SCOTUS Issues a TILA Recission Decision

Under the Truth in Lending Act, borrowers may unconditionally rescind a loan with three days following the [later of] the consummation of the transaction or the delivery of TILA disclosures.  A borrower may further rescind for up to three years if the lender fails to satisfy the disclosure requirements of TILA.
At question in the case of Jesinoski v. Countrywide Home Loans, Inc. was whether recission was valid only by the filing of a lawsuit, or if written notice would suffice.  The U.S. Supreme Court held that only written notice was required.

Tax Return Reminder

This is a reminder for all people who are in a pending Chapter 13 Bankruptcy case…
All debtors must submit a copy of their 2014 federal and state income tax returns to the Chapter 13 Trustee REGARDLESS of whether you are required to submit any portion of your tax refund.  (If you are not sure whether you are required to submit part of your tax refund, contact my office to confirm.)
My clients should send a copy of their tax return to my office prior to April 16, (or an explanation for the delay) so that my office has a record of the tax return submission.  I will then relay your tax return to the trustee’s office.

2014 Foreclosure Statistics

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Total
Brown 45 28 44 40 36 46 33 34 38 31 43 32 450
Calumet 5 5 3 6 6 3 7 5 4 7 4 2 57
Door 4 4 6 3 0 6 2 1 3 4 2 2 37
Florence 2 1 4 1 1 1 1 2 3 1 0 0 17
Fond du Lac 29 15 16 18 17 15 15 28 10 15 11 17 206
Forest 3 4 1 1 1 4 1 1 1 2 3 0 22
Green Lake 4 6 3 2 4 4 2 5 3 2 3 3 41
Kewaunee 3 2 3 5 2 2 3 2 2 2 1 0 27
Langlade 4 5 7 9 2 4 5 4 5 4 3 5 57
Manitowoc 10 13 34 10 10 15 17 12 15 18 2 13 169
Marinette 11 8 7 9 10 12 13 9 12 8 6 4 109
Marquette 10 6 8 4 4 2 3 7 1 3 4 2 54
Menominee 0 0 0 0 0 0 1 0 0 0 0 0 1
Oconto 9 11 11 5 8 8 13 5 5 3 3 10 91
Outagamie 32 36 27 32 18 24 18 15 19 29 22 16 288
Shawano 9 12 7 5 11 10 5 8 11 7 6 3 94
Sheboygan 40 27 24 21 21 20 21 20 24 23 9 11 261
Waupaca 16 12 16 15 9 9 8 13 10 11 9 8 136
Waushara 7 6 5 4 4 2 7 9 11 10 4 5 74
Winnebago 33 33 32 27 31 21 28 21 28 23 24 26 327
NEWI Total 276 234 258 217 195 208 203 201 205 203 159 159 2518
STATE Total 1290 1125 1239 1073 941 1032 1004 982 948 1011 838 807

Bronk Update

A while back, a decision was issued in the Western District of Wisconsin called Bronk.  Bronk held that only the beneficiaries could claim a state exemption in an educational savings account under Wis. Stat. 815.18(3)(p).  The 7th Circuit Court of Appeals reversed that decision last week, allowing account holders to also exempt their interest.  That decision is now binding on both federal districts in this state.
So, prior to this reversal, for an educational savings account to have been protected by this exemption, the person filing bankruptcy (the debtor) had to be the beneficiary, not the person who established the account.  Now, either the account creator or the beneficiary can both exempt the funds.

Utility Reminder

As the temperatures plunge below zero for much of the week, a lot of furnaces are going to be working overtime.  For many of you, the expensive gas and electric bills will mean becoming delinquent on your utilities.
The winter moratorium protects you from a shut-off until April 15.
If you fall behind on your utilities and are facing a shut-off in the spring, call an attorney now.  Don’t wait until April 14 to do something about it – you won’t be the only person with this problem.
Wisconsin Public Service has been cooperating with Chapter 128 debtors to avoid shut off, despite a Milwaukee County court decision that ruled they were under no obligation to do so.  Chapter 128 can be a fast and inexpensive way to get relief from a utility shut-off.  WE Energies customers, however, cannot rely on a Chapter 128 stay.