We’ve written a series of blog posts answering common questions regarding advice on bankruptcy and how to improve your finances. Call (262) 827-0375

Tips for a Successful Chapter 13

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Before getting started with a Chapter 13 Milwaukee bankruptcy, it’s important to know a few things about the process and how to make it work for you. If everything is done correctly, accurately, and in a timely manner, the process can go quite smoothly.

Filing for Chapter 13 requires you to make a promise to yourself (and the courts) that you will change your habits when it comes to handling your finances. The process requires that you live with a strict budget during a three to five year period, which can be very difficult. Sticking to the changes will help you come out of the bankruptcy with a fresh start. Here are a few tips that will help your bankruptcy go well.

Budget

The single most important part of a successful Milwaukee Chapter 13 bankruptcy is creating and sticking to a budget plan. The bankruptcy cannot work if you don’t make your payments. Your budget will likely be a reality check of sorts for you. You must stay committed to making your payments and not fall behind. Doing so will make the process much easier in the long run.

Communication

Another important aspect is effective communication. You will likely receive mail, e-mail, or phone calls from your attorney, trustee, or creditors. It’s important that you tend to these and not ignore them. Ignoring these contacts can only complicate and lengthen the process. If creditors are harassing you, it could mean they are unaware of your filing for Chapter 13. If that’s the case, you need to contact your attorney and get things straightened out.

Paperwork

There is a lot of work that goes into preparing and completing paperwork for your bankruptcy. It’s extremely important that you gather and organize all of your financial records and obtain any missing pieces. It is critical that the paperwork be completed honestly, accurately, and thoroughly. The paperwork is difficult and can be frustrating at times, but your attorney will work with you.

Having a successful Chapter 13 Milwaukee bankruptcy requires hard work, persistence, and sacrifice. Throughout the process, you will likely become smarter with your finances and come out with a fresh new outlook on financial planning. The process is tough, but effective. If you’d like more information about filing for Chapter 13 bankruptcy, contact bankruptcy lawyer Michael Burr at Burr Law Offices to schedule a free consultation.

Money Management Tips for Recent Milwaukee College Graduates

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college money managementDuring college, many students are forced to live on limited incomes, relying solely on money from their student loans or financial rations from their parents. Once college graduates secure their first full-time jobs, they may suddenly find themselves with more monthly income than they are accustomed to having. It’s important for any recent college graduate to effectively manage his or her new finances in order to avoid going into severe debt.

Know your credit score

As soon as you borrow money from a lending institution that reports to a major credit bureau, you have established a credit report. Home loans, student loans, and most credit card agencies report to the three major U.S. credit bureaus. In addition, any unpaid utility or medical bills can be reported to a credit agency if the bills are handed over to a collection agency. How you use your credit and pay back your obligations will be used in the calculation of your credit score. It’s important to periodically review your credit score and look for any mistakes to ensure that you are on the right financial track.

Use debt sparingly

You should never borrow an amount of money that you aren’t able to pay back. If you have never had a credit card before, begin by just taking out one credit card. You can also build up a favorable credit score by taking out a secured credit card, which you pay for in advance. You will need to start repaying any federal student loan debt, including Stafford and Perkins loans, six months after you stop going to school.

Live frugally

Even though you might have more income than you were previously used to, it’s important to limit your spending habits. As a young adult, you should be building up savings and emergency funds, not spending your entire monthly paycheck on shopping, morning coffees, or expensive dinners.

If you are facing financial difficulties, Burr Law Office can help. Attorney Burr offers affordable bankruptcy services and will work with your unique financial situation to find your best debt resolution option. You can schedule a meeting by calling (877) 891-1638.

Tips to Avoid Financial Troubles During the Holidays

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As you head into the holidays, it’s important to keep a close eye on your financials and spending habits. Many people tend to go a bit overboard because of parties and other obligations and find themselves in trouble after the holidays have ended. Milwaukee bankruptcy Attorney Michael Burr has a few tips to help keep your spending under control this season.

Shop with a plan.

Just as you bring a list when you grocery shopping, it’s important to make a list when buying gifts. Before you go to any stores, decide how much you are able to spend on each person and stick to that amount. It’s helpful to jot down a few gift ideas, too. If you find yourself wanting to purchase things that aren’t on your list, hold on to them but give yourself time to look around and really think about whether or not it’s a necessary purchase. Note: Don’t forget about extra expenses like wrapping materials, host gifts, etc. when making your list!

