No.  There is no requirement that you hire a lawyer.

Maybe.  Anyone attempting to collect a debt arising from a “consumer credit transaction” in Wisconsin, whether they are a merchant doing its own debt collecting or a third-party debt collector doing it, must follow Wisconsin’s debt collection law.  This is an important point because many merchants collecting their own debts mistakenly believe that they are exempt from Wisconsin’s debt collection law because they are not a “debt collector.”

Also, creditors who fall under the definition of a “debt collector” must also comply with the federal “Fair Debt Collections Practices Act” (FDCPA) which makes it illegal for debt collectors to use abusive, unfair, or deceptive practices when they collect debts.

Generally, a consumer credit transaction is any loan, lease or sale under $25,000, primarily made for a personal, family or household purpose, on which a finance charge is or may be assessed, or is payable in more than four installments. For a complete definition and a list of exclusions, see Chapter 421, Wis. Stats.

Some examples of “consumer credit transactions” include:

• car loans;
• student loans:
• single-pay notes, where interest is assessed;
• any accounts receivable where there is a balance at the end of the month;
• second mortgages if the institution holding the second mortgage does nothold the first mortgage;
• checking account overdraft protection programs.

Examples of transactions that are not “consumer credit transactions:”

• loans over $25,000
• business loans
• first mortgages.
• transactions primarily for an agricultural purposes.

The Fair Debt Collection Practices Act (FDCPA) is a federal law which imposes various rules on debt collectors and makes it illegal for debt collectors to use abusive, unfair, or deceptive practices when they collect debts.

Credit card debt, auto loans, medical bills, student loans, mortgage, and other household debts are covered by the FDCPA.   Business debts are not covered by FDCPA.

No.  A Judgment simply declares that the debtor owes you money.  It does not force the debtor to pay you the amount of your judgment.  In some cases, the debtor will voluntarily pay the judgment, but in many cases the debtor will not pay.  If the debtor is unwilling to voluntarily pay the judgment, you must commence further legal proceedings to force payment.  Such proceedings may include garnishment of wages, repossession of property, or foreclosure of real estate.

A debtor can file for bankruptcy at any time. The filing of bankruptcy immediately stops all collection proceedings, including pending lawsuits, against the debtor until the Bankruptcy is concluded. This is called the “automatic stay.” In some limited circumstances, a creditor can file a motion with the Bankruptcy court to lift the stay as to that creditor.  The Bankruptcy will ultimately determine whether your debt is “discharged,” meaning, whether it is cancelled.  If your debt is ‘”discharged,” you may not collect it from the bankrupt debtor.

Shortly after filing the bankruptcy, the court will send out a notice to all creditors identified by the debtor, giving you information regarding the date, time and place for the first meeting of creditors, the deadline for filing your proof of claim, and the deadline for filing objections to discharge.

Generally, yes, but you should consult with a bankruptcy lawyer because in Chapter 13 bankruptcies the automatic stay may also protect the guarantors in some circumstances.