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Weighing the pros and cons of filing bankruptcy

For many debt-ridden Wisconsin residents, bankruptcy is the only option. Others may be able to choose an alternative to bankruptcy but they don't know if they should. We understand that it can be difficult to make sound decisions in the midst of a financial crisis. This is why we like to talk about debt and solutions in our blog.

For this post, we thought it would be helpful to talk about the advantages and disadvantages of filing a bankruptcy. Our staff hopes that this information will empower you to weigh the pros and cons carefully, resulting in a sound decision that benefits your family.

The pros:

  • The majority of your debt will disappear, leaving you equipped to start fresh with a better sense of how to manage your finances going forward.
  • Filing for bankruptcy will put an immediate stop to all of those phone calls you may be receiving from your creditors.
  • In many cases, it is possible for you to keep your home, your car and your personal belongings.

The cons:

  • A bankruptcy will likely have a dramatic and negative effect on your credit history.
  • In a bankruptcy, you will probably have to let go of at least some of your personal possessions.
  • In the end, filing for bankruptcy will help relieve you of your debts, but there are some costs associated with the process.

We know that filing a bankruptcy can be difficult on an emotional level, but it doesn't have to feel like defeat. By taking a logical approach to the process, it is possible to start life after bankruptcy with a renewed sense of purpose. We invite you to look over our website for further information about bankruptcy.

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