Legal Question in Credit and Debt Law in Wisconsin

Indirectly, yes, if you play your cards horribly wrong, you can end up in jail after defaulting on credit cards, medical bills, or any other type of debt. Once creditors sue you and get a legal judgment against you, they can also force you to provide detailed financial statements of assets under oath, or ask financial questions at a deposition type proceeding known as a supplemental proceeding, which may give them secured status on any nonexempt assets discovered. Failure to cooperate with these asset discovery procedures can actually lead to an arrest warrant against you under a theory that you are in contempt of court for not cooperating, and the amount of the bond to be released after arrest is likely to be the same as the amount of the judgment against you. You may therefore wish to consider a pre-emptive bankruptcy filing in order to prevent all of this. Bankruptcies are complex proceedings these days, which take a good deal of time to prepare, even if you have few assets. You would therefore be wise to get ahead of the need and consult with an experienced bankruptcy lawyer, or at least introducing yourself and your situation to a local lawyer. Please do not assume that I am your lawyer simply due to answering this question; you will need to make arrangements to retain any of the responding lawyers here before they would actually become your lawyer. You are welcome to call my office at 262-633-3090 for clarifications. http://www.lawguru.com/answers/atty_profile/view_attorney_profile/jknixon