Retail isn’t the only place to shop.

In this day and age, there are tons of opportunities to find lower prices on gifts for the holidays. Don’t feel as though you need to purchase every gift from the mall or other retail stores. Many sites offer free shipping and other discounts during the holidays.

Pay in cash as often as possible.

The biggest mistake people make during the holidays is racking up enormous charges on their credit cards that they aren’t able to pay back after the holidays. Try to pay for as many purchases with cash as you can. If you don’t feel comfortable carrying cash and don’t have a debit card, use one credit card and keep close tabs on your purchases by writing each one down.

Don’t wait until the last minute.

Rushing to the store the day before (or worse, the day of) a party can cause you to impulsively buy the first thing you see. When you don’t have time to think about your purchase, you’re more likely to overspend or convince yourself that the cost is not important. Plus, if you’re an online shopper, waiting until the last minute will generally lead to massive shipping fees to get things on time.

The best advice we can give is to make a budget plan and stick to it. There’s no need to go out of your means to impress anyone. Enjoy the holidays with friends and family and keep your finances in check. Our Milwaukee bankruptcy team at Burr Law Office is here to answer any questions you may have about shopping during the holidays!

Don’ts: Things Not To Do Before Filing for Waukesha Bankruptcy

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If you find yourself in a situation where filing for bankruptcy is your best option, there are a few things you should keep in mind before doing so. Due to the fact that your debts will soon be reorganized and put into someone else’s control, it’s important that you abide by rules and regulations associated with bankruptcy. The last thing you would want is for new problems to arise. Here are a few helpful tips to consider, from Waukesha bankruptcy lawyer Michael Burr.

Don’t: Acquire new debt.

Creditors may attempt to object to a discharge if you’ve increased your debt within up to 90 days before filing. They may argue that it’s a case of fraud, saying that you acquired the debt with no intention of paying it back. Additionally, you shouldn’t cash out or take loans from your 401(k), pension, or any other retirement plan or take out an equity line of credit against your home. Doing any of these things can cause issues in your bankruptcy.

Don’t: Provide inaccurate, dishonest, or incomplete information.

Completely the paperwork for a bankruptcy filing must be taken very seriously. Lying or providing falsified information can lead to serious consequences in addition to putting an immediate stop to your bankruptcy filing. Be sure to provide all information correctly and do not hide any information.

Don’t: Skip filing your income tax returns.

Filing for bankruptcy is, in essence, impossible if you haven’t filed all of your income tax returns for at least two years prior to filing. These documents play a very important role in determining your earnings and asset holdings. Be sure to provide all tax related information to your Waukesha bankruptcy attorney before proceeding.

Don’t: Lie about or hide assets.

It is very important that you do not hide any assets in a bankruptcy filing. Some people may be tempted to sell or transfer assets in hopes that they will be protected during your bankruptcy proceedings. If you do this, there is a strong chance that you would be denied a discharge and could face criminal charges. There are exceptions to this, of course, in that some people sell things hoping to help pay off their debts on their own. The important thing to note if you’ve done so is to let the trustee know. They’ll generally ask if you’ve sold, transferred, or given away any assets up to a year before filing.

Nobody wants to be presented with issues in addition to what they’re already dealing with. If you’ve already done one of these things or want to learn more things to avoid before filing, talk with Waukesha bankruptcy Attorney Michael Burr. He can help you determine the best solution for your situation and get you on the path to being debt-free.

Managing Money While Attending College in Milwaukee

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For most of us, going to college means being on our own for the first time—and while this means you have the ability to make major decisions on your own, it also means more responsibility. In this video, we take a closer look at how college students can stay on top of their finances while in school.

The first step to take is to create a detailed budget of all your spending habits. This should include the money you need for books and other academic expenses, groceries, gas, and entertainment. Check out the complete clip for tips on sticking to your budget.

https://www.youtube.com/watch?v=rt1eHhWxf8I

Are you facing large amounts of debt? Give your Milwaukee bankruptcy attorney at Burr Law Office a call at (877) 891-1638 for more information about our bankruptcy options and debt relief services.

