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The 2 keys to post-bankruptcy credit rebuilding

One of the main things that people ask when considering bankruptcy, understandably, is how they can rebuild their credit after they file. In fact, many people are under the impression that filing for bankruptcy means you ruin your credit forever and that you'll never get a loan again.

First things first: That's not how bankruptcy works. It does not mean your credit is ruined forever. It does not mean you can never get another loan. You can. It may just take work to get your credit score back up to where you want it again. To do it, there are two keys: Secured cards and on-time payments.

Why you should meet with an attorney before divorce is imminent

Many people put off talking with a family law attorney until they're certain they want to divorce their spouse -- or until their spouse asks them for a divorce. They're afraid that talking to a lawyer makes something real that may not be yet -- or ever. They may be concerned that an attorney will talk them into getting a divorce when they haven't made up their mind yet. No responsible attorney will do that.

Why should you talk with an attorney before you've made up your mind about your marriage or if you only suspect that your spouse may be ready to end it? It's wise to be prepared, to understand Wisconsin family law statutes and to know how the process works. This can be empowering.

Business bankruptcy and your credit history

Declaring bankruptcy is the sum of all fears for many business owners. If you’ve reached that point and there are no other alternatives, then you need to proceed to filing Chapter 7 and dissolving the business. While you’re aware that the bankruptcy adversely affects credit history, you may not be sure how it will affect you.

Different laws apply to sole proprietorship, general partnership and corporations. The laws governing the structure of your business determines how it affects your credit score. In addition, your credit score hinges on the financing or debt for the business. You are personally responsible for a personally guaranteed business loan, business credit card in your name or any other underwritten debt you signed for.

Making ends meet as a single parent may take some creativity

Sometimes, divorced parents find themselves with sole custody of their children and little, if any, financial support from their co-parent. While noncustodial parents have an obligation to help support their children, sometimes they simply don't have the resources to provide much help. In some cases, they may be incarcerated and unable to help at all.

Whatever the situation, if you're now a financially strapped single parent, there are things you can do to keep your family afloat as you adjust to your new family dynamic. This often requires some thinking outside-the-box, creativity and not being afraid to ask for help.

Don't forget your loved one's credit reports after their death

If you're the executor of a loved one's estate, one of your responsibilities is to deal with their financial products, including bank accounts, credit cards and loans. You will likely close their accounts, cancel their credit cards and pay off any balances on those cards as well as on their loans and lines of credit.

It's also essential to notify the credit bureaus of your loved one's death. These bureaus, Experian, Equifax and TransUnion, will need to seal the deceased's credit reports and place a death notice on them. A death notice helps prevents someone from illegally using that person's information to apply for credit.

Possible layoffs announced as company looks for buyers

Many media companies are struggling as they try to pivot from print publications to online ones to appeal to readers' changing habits. F W Media is one of those struggling companies.

Just a month after filing for Chapter 11 bankruptcy, F W has announced that if it's unable to find a buyer for its Krause Publications within a few months, it will close its Stevens Point, Wisconsin, office. The company moved to Stevens Point from Iola just last spring when its building was taken over by the Iola Car Show.

How lawyers help farmers during the farming crisis

Dairy farmers are experiencing a harsh beginning to spring with the effects of the trade war looming and unpredictable weather over the last few weeks. It puts farmers significantly behind schedule and possibly reduces yearly profits.

Unfortunately, it is not a new problem for farmers. According to the Wisconsin Department of Agriculture, Trade and Consumer Protection, Wisconsin loses around 500 dairy farms each year since 2003. And many operating farms see significant losses due to increased competition and lower prices on dairy products.

How alcohol monitoring can help you in your custody battle

If issues with alcohol contributed to your divorce, you're not alone. One study found that the divorce rate rises as alcohol consumption rises. When these divorcing couples have children, balancing the safety of the kids with their ability to maintain a relationship with the alcoholic parent can be complicated.

Children who have a parent with an alcohol or other substance abuse issue are at greater risk for attention deficit disorder (ADD), low self-esteem and anxiety. They're also more likely to have problems at school and on standardized tests.

Is a spendthrift trust the right choice for your heirs?

Good parents realize that loving their children means preventing them from harm. It also means that they may need to step in at times and protect them from their own worst inclinations. Unfortunately, for some parents, the need to do this doesn't stop when their children reach adulthood.

You know your children better than anyone else. You've had a lifetime to watch how they comport themselves with money and responsibility. If you know that leaving your adult children with a lump sum of money will be problematic for them, you will do them no favors to give them unfettered access to their inheritance.

Record number of Americans are in default on their auto loans

As auto loan debt surges, so too do Americans who are struggling to meet these financial obligations. According to the New York Federal Reserve, more than 7 million people were 90 days or more behind on auto loan payments at the end of 2018. At the same time, auto loan debt increased by $584 billion. This marks the biggest increase since the federal reserve started tracking these numbers.

For many consumers, this could spell trouble. Typically, most auto loans are considered in default if the payor is 90 to 120 days behind on payments. When a car loan is in default, the lender has the right to repossess the vehicle.

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