Financial challenges can strike nearly anyone at any time. Last week, we discussed a former trucking executive who was left with overwhelming debt and the need to file for Chapter 7 bankruptcy. Many Wisconsin residents hear the word “bankruptcy” and cringe. The reasoning is understandable. Society has painted bankruptcy with a shadow, often portraying those who utilize the system as having failed to manage their money wisely. At our law firm, we know that this is not always the case, and we understand the myriad of financial hardships that can befall Wisconsin residents through no fault of their own.
And yet, even those who took a chance and failed, like the business executive discussed in our last post, deserve a second chance at financial security. After all, it is our country’s ability to grant second chances that encourages individuals to take the risks necessary to spur growth and development. Therefore, those who are struggling to get a handle on their debt should not fear the work “bankruptcy” or the process it involves.
Instead, those who need a financial lifesaver should fully consider their bankruptcy options. Amongst those is Chapter 7. This type of bankruptcy allows individuals to discharge their debt after their assets are sold and the proceeds are used to pay down the debts. There are certain exemptions available, too, meaning an individual will not be reduced to nothing after the bankruptcy.
Going into bankruptcy requires a strong knowledge of the law and how to use it to your advantage. At our law firm we attempt to understand the difficulties our clients face, and we work with them to find the best resolution available to give them a shot at achieving a fresh financial start.