Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709
${site.data.firmName}${SEMFirmNameAlt}

Myth: bankruptcy is the easy way out

In recent posts on this blog, we've been looking at some of the alternatives to filing for bankruptcy. We've looked briefly at options like credit/debt counseling, debt settlement, consolidation of debts, liquidating assets, and generally making lifestyle changes to reduce monthly costs. We've also looked at filing a Chapter 128 action as a bankruptcy alternative.

It is important for debtors to be aware of these options so that they don't prematurely turn to bankruptcy to address their financial problems. Practically speaking, though, most debtors who get to the point of seriously considering filing for bankruptcy have already done a lot of what can be done to help themselves. We pointed this out in a recent interview with the Wisconsin Law Journal. 

Those who think that filing for bankruptcy is the easy or lazy way out don't understand the requirements of the process or the type of people who typically pursue bankruptcy. In our experience, the vast majority of people who file for bankruptcy protection are aware of the gravity of filing for bankruptcy, the consequences it can have on their credit, the possibility of losing property in the process, depending on the form of bankruptcy pursued, and so on. They may not know all the details, but most are aware that bankruptcy is a last resort, not some quick fix.

In addition, bankruptcy requirements are not easy to meet and those who do meet the filing requirements are not people who are in a good position to handle their financial problems on their own. In future posts, we'll look a bit more at this issue as it relates to both Chapter 7 and Chapter 13 bankruptcy.

Source: Wisconsin Law Journal, "Miller guides clients through bankruptcy maze," MaryBeth Matzek, May 4, 2016.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6001 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.