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When is filing for bankruptcy a bad idea?

Just as with other important decisions in your life, bankruptcy should never be entered into lightly. If you think of bankruptcy as a quick fix or as a way to simply wipe out your debts without trying to pay them, this solution may not be for you.

In truth, it is always a good idea to seek advice about filing a bankruptcy in Wisconsin before you get started. This is one of the best ways to help you identify whether or not you are a good candidate for this debt relief solution.

In the meantime, here are a few things to take into consideration before you choose to file for bankruptcy.

  • What kind of debts do you have? If the bulk of your debts are alimony, tax debts or child support, bankruptcy will not help. In this case, it is wise to look for other solutions.
  • Does your debt involve co-signers? If it does, you might want to think about other debt relief solutions to protect your co-signers from assuming your debt.
  • How important is your privacy? If you place a high value on your privacy, you should know that bankruptcy typically involves delving into certain aspects of your life that you may wish to keep private.
  • How important is your personal property? Unfortunately, many of your personal assets may be sold to pay off your debts. This might include your cars, jewelry, art and other valuable items.

You may learn that even after considering the above points, bankruptcy is your only viable solution. In either case, seeking legal counsel is always wise to ensure that you choose the bankruptcy program that best meets your needs.

Source: FindLaw, "Is Bankruptcy a Good Idea for You?," accessed Sep. 28, 2017

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