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June 2018 Archives

How will bankruptcy impact my finances?

Filing for bankruptcy isn't a decision that most people come to overnight. Instead, it is often made after taking a serious look at their financial state. When you do decide that you are going to file, you have to think about how this decision will impact you now and into the future.

Yes, you can still buy a house after a Wisconsin bankruptcy

Bankruptcy offers many Americans a chance at a clean slate and a fresh financial start. Filing for bankruptcy provides those in debt with an automatic stay on collection efforts, including pending lawsuits, collection calls and frightening letters. Bankruptcy also offers hope for restructuring overwhelming debt for some in Chapter 13 or in the discharge of unsecured debts for others in Chapter 7.

Chapter 13 bankruptcy might help stop foreclosure

Missing a mortgage payment can instill fear in the heart of a homeowner. When the payment is missed, the lender might start the countdown to foreclosure so it is imperative the payment is made as quickly as possible. Typically, lenders won't start official foreclosure procedures until a person has missed two to three payments. With this in mind, it might be possible for you to work something out so that you can rectify the missed payment in a few months as long as you don't miss another payment.

Chapter 7 bankruptcy is an acknowledgement of the problem

A Chapter 7 bankruptcy isn't throwing in the towel and giving up on the debts that you owe. Instead, this is a time when you are acknowledging that you are in over your head. The bankruptcy lets your creditors know that you can't make the payments and takes the false sense of hope away and presents them with a factual situation.

Know what you need to do after a bankruptcy

Most people never think that they will have to file for bankruptcy, but the ones who do have to realize that this isn't an instant answer to the issues that they are facing. It is imperative that anyone who is filing understands some of the important things they need to do after he or she files.

Chapter 13 bankruptcy comes with specific responsibilities

Filing for Chapter 13 bankruptcy is a serious matter that must be considered very carefully. When you are going to file, you need to take a close look at the money. One of the steps of filing for this type of bankruptcy is to speak with a credit counselor to determine if there are any options for you besides bankruptcy. We can help you learn more about your responsibilities when it is time for you to file.