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Wisconsin Bankruptcy Law Blog

Overwhelming debt: Should you plow through or opt for bankruptcy?

Has your financial train gone off-track in recent months? If so, you're definitely not the only one in Wisconsin who is currently facing such problems. The causes of your debt might be different than another person's; however, many people say they experience similar situations, such as losing a job, having to pay child support or facing an unexpected medical need.

When discerning your financial future, it can be challenging to determine whether you'll be better off if you stick it out and execute a debt management plan, or whether you should opt for a more immediate form of debt relief, such as bankruptcy. Since there are numerous types of bankruptcy, it pays to do a bit of research ahead of time, as you might be eligible for one kind but not another.

The key to rebuilding your credit after bankruptcy

One of the reasons people hesitate to file bankruptcy is fear about the impact of bankruptcy on their credit. Paying attention to your credit is a good thing, but it should not keep you from investigating whether bankruptcy is the right option for you.

When considering bankruptcy, people often worry about being able to get credit again. The truth is, your bad debt has probably hurt your credit already. You should be focused on taking care of the debt now so you can move on. You can get credit after bankruptcy, provided you take the right steps to rebuild it.

Why wait when bankruptcy might be the healthiest option available

Dealing with the burdens of debt can be a stressful and harrowing experience. If you are constantly struggling just to make ends meet, you could be scouring over every possible outlet for relief in search of the one path that is right for you, but you might already know the direction you wish to take.

When it comes to deciding on a path to protect your financial future, you may feel it best to take your time and get it right. However, time may be of the essence, and by waiting to file for bankruptcy out of fear of the unknown, you could be experiencing unnecessary levels of stress.

Are creditors violating the Fair Debt Collection Practices Act?

Do you feel like every time you turn around, you home phone, cell phone or work phone rings and people claiming to be collection agents are telling you need to send them money? Whether or not you believe you owe a creditor money, it doesn't necessarily mean that the calls you receive are legitimate.

First, there are a lot of scammers out there who use sneaky and manipulative tactics to fool people into thinking they are authentic agencies that have the right to call you to collect a debt. The Fair Debt Collection Practices Act protects you against creditor harassment. Facing financial problems is stressful enough without worrying about having to deal with angry phone calls every day.

Are you thinking of a payday loan to get you through?

If you are having a tough time right now, you are not alone. At this time of year, many are realizing they overspent on their vacations, a medical or car repair bill has set them back, or they are a little short for what they need to get those back-to-school supplies for their kids. When money is tight, it is easy to make rash decisions.

Once the credit cards are maxed out, you may think your options are limited. There is a quick and easy option in a payday loan. However, what may seem like the answer to your problem may actually create an even greater problem.

Are you hoping to discharge debt through bankruptcy?

iStock-482464786-sm.jpgAfter struggling financially for a substantial period of time, you may have come to the conclusion that you need serious help. The idea may have been frightening at first, but as you gain more information, you may realize that bankruptcy could truly help you get back on track. Of course, the process can have its complications, and you certainly want to successfully reach the end of your case.

In particular, you likely hope to reach the discharge portion of your bankruptcy proceedings. Many people find this part the most appealing aspect of this debt relief method, but they may not entirely know what it entails or that bankruptcy cannot discharge certain debts.

Wisconsin bankruptcy filings are lowest in a decade

Wisconsin bankruptcy filings hit their lowest mid-year level in a decade, reflecting an abundance of jobs and a good economy.

U.S. Bankruptcy Court records show 8,772 bankruptcy petitions were filed in the state from January through June, down 1.2 percent from 8,921 in the first six months of 2017.

The number of filings was almost 45 percent lower than the peak following the Great Recession, when 15,869 consumers and businesses declared themselves insolvent during the first six months of 2010. Bankruptcy filings in Wisconsin have decreased each year since then. The 2018 half-year number was the lowest since 7,394 in 2008.

Tips for overcoming a personal financial crisis

Any number of issues can land you in a heap of financial trouble. Perhaps you unexpectedly lost your job. Maybe you still have the same job you've had for the past 10 or more years but your employer is trying to find a way to save on overhead costs and no longer offers bonuses or incentives, which were large parts of your income.  

Medical urgency, a car accident, divorce or over-spending are other reasons people in Wisconsin and other states have cited in the past as key factors that took them from financially stable environments to not being able to make ends meet. Financial trouble is often a temporary problem. There may be several options available for overcoming a financial crisis in your life, some which may seem simple but are quite effective. You'll also be glad to know that experienced guidance is available to help you survive serious debt problems. 

Make sure you're eligible before filing for bankruptcy

Whether you are facing personal financial problems or serving in a business capacity for a Wisconsin company you own, you may wind up facing additional problems if you neglect to seek clarification of state laws regarding such matters as they apply. For instance, when filing for bankruptcy, you want to make sure you are eligible and that the situation warrants it.  

It's never a good idea to assume that bankruptcy is a viable option for your situation, and you should not proceed without first obtaining all necessary information regarding the process. Especially when actions impact a business, you always want to protect your bottom line if possible and pursue solutions that best fit your needs and goals. This is why reaching out for experienced guidance when financial crisis hits is wise.  

Are you experiencing a garnishment of your wages?

Wisconsin readers know one of the most difficult aspects of owing a lot of debt is the effect it can have on other aspects of your life. For example, you could experience issues, such as constant phone calls from creditors and even garnishment of your wages.

If creditors are moving to garnish a portion of your wages, you may find it beneficial to learn about your rights and how you can shield your interests during the process of wage garnishment. Wage garnishment is a serious issue with a serious impact on your financial well-being, but you have the right to take specific legal measures to make it stop and effectively confront your debt.

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

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