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Wisconsin Bankruptcy Law Blog

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.

If you have tax debt, what bankruptcy options are available?

If you owe a substantial amount of debt, you know this can take a significant emotional toll on your life. Owing a lot of debt can lead to debt collectors calling at all hours of the day, threatening letters from creditors and the possibility of losing your personal property.

The way that debt can negatively impact your life is disheartening and overwhelming. If you are facing this type of difficulty, you might consider the benefits of filing for consumer bankruptcy. However, if a significant portion of your debt comes from tax debt, you would be wise to learn about what that means for you and how bankruptcy can still help.

Hopeful options for struggling homeowners in Wisconsin

Some say the things we fear most in life almost never happen. You can likely think of a thousand scenarios where such a thought would be quite comforting, so long as it's true. While it's not always possible to avoid worst-case situations in life, it's true that many problems appear like major obstacles at first glance, when in fact, with a fresh perspective and available options, things may be more fixable than you initially thought. This is especially true regarding financial crises. 

The good news is that most financial problems are not permanent. It's often a matter of identifying the specific underlying cause (or causes) of a particular situation, determining what types of actions may help resolve the issue, then tapping into available resources to get things back on track. Even a serious situation, such as threat of foreclosure, doesn't necessarily mean you're without options. 

Does a creditor really have the right to take my property?

Owing a significant amount of debt can cause difficulty in multiple areas of your life. From your ability to pay your bills to the stress of dealing with debt collectors calling at all hours of the day, your debt can quickly overrun your life. It can be especially disheartening to learn of repossession efforts against your property.

It may surprise Wisconsin readers that creditors actually do have the right to take back certain property if you do not make payments for an extended amount of time. While it may be your vehicle, it could still be subject to repossession. Despite the creditor's right to do this, there are limits to how it can happen. You may find it beneficial to learn more about this process and your options.

Protect yourself against unlawful debt collectors

If you're one of many Wisconsin residents who are trying their best to rally to overcome serious financial problems, you may also understand what it's like to encounter creditor harassment. Daily life can be stressful enough on its own without having to deal with relentless phone calls or abusive language from strangers on the other end of the line, as they threaten you or otherwise try to intimidate you simply because you owe someone money.

Perhaps you took out a loan to buy a house or a car, then were unable to meet your monthly payments because of a medical emergency, job loss or other financial matter. This does not give third-party companies the right to harass you to try to collect a debt. If you know your rights and where to seek support, you may be able to rectify such situations before they get out of hand.

What are your options for dealing with medical debt?

Learning that you have a medical issue that needs immediate attention can be frightening. You may worry what the situation may mean for your health, your family and other aspects of your life. After learning about available treatment and moving forward with the most effective option, you may have felt some semblance of relief that the problem was addressed. Of course, that feeling may have been short lived once you received your medical bills.

Treatment for many types of medical conditions can leave patients facing thousands of dollars in expenses. Even with insurance coverage, you may still struggle to cover the balances left. Because unexpected medical emergencies can leave many people facing financial troubles, you may wonder how they deal with such issues and what options you could potentially utilize.

A Chapter 7 discharge may be just what you need

People get into debt for a variety of reasons. Whether you ended up there through a job loss, unexpected illness or injury, or some other monetary calamity, you now need to find a debt relief option that allows you to get back on your feet financially.

You're thinking of filing for Chapter 7 bankruptcy, but you may not be sure just what a discharge could do for you. There are often a lot of rumors and myths out there regarding this type of bankruptcy, but you need to know the truth before making big decisions.

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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