Dealing with a financial crisis? Avoid confusion and get the facts to avoid costly mistakes.

Hearing advertisements on the radio or seeing TV commercials that make big promises for your financial situation can be seductive.  Google, “financial help,” and instantly be pulled into an advertising vortex of confusing messages, big promises and sometimes false claims.  When dealing with a financial crisis, the last thing anyone wants or needs… is more confusion! There’s no harm in researching your options.  Here are some tips on where to go, and what to look for:

Reduce risk of making a bad financial decision.If you are thinking about hiring an attorney, do a quick search on Wisconsin’s State Bar website to ensure they are licensed to practice.  Search for any debt relief, debt resolution,debt consolidation company or law firm on the BBB to ensure the business is in good standing.  Visit the Federal Trade Commission website to see if a company has a history debt relief and credit repair scams.  (You may be surprised at how many legal actions the FTC has taken against bogus credit-related services!)  See what others who have used the service, or what clients of a law firm say about their experience through online reviews and testimonials.  Looking into these things will certainly put you in the right direction.  From there, you’ll be better equipped to determine which of your options offer the least amount of risk to solve your particular financial problem.  For example, bankruptcy is governed by federal law.  If you’re dealing with foreclosure on your home, lawsuits, or repossession of your car, for example…bankruptcy is a safe and secure option.  Bankruptcy also offers an “automatic stay,” which instantly halts actions by creditors when bankruptcy is filed.  Debtors who choose to go to a company that promises to settle, reduce, or consolidate debt run the risk of scams and even being sued to recover defaulted debt.  It’s never a bad idea to have a lawyer on your side.

Find effective financial help as quickly as possible.  Dealing with bankruptcy laws, petitions and the United States Bankruptcy Court may sound like it would be a long and complicated process.  However, a reputable bankruptcy attorney makes the process seamless.  With the exception of student loans and taxes, Chapter 7 bankruptcy provides “total liquidation” of debt, and it’s by far the quickest option.  If you qualify for Chapter 7, it can be completed in just a few months.  Chapter 13 bankruptcy is more like a ‘reorganization’ of debt so that process takes longer, usually 3-5 years.  Most debt settlement options are between 24 and 40 months, the length of time depends upon your financial situation and how much negotiation has to be done with creditors.  Worst case scenario; get caught up in a scam of fees and big promisesand find that yourself in the same or worse financial situation years later.  Regardless of who you turn to for help, most types of adverse credit history will remain on your credit report for 7-10 years.  The good news is that once you file bankruptcy, you can begin the process of rebuilding credit immediately.

Before making a decision, it’s essential to arm yourself with the right knowledge. Exploring Debt Advisors can provide you a holistic view on debt solutions. You might be interested to learn about Chapter 13 Mortgage Modification Mediation in Wisconsin, which could be a viable alternative to traditional solutions. If you’re in Milwaukee, understanding the specific nuances of debt relief in Wisconsin can be particularly beneficial. Furthermore, being aware of how bankruptcy can discharge personal injury debts can offer peace of mind to many facing insurmountable financial pressures.

Avoid the confusion of mixed messages, and always get a second opinion if you’re not sure about what to do.  You’ll find that the attorneys at Debt Advisors Law Offices are both experienced and trustworthy.  In addition, Debt Advisors offers bankruptcy and non-bankruptcy options.  At Debt Advisors, you’ll findhonest answers to your questions, and a more clear and positive outlook for your financial future. If you’re in the Madison area, consider visiting the Madison, WI office of Debt Advisors for tailored assistance. Contact a Debt Advisors location near you, for a no-obligation, free consultation.