Having debt problems isn’t a life sentence. Unfortunately, far too many people lack the knowledge needed to extract themselves from overwhelming liabilities – It’s easy to feel lost in a labyrinth of bills.
Could seeking court-ordered financial protection help you? Here’s why so many consumers with debt problems pursue Chapter 13 bankruptcy in Milwaukee and Waukesha.
The Realities of Debt and Bankruptcy
Why do people seek bankruptcy to lift themselves out of debt? Although everyone has a unique story, there’s a common factor: Filing offers a significant debt-resolution advantage.
Receiving Chapter 13 bankruptcy protection means that the court has granted you a second chance. Instead of facing bills that you can’t settle and wondering what comes next, you can take advantage of various consumer rights, such as:
- An automatic halt to ongoing debt collection activities,
- Free credit counseling from government-approved experts, and
- Help negotiating repayment plans with your creditors.
Chapter 13 isn’t there to erase bills or collection accounts as if they had never existed. Instead, it helps debtors come to terms with debt by devising a sound repayment plan. This forward-thinking option could be an ideal solution for those who want to continue their lives as normally as possible.
Chapter 13 Bankruptcy in Wisconsin
Who files for bankruptcy? Contrary to popular belief, it’s not only for people who have trouble managing their finances. This lifeline also helps those who thought they had everything under control – such as the Wisconsin farmers who filed as a reaction to losses they incurred during the US-China trade war.
Many of the bankruptcy cases you hear about in the news come packed with sensational details, such as ridiculously wealthy individuals or vanishing retailers. At its heart, however, this process is for regular people. After all, bankruptcy is written into the Constitution to help the nation’s citizens. If you build a strong case demonstrating that you’re worthy of relief, then it’s in society’s best interest for you to get the aid you need.
How to Get Informed on Whether to File for Bankruptcy
It’s not always clear when to seek Chapter 13 bankruptcy in Milwaukee and Waukesha. For instance, many people want to avoid court. Others feel torn between filing and trying to get things under control on their own.
Most debt problems only worsen with time, and you can still work to pay off your obligations while you file. Waiting to get started, however, may make it harder to deal with the whole issue cleanly.