Bankruptcy

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Tired owner sitting on floor in closed cafe, small business lockdown due to coronavirus.
Tired woman owner sitting on floor in closed cafe, small business lockdown due to coronavirus.

A bankruptcy filing is intended to give debtors a financial “fresh start.” However, debtors’ financial futures are only as good as what they can make of it. Fortunately, former bankruptcy debtors have many steps, options, and resources to make the most of their fresh start, and continue the road to financial independence.

Here are a few:
First: Get Serious About Personal Finances
The most important first step for debtors emerging from bankruptcy is to get serious about their personal…
Continue Reading Lawyers: Advice to Help Your Bankruptcy Clients Take a ‘Fresh Start’

Housing is important to all of us, whether we have gone through a bankruptcy or not. People often have concerns about being able to obtain housing after a bankruptcy.

I have been practicing for over forty years and have represented thousands of people in bankruptcy cases. I have yet to have a client call me and tell me that they were homeless because of their bankruptcy filing.

Certainly there are some landlords who will view your credit history and…
Continue Reading Renting a House or Apartment after Your Bankruptcy Case

Q. Are My Financial Problems Serious Enough That I Should Consider Filing Bankruptcy?

A. Possibly. Take this Yes or No quiz to find out.

• Do you make just the minimum payments on your credit cards?
• Are creditors or collection agencies calling you because you owe them money?
• Are you paying for necessities like groceries and gas using credit cards?
• Are you considering consolidating your debt?
• Does your financial situation ever keep you up at…
Continue Reading Frequently Asked Questions: Are My Financial Problems Serious Enough That I Should Consider Filing Bankruptcy?

Q. What Are Common Reasons People File Bankruptcy?

A. There are many reasons why someone would file bankruptcy. The most obvious is to eliminate debt.

Additional reasons include:

• To stop harassing, threatening, or annoying phone calls
• To stop wages from being garnished
• To end lawsuits or tax levies
• To force tax authorities to accept installment payment plans
• To terminate leases
• To lower interest rates
• To reduce amounts owed on loans
• To…
Continue Reading Frequently Asked Questions: What Are Common Reasons People File Bankruptcy?

Q. Is Bankruptcy Right For Me?

A. Possibly. When choosing bankruptcy, there are many sub-options. A lawyer who is familiar with practicing all forms of bankruptcy can help you make the best choice about which option you should choose.

For more on this subject and many other frequently asked questions about bankruptcy and financial problems, check out Attorney Krekeler’s new book Bankruptcy, Asked and Answered: Answers to Frequently Asked Questions about Bankruptcy and Financial Problems. Need help with your …
Continue Reading Frequently Asked Questions: Is Bankruptcy Right For Me?

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Shopko… Briggs & Stratton… Appvion (formerly Appleton Papers)… Harnischfeger… Bon-Ton… JHT Holdings… Arandell… Golden Guernsey Dairy. We tend to think of these companies as our own — Wisconsin-based, some with storied traditions here, employers of family members and friends — but all of them have one thing in common: they filed for bankruptcy protection in another state. Recently proposed congressional legislation aims to reduce the number of such extraterritorial filings.
Current Bankruptcy Venue Law
The venue, or location of…
Continue Reading Cause for Reform: The Bankruptcy Venue Reform Act of 2021

A well-drafted personal guaranty of payment and performance provides peace of mind for the diligent lender. It is not only irrevocable, but also covers future extensions of credit and includes broad waivers of defenses. Even when a lender is faced with a bankruptcy proceeding, the guarantor’s promise to pay the full amount of a debt is inviolate: a claim against the guarantor need not be reduced to account for recoveries from other sources unless and until the creditor is…
Continue Reading Lenders Beware: The Effect of Bankruptcy on Personal Guaranties