Patricia K. Hammel's Answers

Recourse on second mortgages and HELOCs in Wisconsin

The plaintiff bank filing a foreclosure may elect to waive their claim for deficiency in exchange for getting a reduced redemption period (six months instead of twelve) between entry of the foreclosure judgment and sheriff sale in certain circumstances (normally owner-occupied property of four units or less). They do this the vast majority of the time. However, the other lien holders are NOT bound by the plaintiff's deficiency waiver, and may pursue their unpaid claims after foreclosure, or...

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I filed chapter 7 in court two weeks ago with $11,000 of irs debt included

A refund the debtor is entitled to prior to filing their bankruptcy petition can be "offset" against a tax debt owed prior to filing the petition. If your case was filed before January 1 2011 you were not yet entitled to the refund so they would be prohibited from setting it off during the case (Chapter 7s usually only last three months) by the bankruptcy stay which lasts during the case. If your case was filed on or after January 1 you were entitled to the refund Jan. 1 so they in effect...

I have filed chapter 7 on both my business. I had a judgement against one of them and that is why I had to file. But the

The bankruptcy stay prohibits creditors from taking action to collect from property of the debtor's bankruptcy estate. It is not clear whether your businesses were incorporated or if the businesses themselves filed bankruptcy (they would have to be incorporated). Also not clear whether the debts which were the subject of the judgments were debts of the incorporated business or debts for which you personally are liable either because there was no separate business entity (you are just "doing...