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Is bankruptcy your best option, or not?

Are you one of many Wisconsin residents who are currently experiencing financial problems? While your situation is unique to your own circumstances, you might also find that you can relate to others who have had similar experiences. Perhaps you or someone in your household suffered a job loss. This is often enough to offset financial scales, causing great difficulty to make ends meet.

Many people don't really experience a single, cataclysmic event; rather, their financial problems develop slowly, over time. In either case, or no matter the particular issues are that led to your distress, the good news is that there are typically options available to help get your financial life back on track. Maybe you don't want to file for bankruptcy. In Wisconsin, you might not need to because there are alternative debt relief options available.

Are you able to pay off debt?

If you have several unsecured debts that are making it tough to keep your head above water, an amortization plan one might help you pay them. Bankruptcy often provides a means for you to devise a payment plan that you will carry out over an agreed-upon period.

You must meet the requirements for application and your creditors must agree to your payment plan. One of the benefits of repayment plans you are able to retain ownership of certain assets.

How high is your debt?

If your finances are a bit out of whack but you owe less than $3,000, you might want to consider other forms of debt relief instead of bankruptcy. Filing for bankruptcy involves certain fees and it might not be worth your while to fill out all the paperwork and meet the expenses when you might be able to figure out some other way to pay off your debt.

Is a lender threatening your home with foreclosure?

If phone calls are rolling in day and night, with people on the line claiming to be collections agents, or a lender has threatened to activate the foreclosure process because you haven't paid your mortgage in a while, then bankruptcy might definitely be an option you'll want to consider. In fact, filing for this type of debt relief can stay foreclosure and prevent collections litigation. 

Financial recovery is usually possible

Wading your way through a serious financial crisis can be emotionally overwhelming. You may feel as though you've let your family down or that you have failed in achieving your business goals. The fact is that most people go through tough financial times at some point in life. There's no shame in exploring options to wipe the slate clean, through either immediate debt forgiveness or a restructured payment plan, and start afresh.

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