Overwhelmed by debt? Making the necessary changes to take back control of finances is a key step, but sometimes easier said than done. If you’ve tried everything in your power, and still find yourself becoming further and further in debt, get the facts about your options. Rest assured, there is help available to you. It can be as simple as just reaching out. Make the call today and get some helpful advice. 888-997-4917
Doing Nothing, Fixes Nothing
If you are becoming further in debt, don’t let the fear of bankruptcy overcome the reality of the situation. Sure, bankruptcy could affect your credit score. However, the beauty of filing bankruptcy is that it provides a fresh start. This way, you’ll actually have a real chance at building back credit scores. Without some kind of action, your credit score will likely continue to fall due to missed payments, defaults, repossessions and potential lawsuits. Never discount bankruptcy as a realistic, reliable, and attainable solution because for many…it is just that.
Filing Bankruptcy in Wisconsin
Filing bankruptcy has been a life-saver for many Wisconsin residents. Financial relief can be obtained in as little as 3-6 months with a Chapter 7. You do lose your credit cards, but they’re likely a burden anyway, and you’ll be able to obtain new ones in as early as a year. There many other advantages to filing chapter 7 that most people are not aware of. For example, many personal property items are exempt, and you’ll get to hold on to the wages you earn and the property purchased after you have filed. Keep in mind that nothing will remove student loan debts, but filing bankruptcy may free up money in other areas to make your life a whole lot easier. Chapter 7 can only be filed once every six years; chapter 13 or chapter 128 may continue to be options in-between, if necessary.
Bankruptcy Alternative – Wisconsin Debt Relief
Chapter 128 is a decades old state-law debtor action, with a bankruptcy sounding label, although it is not bankruptcy. Chapter 128 may work well for someone who has more debt than they can handle, but can still repay with minimal help in structuring a plan. With Chapter 128, the debtor bypasses filing bankruptcy for a different course of action which includes debt repayment;forcing most creditors to accept monthly payments for as long as three years, and stopping interest from accruing on debts.Nearly any type of unsecured debt can be included in a section 128.21, although larger amounts for home and car loans often have monthly payments that are too big for debtors to be included. At the onset of the process, an automatic stay also goes into effect against creditors who are subject to the jurisdiction of the state of Wisconsin. Unlike bankruptcy, a chapter 128 debtor must repay all debts noted on their individual plan. (No debts are discharged through section 128.21.)
Debt Advisors Law Offices
If you’re interested in learning more about bankruptcy or Chapter 128, consult with a bankruptcy lawyer who understands the different roles of the debtor, creditors, attorney and trustee. An experienced bankruptcy attorney can clearly explain the differences between state debt relief and federal options. They will review your individual circumstances and provide the best option for you and your family. Request a free debt advisors consultation.