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July 2015 Archives

Bankruptcy may be the best choice for debtors -- Part II

When overwhelming debt is a major concern, a Wisconsin debtor may try to explore the various debt relief options. Among those, the option of filing for bankruptcy is a decision that is often difficult to make. That is primarily because of the social stigma associated with filing for bankruptcy. In certain situations, however, bankruptcy is the best debt relief option.

Debt relief: ways to consolidate Wisconsin debts

As many residents of Wisconsin know, credit card debts can be a burden when payments are not made on time. Often, those in debt have more than one debt to settle. In such cases, it may be wise to seek assistance from resources offering debt relief. By consolidating debts, a person may roll all debts, including credit card payments and payments against loans, into one monthly payment. This method may also help in simplifying the debt and making the repayment easy.

Wisconsin bankruptcy may be the best choice for debtors -- Part I

Overwhelming debt is a problem that many people in Wisconsin, as well as in the rest of the country, have experienced. While some of those people have been able to recover, a large number of people are still dealing with the burden of debt. Those people should understand that despite the social stigma, about which many people are apprehensive, bankruptcy may just be the smartest way to obtain effective debt relief. However, it is sensible to consult an attorney before filing for bankruptcy.

Protecting Wisconsin assets from forfeiture

Wisconsin residents may be aware that some financial transactions require assets to be kept as collateral. According to most loan agreements, the debtor is legally bound to repay the money that was borrowed within the prescribed amount of time. Otherwise, the creditors may take action against the defaulter and if the debtor's assets have been kept as collateral, those assets may be forfeited, if the borrowed amount is not repaid on time. However, before taking any drastic action, such as asset forfeiture against the debtors, the creditors should first send a legal notice, and a repayment window of at least 15 days should be provided to the debtor.

Automatic stay in Chapter 7 bankruptcy cases

As Wisconsin residents may be aware, Chapter 7 bankruptcy proceedings are one of the most common consumer bankruptcy proceedings. With a Chapter 7 bankruptcy filing, the debtor must liquidate the assets in order to repay specific debts to creditors. The debtors, however, are not totally defenseless in a Chapter 7 bankruptcy case. The person does have some protection in that situation.