Residents of Outagamie County love their families and want to provide the best for them. They work hard to buy a home, car and other material possessions so that they and their families can lead comfortable lives. Several of them also use credit facilities, and pay in installments.
However, an unexpected situation such as medical expenses or some sudden personal or family emergency may land a person in financial trouble. Additional loans may further complicate things for the person and it may be tough to repay the creditors.
This can result in the person getting frequent threats from the creditors of asset forfeiture. Creditors may even start the proceedings against the debtor for asset forfeiture. Our law firm understands how difficult it is for a person to lose assets, such as a car and a home. We have helped clients protect their assets from repossession. Our lawyers have helped many of our clients with their debt issues by guiding them through what is best suited for them in their current financial situation.
There are provisions under federal and state laws to get out of debt and to start a fresh financial life. Federal provisions provide debt relief under Chapter 7 for simple bankruptcy or Chapter 13 for a debt repayment plan. Wisconsin residents have another state bankruptcy option in filing for bankruptcy under Chapter 128, in which a debtor is allowed to repay debts through a three-year payment plan. Debtors considering bankruptcy may want to learn more about how to protect their assets, come out of debt and start a fresh financial life. At the very least, it is important to understand the available options.