When the housing bubble burst six or seven years ago, many homeowners in Wisconsin were left with homes that were considered "underwater," meaning that the owners owed more on their mortgages than their houses were worth. While the economy has slowly improved since then, many homeowners are still in this position, and still struggling to figure out what to do about it. A case currently before the United States Supreme Court could further confuse matters.
An emergency bankruptcy can help ward off financial disaster
Officially, the economic downturn of a few years ago is waning and the financial picture for Wisconsin business appears to be improving. However, the personal financial problems of some Wisconsinites have not entirely gone away. The threat of vehicle repossession or home foreclosure still looming can be very difficult to live with. The situation may look grim for some, but it may be possible for residents to save their home or vehicles by means of an emergency bankruptcy filing.
What is the best way to deal with Wisconsin credit card debt?
Most Wisconsin residents, who have credit cards understand that debt relief is difficult without a plan that limits card use and pays them off as fast as possible. When the debt is massive, however, the prospects of paying it off may seem nearly impossible. Most credit counselors will advise that debtors work with debt-settlement companies, directly negotiate with creditors or work with credit counselors. Filing for bankruptcy is often portrayed as the choice of last resort.
Five situations when filing for bankruptcy may be the best option
An Appleton, Wisconsin, resident whose debts exceed their ability to pay may consider filing for bankruptcy. It is not always easy to judge when one's financial situation is serious enough to file for bankruptcy protection. Here are five definite signs for judging when filing bankruptcy may make sense.
