being placed in foster homes increased last year, a new analysis
said. Forty-one foster children were abused or neglected last year, compared with
32 in 2003, according to the analysis released Wednesday by the state-run Bureau of
Milwaukee Child Welfare. The analysis also found that the number of times foster
children were forced to move to different placements went up in 2004. Close to 170
children had three or more placements within 12 months, compared with 100 in
2003.
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Bankruptcy Reform Passes First House Hurdle
Link Bankruptcy Reform Analysis
Published Date Thu, 17 Mar 05 08:45 CDT
From the AP on Forbes.com: On a party-line vote of 22-13, the House Judiciary
Committee approved the bill, which would make it harder for people to wipe away
debts in bankruptcy. A lone Democrat, Rep. Rick Boucher of Virginia, joined the
majority Republicans to support the legislation.
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Means Test Gray Areas
Link Chart of Income v Expenses
Published Date Wed, 16 Mar 05 01:00 CDT
The IRS Guidelines for Allowable Living Expenses will govern in the means test under
the new law. For Debtors with income BELOW THE MEDIAN but well above the
Guidelines, we expect creditors and Trustees to object to Chapter 7 filings. We have
posted a representative chart for those incomes likely to come under scrutiny.
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Rebuttal to an Essay for Bankruptcy Reform
Link Rebuttal
Published Date Tue, 15 Mar 05 12:45 CDT
An essay supporting Bankruptcy Reform was recommended to us, so we read it, and
responded to it.
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Median Income Table Added
Link Median Income
Published Date Sat, 12 Mar 05 22:45 CDT
We have added a page to our discussion of the new law to list each states median
income. There are percentages on the page to calculate the median income for
different size families. This is the version for FY 2006 produced by the Government.
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Pre-nups and Support
Link Divorce Page
Published Date Fri, 11 Mar 05 08:30 CDT
Source Argus Leader
In an appeal involving the divorce of multi-millionaire Sioux Falls banker T. Denny
Sanford, the South Dakota Supreme Court ruled Thursday that prenuptial
agreements cannot limit alimony because that runs counter to state public policy.
The high court's unanimous decision said the provisions on alimony in a 1995
agreement between Sanford - whose net worth was estimated at $55 million - and
Colleen Anderson cannot be enforced. However, the part of the agreement dealing
with a division of property is valid and can be enforced because South Dakota law
allows prenuptial agreements to set conditions for dividing property in the event of
divorce, the Supreme Court said.
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Senate Passage of Bankruptcy Reform ActNew Law
Published Date Thu, 10 Mar 05 18:00 CDT
The Senate has passed the Bankruptcy Reform Act. Several minor admendments
were added, but the House is expected to take up the bill and provide it's own swift
passage. Check out our countdown clock to see how long is left in bankruptcy as we
know it.
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Countdown to Disaster
Link Clock
Published Date Thu, 10 Mar 05 09:00 CDT
We have added a countdown to the expected date the new bankruptcy act provisions
take effect. Some will take effect immediately after passage.
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Adoption gone bad, legal fees mount
Link Discussion Forum
Published Date Thu, 10 Mar 05 08:30 CDT
From the Chicago Sun Times: This adoption story is all about what is wrong with
adoption in the US. An agency takes advantage of the system and a vunerable
woman, and when someone calls them on it, the lawyer disparity comes crashing in
on the families. In somewhat related news, Canadian families are adopting
African-American babies faster than Americans are.
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Bankruptcy Reform Update
Link New Law
Published Date Tue, 8 Mar 05 17:00 CDT
The Schumer Amendment to the Bankruptcy Reform, the poison pill for the bill in
previous sessions was defeated today. This opens the door for a final vote in the
Senate tomorrow. The bill is expected to pass.
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Adoption Scam
Link Adoption Page
Published Date Thu, 3 Mar 05 12:00 CDT
A Wetumpka Alabama woman and her mother have pleaded guilty in an adoption
scam in which they used the daughter's unborn children as bait.
