Wisconsin

Bankruptcy Lawyers.

February 06, 2012

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Bankruptcy News

Undergo Credit Counseling Before Filing For Bankruptcy

Approval Process for Credit Counseling and Debtor Education Courses United States Bankruptcy Administrator Program

United States bankruptcy administrators in Alabama and North Carolina are accepting applications for approval of credit counseling agencies or debtor education course providers as required by the Bankruptcy Abuse and Consumer Protection Act of 2005 ("2005 Bankruptcy Act").

The 2005 Bankruptcy Act requires all individual debtors who file bankruptcy on or after October 17, 2005, to undergo credit counseling within six months before filing for bankruptcy relief and to complete a financial management instructional course after filing bankruptcy.

The 2005 Bankruptcy Act directs the bankruptcy administrator to assess and approve credit counseling agencies and debtor education course providers, according to statuory criteria, and requires the Clerk of Bankruptcy Court to maintain a publicly available list of approved credit counseling agencies and debtor education course providers.

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Did You Know?

Many family finances include a credit card debt
The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt.

	Newsroom
	News about Bankruptcy in Wisconsin and nationwide: New Bankruptcy Law 2005 Beginning on October 17, 2005, most individual debtors filing for bankruptcy relief were required to complete either Official Bankruptcy Form B22A ... Read more > Representative Adam Smith Will Support Bankruptcy Reform The Bankruptcy Reform Act of 1999 (H.R. 833) is expected to pass the House today. Under current law, bankruptcy filers may file under Chap... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Absolute priority

Definition:
The order of payment to the different classes of creditors mandated by the Bankruptcy Code. In theory, claims with higher priority are paid in full before other claims receive anything

Avoidance power

Definition:
The power of the court to invalidate certain obligations or transactions undertaken by a debtor prior to filing bankruptcy.

Automatic stay

Definition:
The suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. Occurs automatically when the bankruptcy petition is filed.

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Bankruptcy Resources

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Bankruptcy Hot Topics

Topics Related to Bankruptcy:

Chapter 7
Chapter 13
Chapter 11
Chapter 12
Chapter 9

Wisconsin Bankruptcy Attorney

If you live in the following cities and need a Bankruptcy attorney you should contact our Bankruptcy Attorney as soon as possible:

Appleton
Beloit
Burlington
Chippewa Falls
De Pere
Eau Claire
Fond Du Lac
Franklin
Green Bay
Janesville
Kenosha
La Crosse
Madison
Manitowoc
Marshfield
Menomonee Falls

Milwaukee
Neenah
New Berlin
Oak Creek
Oconomowoc
Oshkosh
Racine
Sheboygan
Stevens Point
Sun Prairie
Superior
Waukesha
Wausau
West Bend
Wisconsin Rapids

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