Earlier this month, three creditors filed an involuntary bankruptcy petition against the Don Jacobs Mitsubishi car dealership in Milwaukee. The car dealership is currently closed.

The Chapter 7 bankruptcy filing was filed against Don Jacobs Imports, LLC, and claims debts of approximately $47,000. The creditors filed the bankruptcy in an attempt to stop a lawsuit from being filed against the car dealership by Boucher Automotive Group.

Chapter 7 bankruptcy petitions can be a new start for individuals and businesses with the elimination of unsecured debts. In addition, under Chapter 7 bankruptcy, debtors can rebuild their credit.

To learn more about Chapter 7 bankruptcy, contact the Milwaukee Chapter 7 bankruptcy attorneys of DeLadurantey Law Office, LLC at 414-377-0518 today.

The total number of bankruptcies filed in the state of Wisconsin in 2011 was lower than the total number of bankruptcies filed in 2010.  Experts say this is the first statewide decrease in bankruptcy filings in Wisconsin in 6 years.

Bankruptcies decreased by about 10 percent, with approximately 27,000 bankruptcies filed in the state last year.  Chapter 7 bankruptcy was the most popular type of bankruptcy in Wisconsin, accounting for almost 80 percent of the state’s total bankruptcy petitions.

Chapter 7 bankruptcy allows unsecured debts like credit card debt to be eliminated, and provides liquidation exemptions for certain types of property.  In addition, by filing for Chapter 7 bankruptcy, one is able to improve their credit score.

To learn more about filing for Chapter 7 bankruptcy in Milwaukee, contact the Milwaukee Chapter 7 bankruptcy attorneys of DeLadurantey Law Office, LLC by calling 414-377-0518 today.

Recently, sports agent Lee Steinberg filed for Chapter 7 bankruptcy.  The agent is famous for representing top athletes like Troy Aikmen and inspiring the 1996 film “Jerry Maguire” and its main character.

Steinberg currently owes $1.4 million in a lease for a property in Newport Beach.  The Chapter 7 bankruptcy filing lists total debts between $1 and $5 million, and only one asset of $475,000 in stock.

The sports agent said he accumulated debt while he was in rehab to recover from an alcohol addiction, and his business suffered as a result of these debts.  Steinberg says he has been sober since 2010.

Contact the Milwaukee Chapter 7 bankruptcy lawyers of DeLadurantey Law Office, LLC at 414-377-0518, if you are considering filing for bankruptcy and would like to learn more about your options.

The total number of bankruptcies filed in Wisconsin in the first nine months of this year were 9.5 percent lower than in the same time period last year.

So far this year, 21,167 bankruptcies have been filed in the state of Wisconsin.  In the first three quarters of 2010, 23,401 bankruptcies were filed across the state.

The most common type of bankruptcy filing has been Chapter 7 bankruptcy.  Chapter 7 bankruptcy allows consumers to eliminate certain dischargeable debts like credit card debt, personal loans, leases, business debts, and more.

Bankruptcy experts say they have seen an increase in small business owners turning to Chapter 7 bankruptcy when their businesses experience financial troubles.

If you or someone you know is seeking advice on filing for Chapter 7 bankruptcy, contact the Milwaukee Chapter 7 bankruptcy lawyers of DeLadurantey Law Office, LLC at 414-377-0518 to learn more about how we can help you.