Cherish Tarbox, 20, and her mother, Jenny Lodge, 42, entered the pleas in Elmore
County Circuit Court on Tuesday. The women pleaded guilty to three counts of theft
by deception each and face a maximum sentence of 20 years for each charge, said
District Attorney Randall Houston.
Tarbox and Lodge scammed five prospective adoptive couples by offering to allow
then to adopt Tarbox's twin boys if they paid for medical and other expenses, police
reports said. The scam continued after the babies were born.
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FREE CREDIT REPORTS
Link Bankruptcy Page
Published Date Wed, 2 Mar 05 14:15 CDT
A new law went into effect yesterday that allows you to receive a free credit report
every year. No fees, no subscriptions: The reports can be ordered online here
or by calling, toll-free, (877) 322-8228.
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Divorce and Pregnancy
Link Divorce Page
Source Seattle News
Published Date Wed, 2 Mar 05 11:20 CDT
Spokane County Superior Court Judge Paul Bastings retired about four months after
refusing to allow a woman to divorce her estranged husband because she was
pregnant.
Shawn Hughes and her child, due this month, are not likely to be mistaken for
fairy-tale stars. Hughes was trying to divorce her husband, Carlos, who two years
before had been jailed for beating her. Hughes sought the divorce so she could
marry the man she said was the unborn child's father, Chauncey Jacques, who in
1998 pleaded guilty to a gang-related shooting that blinded an elderly man.
That said, Bastings' application of statutes and case law to deny this uncontested
divorce on the sole ground that Hughes was pregnant and that allowing the divorce
would render the child illegitimate was at best quaint, and certainly wrong.
NOTE: Wisconsin has similar statutes
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Paying off the Credit Card (companies)
Link Credit Card Calculator
Published Date Sun, 27 Feb 05 20:50 CDT
Why are credit card companies SO in favor of bankruptcy reform? It protects their
cash cow.
On a credit card @ 18%, paying on the minimum payment:
A $2,000 balance will take 18.50 years to pay off
A $4,000 balance will take 24.25 years to pay off
A $6,000 balance will take 27.50 years to pay off
A $10,000 balance will take 37.75 years to pay off
But do you know how long it takes for the credit card company to get back what it
loaned? 51 months.....no matter how much you borrowed. That means after 51
months of carrying a balance on the credit card, every penny paid to the credit card
companies for as long as 33 years, is profit.
At 24%, it would take only 45 months to get back the balance but to pay off?
$2,000 would take 33.5 yrs
$4,000 would take 45.17 yrs
$6,000 would take 51.75 yrs and
$10,000 would take 60.25 yrs
ONE $6,000 credit card with a full balance would take someone their ENTIRE working
life to pay off at the minimum payment. If the credit card companies have their way,
the new law will make anyone with $100 a month extra repay their $6000 in ....5
years.
Let's make this easy. Instead of allowing credit card companies to structure their
repayment plans over 30, 40 or 60 years, require them to schedule minimum
payments based on the highest balance ever held.
$2,000 highest balance @ 24% would be $40
$4,000 highest balance @ 24% would be $80
$6,000 highest balance @ 24% would be $120
$10,000 highest balance @ 24% would be $200
In each case, the balance would be paid off in just 5 years....just like in
bankruptcy....Bet they will not like it...MBNA, the largest issuer of credit cards earns
almost a billion dollars a year PROFIT.....cash cow indeed.
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Discussion Forums Added
Link Forums
Published Date Thu, 24 Feb 05 22:40 CDT
We have added discussion forums for each area of practice. Topics of interest will
include news of the day related to each area.
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New Mexico Foster Care Oversight Done
Link Adoption Page
Source Albuquerque Trib
Published Date Thu, 24 Feb 05 16:00 CDT
A landmark federal consent decree that brought shame to New Mexico for the way it
ran its foster care ends today after a quarter-century of fighting in the courts and,
ultimately, finding more adoptive homes for children. Parties on both sides of the
1983 federal consent decree - the first to be imposed on a state human services
department - were expected to gather today at the Roundhouse in Santa Fe to
commemorate the decree's demise.
