Financial problems can put a huge burden on a marriage or a family. Believe it or not, there are few people that have not experienced them at some point in their lives. It is easy to believe that only people with little or no income experience financial problems, but the truth is people with a lot of money experience them just as much. The more money a person has, the more money that can be mismanaged.
If you are reading this, you probably already know that debt can consume your life even as you struggle to pay down all of your bills. It is like taking a step forward only to be knocked back a few steps. If an emergency arises such as a serious illness or the sudden loss of income, any balance you may have reached will soon disappear, leaving you in even worse financial trouble.
Here is a scenario we have seen with our clients. You have been struggling with your debt for a long time. After trying desperately to sort out the situation and get back on track, you finally realize chapter 7 bankruptcy is your solution. You assume that because you are so far in debt, working with a lawyer is out of your reach. However, you have trouble with your bankruptcy and don't know where to turn for help, leaving you even more in debt and at loose ends altogether.
Technically speaking, anyone can declare bankruptcy. However, that doesn't mean anyone is eligible. It is an option for everyone in Wisconsin, but specific eligibility is considered on a case-by-case basis.
Whether or not bankruptcy is right for you depends on your situation. Everyone's financial picture is different.
Everyone who is considering Chapter 7 bankruptcy is in a tough spot financially, and they don't have a lot of cash on hand. They still need to spend, but they don't want the courts to then accuse them of bankruptcy fraud, saying they were using credit cards just so they could then eliminate the debt without paying it back. What should you do?
The way you handle financial issues within your family is, of course, up to you. Some parents who are facing bankruptcy try to keep their kids in the dark, while others prefer to tell them exactly what's going on.
Your wages are being garnished because of what you owe, and you finally just decide to declare bankruptcy. You want to eliminate the debt, stop the garnishments and move forward with your life.
When debt becomes so overwhelming that Wisconsin residents consider filing for bankruptcy, they usually want to know whether the process is right for them. One detail that debtors should understand is the role of a case trustee in a Chapter 7 bankruptcy filing.
Residents of Outagamie County, Wisconsin, like to be self-sufficient and work hard to secure a strong financial future for their family. However, certain unforeseen circumstances and financial challenges can land a person in overwhelming debt and he or she may find it difficult to eliminate it.