The Wisconsin Financial Disclosure Statement is required after judgment has been determined in a small claims court case. The Wisconsin Financial Disclosure Statement is ordered by the court to the debtor and is given to the attorney of the creditor that sued the debtor. The form is provided to the debtor directly from the creditor or the clerk of court.
Purpose of the Wisconsin Financial Disclosure Statement
The Wisconsin Financial Disclosure Statement is used in a number of different types of court proceedings filed in Wisconsin Circuit Courts. These proceedings include divorce hearings and small claims court cases. The reason for the form is to assist the court with calculating the garnishment amount in small claims court if they are able to garnish wages. This form is also used in divorce cases to determine the respondent and the plaintiff’s assets and net worth.
Completing the Form
This form is required to be completed by law an order must be sent to the debtor. The order requesting the Financial Disclosure Statement informs the debtor that they must complete the form or pay the judgment in full within 15 days of the judgment being entered by the courts.
When completing this form, you must include all income and assets held by you and your spouse. If you are exempt from garnishments or believe you will be exempt from garnishment you must include that information on the form. You are also required to have a corporate representative fill out the form in the appropriate fields.
If you are filling the form out as a requirement for a petition of divorce, you will need to include all assets, property, debt, creditors, and income information when filling the form out.
Things to Know About the Form
If the form is not completed within the specified time period, you can be held in contempt of court. If you are found in contempt of court, you can face up to 6 months imprisonment, criminal sanctions, and forfeitures of $2,000 or less per day.
The completion of this form and the requirement to complete this form does not mean that garnishment will be made against your wages by the creditor. If the creditor wishes to garnish your wages for an unpaid judgment, they must follow the legal requirements made by the court, this includes requesting a court hearing to receive approval from the court to garnish your wages.
Needing Assistance With the Financial Disclosure Statement
To avoid incorrectly completing the form, you should carefully review the form, instructions, and schedules that are contained with the form. If you need additional guidance when filling out this form, there are resources located on the self-help law portal to help you complete the forms.
You can use the small claims court filing guide that is found on the portal, or you can use the forms assistance programs to help guide you with completing the form. The assistance program will ask you a series of questions to help determine the correct answers for the form.