Wisconsin residents may be aware that some financial transactions require assets to be kept as collateral. According to most loan agreements, the debtor is legally bound to repay the money that was borrowed within the prescribed amount of time. Otherwise, the...
Property and Asset Forfeiture
Creditors in Wisconsin can repossess a debtor’s vehicle
Creditors have the legal right to repossess a debtor's vehicle in Wisconsin in the event that the debtor defaults on repaying a debt. This is a paradigm shift from the previous law that was in place several years ago and has diluted consumers' rights substantially....
Wisconsin residents have rights during vehicle repossession
Most Wisconsin residents know that if an individual defaults on his or her car loan, the bank or finance company has the right to repossess the car. However, many states, in the interest of protecting consumers, have enacted laws to limit these repossession rights. In...
Protecting assets and preventing repossession in Wisconsin
Residents of Outagamie County love their families and want to provide the best for them. They work hard to buy a home, car and other material possessions so that they and their families can lead comfortable lives. Several of them also use credit facilities, and pay in...
Are asset forfeiture laws being abused by police officers?
Residents of Outagamie, Wisconsin, may be aware that certain legal procedures, including bankruptcy petitions, can result in the seizure or liquidation of personal property. In most circumstances, the disposal of assets is usually a court-approved, and moderated...
What type of personal property can be seized following a default?
Residents of Outagamie County, Wisconsin, may be aware that certain financial transactions require a person to use assets as collateral. The debtor and creditor are then bound by a legally enforceable contract, which is valid until the sum that was borrowed is repaid,...
What is the homestead exemption in Wisconsin?
When a person is considering whether to file for bankruptcy, one of the main concerns likely relates to the family home. For many, a significant amount of money is invested in their home in the form of equity. However, as part of bankruptcy, the court will consider...
New methods for protecting homes against asset forfeiture
Asset forfeiture refers to any form of relinquishing assets, whether property or money, due to a breach or failure to perform a legal obligation. Relinquishing assets, in some cases, is ordered by the court. Asset forfeiture is not uncommon in a divorce situation,...