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Filing for bankruptcy is a viable option for debt relief

Wisconsin residents are well aware that incurring debt of any kind is never pleasant, yet it tends to happen to almost everyone at one point in their lives. Debt could occur from any number of reasons. It could be something as common as swiping a credit card or as unusual as an emergency medical procedure. No matter the reason, undue strain on your finances is always a cause for concern.

When the situation gets out of hand and it appears that, regardless of your income, the debts cannot be controlled or repaid, you may panic and seek solutions.

The ideal approach to tackling debt, especially when payments are overdue, is to first find out the options available to you. Debtors can also look up relevant information online, for example, through our blog. It may be possible to come up with solutions such as a renegotiated repayment plan acceptable to some creditors or even filing for bankruptcy.

On the other hand, it is best to avoid taking stopgap measures like assistance from a debt settlement company. This is akin to moving your debt from one creditor to another and has a distinct disadvantage in that it invariably means you'll to pay higher interest rates. There may also be exorbitant fees involved in transferring your debt to the new lender. There is also the risk that the company may be flouting regulatory norms in offering such quick fixes.

Those who do end up filing a bankruptcy petition need to remember that only certain kinds of debt can be eliminated. Persons responsible for paying spousal support and child support will still need to continue doing so. Still, filing for bankruptcy is a viable way to resolve one's debts. Our firm has helped debtors explore and understand their bankruptcy options, allowing debtors to have a fresh start.

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