Bankruptcy is for everyone | Milwaukee, WI

BREAKING NEWS:   U.S. Department of Justice announces new rules to discharging federal student loans. Find out if you qualify TODAY!

Milwaukee 414-250-7880         Madison 608-465-4594         Green Bay 920-626-3125

Serving all of Wisconsin
Toll-free 866-906-5634  Milwaukee  414-250-7880     Madison  608-465-4594     Green Bay 920-626-3125

Our 3 Step Process

Step 1:
Get Out Of Debt

Step 2:
Clean Up Your Credit

Step 3:
Build Your Score

Home 9 Bankruptcy 9 Bankruptcy is for everyone

Bankruptcy is for everyone

by | Sep 4, 2015 | Bankruptcy


Funny thing about bankruptcy. While many people will decry the use or prevalence of bankruptcy, especially those who work for or are sympathetic to creditors’ interests, you may be surprised by those who are willing to avail themselves of the protection a bankruptcy filing offers.

A man running for the Wisconsin state assembly as a conservative admits he filed bankruptcy in 2011. He claims a “frivolous lawsuit” by his former business partner caused the business to fail and necessitated his bankruptcy.


From the timeline, it is unclear if the lawsuit caused his home to go into foreclosure, or if it was a result of the mismanagement alleged by his business partner at the time. Nonetheless, he and his wife eventually filed Chapter 7 bankruptcies to discharge their debts.

As the story notes, the bankruptcy filing would typically place on hold other lawsuits, due to the operation of the automatic stay. The automatic stay can prevent a single creditor from obtaining a large judgment and claiming all or most of the potential assets of an individual or company.

In this case, there may not have been any assets to begin with, as the Chapter 7 indicated he had more than $600,000 in debts and only $25,000 in assets. He claims the financial crisis of 2008 and the economic downturn caused his problems. However, the lawsuit filed by his partner did not appear to be frivolous, as it was not dismissed by the court, but by the partner after the bankruptcy case resolved his issues.

Whether for personal or business, bankruptcy is a tool that we hope never to need to use, but can be very thankful for its existence in times of need.

Source:, “Assembly candidate defends bankruptcy, home foreclosure,” Daniel Bice, Milwaukee Journal Sentinel, August 29, 2015


Complete this form to receive your FREE copy of Attorney Miller’s book, Back On Track – How Bankruptcy can Revert the Financial Impact of COVID-19. Order today to begin your personal journey toward true financial freedom.

Sidebar (Book Request)