Legal Question in Credit and Debt Law in Wisconsin

While verbal contracts can legally be enforced when they only involve small monetary amounts, the old saying about them is true, that is, that they are not "worth the paper they're written on." Commercial vendors, however, do often have language in their invoices or other paperwork reserving the right to charge interest, which would generally trump a verbal agreement. Additionally, WI law allows small interest charges on open accounts even without an agreement. You therefore may be on the hook for some interest charges here. The good news, however, is that both interest and principal are generally 100% dischargeable in bankruptcy. While it wouldn't be worth spending a thousand or two over a $1000 debt, if you are like most owners of failed businesses, you probably have multiple other reasons to consider bankruptcy. You therefore owe it to yourself to at least schedule a free initial consultation with an experienced bankruptcy lawyer. My comments here are not legal advice, nor do they create an attorney client relationship between us; rather they are only for public educational purposes on this website. You are; however, always welcome to contact my office in Racine to discuss any additional questions which you may have.