Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709

Experiencing these issues? It may be a good time for bankruptcy

If 2019 hasn't been financially strong for you thus far, you are definitely not alone in your struggle. Many Wisconsin residents are barely staying afloat to pay their bills and struggling to put food on their tables. Most families experience financial distress at some point in life. In fact, you may have already overcome such problems in the past and have been enjoying financial stability until something else happened to derail your financial train again.

It's not uncommon for people to hesitate when it comes to choosing debt relief options. For one thing, some people don't even realize they have options. Then again, you might be aware of the options that exist but are embarrassed or worried about social stigmas attached to certain financial crisis solutions, such as filing for bankruptcy. There's no shame in taking advantage of available financial tools to help wipe the slate clean and start afresh. The question is: If you plan to do that, when should you?

Signs that the time is right to file for bankruptcy

You might want to hold off on filing for bankruptcy if you still have some money and think your current problems arose because of some poor spending habits rather than a sudden crisis or chronic situation. If that's the case, resolving your problems might merely mean tightening your purse strings and making better financial decisions. If you're far beyond that, are experiencing serious financial trouble and the issues included in the following list apply to you, you may want to consider bankruptcy as a potential solution:

  • If your debt-to-income ratio is out of whack, it may be a sign that you might want to think about immediate debt relief solutions. When your debt is 40 percent or greater than your earnings, it's a definite sign that starting over might be a good choice.
  • Have you been racking up debt by using your credit card to pay bills, medical expenses or other debts? That's a sign that bankruptcy might be a viable solution in your case.
  • When you learn that bankruptcy will dissolve the types of debt you are carrying, it's a clear sign that you might want to consider it an option. Such debts would include outstanding balances like credit card balances, medical expenses or personal loans. 
  • If you're not eating as well as you should because you're trying to save money by not buying food or if you have failed to seek medical attention because you don't want to accrue more debt, you might be doing yourself and your family a favor by filing for bankruptcy.

Many Wisconsin residents misguidedly believe that filing for bankruptcy equates to financial ruin. This couldn't be further from the truth in many cases. Sometimes, bankruptcy not only helps get rid of debt, but it can also be instrumental in laying the groundwork for restored financial stability down the line.

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.