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Adoption's Dark Site
Link Adoption Page
Source Salt Lake Trib
Published Date Tue, 22 Feb 05 09:50 CDT
From Salt Lake Tribune: The court order was made public last week by attorneys for
Carmen McDonald, a Chicago woman who also has sued A Cherished Child.
McDonald alleges the agency took advantage of her financial and emotional
vulnerability and in December coerced her into surrendering her 3-month-old girl for
adoption. Attorneys for A Cherished Child refuse to comment on the lawsuits. But
McDonald's attorneys hope the Baby Wade ruling will help give them the leverage
they need for an injunction ordering "Baby Tamia's" immediate return.
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Interest Rates and Bankruptcy
Link Bankruptcy Page
Source Detroit Free Press
Published Date Tue, 22 Feb 05 09:20 CDT
"A missed payment can complicate the situation. Metzen said he has seen bad credit
drive some people's mortgage rates above 15 percent and credit card rates to more
than 29 percent. "The credit-card industry will have you believe people plan to go
into bankruptcy (while running up big balances). But for most it's a last resort," he
said. "They just want the phone calls to stop."
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Bankruptcy Reform - An Analysis
Link Analysis
Published Date Sun, 20 Feb 05 16:10 CDT
We have posted an analysis of the new bankruptcy reform bill and the impact certain
sections will have on individual debtors. Overall, the bill does not provide for a fresh
start, it demands debtors start all over...
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One Reform, Two Reform?
Link Divorce Page
Source Canyon News
Published Date Sun, 20 Feb 05 15:15 CDT
Nathan Tabor, an activist in North Carolina writes in the Canyon News of California:
"We can stop the soaring divorce rate in America by discarding the failed no-fault
divorce model and toughening the laws on getting a divorce. Laws proposed in many
states say that when a couple has children under 18, they can only get a no-fault
divorce if they both consent to it."
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Adoption and the best interests of the Child?
Link Adoption Page
Source PlanetOut.com
Published Date Fri, 19 Feb 05 10:05 CDT
From PlanetOut.com - Florida: State Sen. Nan Rich has proposed that judges could
allow adoptions if they conclude a permanent placement with a gay or lesbian foster
parent is more important to a child\'s development than maintaining a temporary
placement. Florida is the only state in the union that prevents gays and lesbians
from adopting under any circumstances. Convicted felons and drug abusers,
however, can adopt as long as they are heterosexual. Homosexuals in Florida are
allowed to be foster parents.
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Medical Bills and Bankruptcy
Link Bankruptcy Page
You may have seen this as it got some serious coverage. A study released last
week indicates that a large percentage of people filing bankruptcy did so because
of medical bills. I have always commented that about 1/3 of the people that file do
so because of medical bills but the study puts the number closer to 1/2. Whether it
is 1/3 or 1/2 is not relevant, the fact that a majority of those HAD medical insurance
is. I am encouraged that the study is getting some Congresspeople more focused
on the reform bill and the damage it might (will) cause.
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ALERT! Bankruptcy Reform back on track
Link Our Analysis
For the last 8 years credit card companies and banks have been trying to change the
bankruptcy law to make it much more difficult for PEOPLE to file bankruptcy. The law
is very lopsided and will hurt many people that need bankruptcy protection. The
President has said he will sign it if it gets to him. Last year, both the House and
Senate passed versions but could not reach a compromise on ONE issue. That
issue has been ommitted from the current version.
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New web site devoted to bankruptcy in Wisconsin
Link Wisconsin Bankruptcy Help
Cazel Family Law has provided a new website to help people considering bankruptcy.
WisconsinBankruptcyHelp.com offers information and resources for Chapter 7 and
Chapter 13 and help for people dealing with debt issues.
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