Milwaukee Legal Aid: Creating a Monthly Budget

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Making a monthly budget is the first essential task for any consumer after applying for debt reorganization or declaring bankruptcy. After your attorney has helped you eliminate your debts, your first goal should be to get back on track financially. To make a monthly budget that works for your needs and lifestyle, follow these simple guidelines.

Identify Your Expenses

The primary task in making any budget is simply to compare your income to your expenses. First, identify how you are currently spending money, and set goals that take into account your long-term financial objectives. To track your spending and make sure you stay within our budget, consider investing in a financial software program like Quicken or Microsoft Money.

Watch Your Cash

If you are like most people, keeping track of how much cash you spend can be a difficult task. But the first step to getting your finances on track is sticking to your budget, and it is nearly impossible to follow your financial plan when you forget to record daily cash expenditures, from dry cleaning to morning coffees to paying parking meters. Whenever possible, use a debit card instead of hitting the ATM to avoid cash leakage.

Analyze the Details

While it is not necessary to spend hours each day creating new lists and categories, it is important to watch out for what financial experts call spending creep. As your income begins to naturally increase due to promotions or investment payoffs, remember not to adjust your spending accordingly without taking a look at your original budget first. Chances are, other expenses like rent payments have also gone up.

If you have suddenly found yourself buried under a mountain of debt, you probably know firsthand just how exhausting creditor harassment can be. An attorney can put an immediate stop to foreclosure, stop repossessions, and end harassing phone calls. If you are in need of Milwaukee lgal aid, contact Burr Law Office at (877) 891-1638 to schedule a free consultation.

Three Tips for Planning a Financially Stable Future After Bankruptcy

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Though some people look at bankruptcy as financial failure, it’s actually an opportunity for a new beginning. Depending on which bankruptcy option you take, you could have your debts immediately eliminated or partially absolved. Once you commit to bankruptcy, however, it’s important to do everything you can to protect yourself against accumulating insurmountable debt again.

Stay away from credit

For many, credit cards are the biggest reason they fall into debt. To avoid returning to old habits, refrain from applying for new credit cards. Instead, use cash, checks, and your debit card. Once your feet are solidly on the ground, you can begin applying for credit cards and rebuilding good credit.

Spend responsibly

Of course, avoiding credit is much easier said than done. To ensure you don’t rely entirely on credit, do your best to scale back spending and establish a savings account. Having extra savings is invaluable in the event of a medical or financial emergency. Try to cut back on unnecessary expenses except for the occasional guilty pleasure.

Stick to your repayment plan

If you’ve opted for Chapter 13 bankruptcy, then you and your attorney have spent days, weeks, or even months trying to negotiate a fair repayment plan with your creditors. It’s advisable to stick to this repayment plan to the best of your ability, or you may find yourself facing the same situation.

If you’re in a tough financial situation but are nervous about the aftermath of Milwaukee bankruptcy, then contact Burr Law Office. If filing for bankruptcy is your best recourse, then Burr Law Office will work before, during, and after your bankruptcy case. Give us a call today at (262) 827-0375 and take one step closer to living debt-free.

Bankruptcy Tips & Advice

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While financial hardship is something everyone strives to avoid, it’s becoming an everyday reality for many. Filing for Waukesha bankruptcy may be the best option for resolving unmanageable debt. But what exactly is bankruptcy and how does it work?

This video can help you get a basic understanding of what bankruptcy is. You’ll learn about why it may be a good option for you, how your debts are managed during bankruptcy, and what happens to your assets. One of the best ways to determine whether or not bankruptcy is right for you is by speaking with an attorney. At Burr Law Office, you can schedule a free consultation with no strings attached – there’s no obligation to move forward with filing if it’s not your best option.

Attorney Michael Burr wants what’s best for you. If you don’t qualify  or don’t want to file for bankruptcy, he can offer you sound advice on alternative options that will help get you back on track and debt free.

If you’re looking for an affordable Waukesha bankruptcy attorney who can help you file for Chapter 7 or Chapter 13 bankruptcy, then contact Burr Law Office. Our attorneys specialize in helping clients just like you recover from financial hardship. Call (262) 827-0375 for a consultation or visit us online.