When it comes to filing personal bankruptcy, which is better: Chapter 7 or Chapter 13?
Many people think filing bankruptcy is reprehensible, but the truth is that it is a legal process that can help individuals or couples who are going under financial strain to get back on track with a new start in life.
People experiencing financial difficulties often go through a tremendous amount of stress, sometimes even letting it take a toll on their health. Trying to find ways to come up with money to meet financial obligations can leave you feeling like you are all out of options. Before that happens, consult with a financial attorney. There are usually options available that can immediately stop collections, help you keep your property and relieve that burden of stress.
As attorneys, we have seen far too many of our Wisconsin neighbors struggle with overwhelming medical and credit card debt. Despite the many benefits filing a bankruptcy can offer, most people resist this solution for as long as possible. When they do realize bankruptcy is the best and most logical option, many forge ahead without learning as much as they can about the process.
If you live in Wisconsin, you already know that our state is as unique as those who populate it. Unfortunately, there are some life circumstances in which we are not unique, such as suffering with financial difficulties. Just like other people living in the U.S., Wisconsin residents can experience overwhelming debt.
For many debt-ridden Wisconsin residents, bankruptcy is the only option. Others may be able to choose an alternative to bankruptcy but they don't know if they should. We understand that it can be difficult to make sound decisions in the midst of a financial crisis. This is why we like to talk about debt and solutions in our blog.
Most of the time, people facing financial disaster should avoid rushing the process of filing for bankruptcy. After all, a bankruptcy that works in your best interests benefits from careful planning and preparation. Unfortunately, life does not always give those facing financial problems time to prepare.
The bankruptcy means test is a process debtors undergo to find out if a chapter 7 bankruptcy is the right path. The test identifies whether or not a debtor is eligible for chapter 7. Unless you are a disabled veteran, you will have to go through the means test process before you can file a chapter 7 bankruptcy. Veterans who are more than 30 percent disabled may bypass the means test.
Have you been wondering if men and women look at debt differently? Is one gender more likely than the other to fall into bankruptcy? Some studies suggest that could definitely be the case.
You know that you're not supposed to be dishonest when declaring bankruptcy, but it's tempting. You don't want to lose certain assets. Wouldn't it be easy not to report that you own them in the first place?