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Wisconsin ranks high among best U.S. states

Whether you've been born and raised in Wisconsin or are new to this state, you likely do your best to be a productive member of your community. Perhaps yours is one of many households where both parents work full-time jobs outside the home to get by, or maybe your family has a long history in dairy farming, which is a main industry here.

No matter what your current employment background happens to be, you may have encountered financial challenges at some point, as most people do. You'll be glad to know that studies list Wisconsin as one of the best places to live in the United States. Living here, of course, is no guarantee that you'll never face a serious financial crisis, however. That's why it's always good to explore options for debt relief ahead of time, in case a problem arises and you need to act fast.

Economic challenges

Economic analysts rank Wisconsin at 24 out of all 50 states. The average income in this state is just over $30,000. If you have children, you undoubtedly are keenly aware that such an amount may make paying bills and keeping food on the table quite challenging.

An educated population

Nearly half of all adults throughout the state have college degrees. If you're one of them, you might still be trying to pay back the loans you took out to help you accomplish your academic goals. Many people reach age 30 or beyond and still have tens of thousands of dollars in debt from their college careers.

Other issues that spark financial crisis

Even if you're one of the lucky ones who was able to land a job in your field of study after college, if you got married and had several children, the financial struggle has perhaps been an uphill battle at times. In addition to outstanding college loan debt, many families are unprepared to meet expenses if an urgent medical issue arises, a car breaks down or someone loses his or her job.

Recovery options

It's best to try to remain calm and consider any and all options that might be available to help you overcome serious financial crisis. Sometimes, working a side job from home or selling off assets can help you get things back on track. If you're having trouble paying your mortgage, your lender might be willing to agree to an alternative payment plan.

A valuable tool that many Wisconsin residents have used when they need to start afresh and create new financial plans is bankruptcy. There are several types, and each has unique benefits that may help you avoid home foreclosure, stop creditor harassment or even stay in operation if you happen to own a business. A helpful first step to learn more about it is to speak with someone who is well-versed in bankruptcy and debt relief laws and regulations.

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