Helbing Law Office LLC
Experienced Appleton Bankruptcy Lawyer

- Free Initial Consultation

October 2014 Archives

Wisconsin family enjoys victory overcoming credit card debt

We have all heard terrible stories in the past few years about families struggling with a host of financial challenges. While this was partly due to the economic depression triggered by the subprime mortgage crisis, many families also struggled and accumulated significant debt, primarily on their credit cards. However, one family was able to recover from this vicious cycle of debt and their story is inspirational for other families going through a similar situation.

Finding the debt relief option that works for you

There may be many different reasons why Wisconsin residents find themselves in trouble financially. A person may have had to deal with an illness, unemployment, cuts in pay or has just been unaware of overspending. However, once these debts are acknowledged, the situation can seem overwhelming, causing a debtor to struggle with repayment and solvency.

What type of personal property can be seized following a default?

Residents of Outagamie County, Wisconsin, may be aware that certain financial transactions require a person to use assets as collateral. The debtor and creditor are then bound by a legally enforceable contract, which is valid until the sum that was borrowed is repaid, along with any interest that may have been accrued on the loan. If the debtor fails to pay, according to the contract, the creditor may initiate a procedure to recover the money.

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.