Wisconsin Bankruptcy Courts (WI)

How the Wisconsin Court affects life after bankruptcy discharge

Everyone looks forward to life after bankruptcy. A fresh start without the old remaining balances of prior debts creates almost unlimited opportunities. Start slowly, and build credit consistently through a record of early payments. With each passing month, the weight assigned to late payments, litigation, collection and other adverse entries diminishes to a point of insignificance. After the Wisconsin Bankruptcy Court concludes a case, the credit report entry remains for a period of up to 10 years. Nevertheless, many debtors report improved credit ratings in a s little as 24 months, as the weight assigned to new, timely payments replaces old adverse entries.

There are two Wisconsin Bankruptcy Court Districts:

Wisconsin Eastern Bankruptcy Court Divisions: Green Bay, Kenosha, Manitowoc, Milwaukee, Oshkosh, and Racine.

Wisconsin Western Bankruptcy Court Divisions: Eau Claire, La Crosse, Madison, and Wausau.

Life after bankruptcy also has it's challenges. Debtors report difficulty opening commercial bank accounts, while personal checking accounts are available to almost everyone the day after the conclusion of a case. Many employers use credit reports, which include filing information, as a means of screening job applicants. Insurance companies follow a similar policy when calculating premiums, so that poor credit may result in higher premiums for many insurance products. Loan interest rates will be higher, and credit card companies may require security deposits. Nevertheless, compared to confronting unmanageable debt load and constant litigation, the cost of filing pales in comparison to benefits.