Nowadays, higher education is expensive. However, to advance in their careers, many people invest a lot of money to earn an advanced degree. Often, the educational costs are covered by student loans. Many people find that their student loans become a major burden.
Wisconsin residents facing too much debt often find it difficult to choose the best option in their particular situation. Filing for bankruptcy may be a last resort for many families as well as businesses. The attorneys at Helbing Law Office, LLC, have worked on many cases where the debtor chose debt negotiation with the credit agency over filing for bankruptcy.
A report about filing for bankruptcy has come out of recent research by two economists from Columbia University. The new study by the Federal Reserve Bank of New York identifies a section of financially struggling people who are too poor to file for bankruptcy despite the changes in the bankruptcy law in 2005.
Many residents of Wisconsin may have encountered difficult financial times and faced harassment from creditors. Filing for personal bankruptcy under Chapters 7 and 13 may help secure debt relief. And, it is important to understand that people who have been declared ineligible to file for bankruptcy under Chapter 7 may still seek eligibility under Chapter 13.
When the housing bubble burst six or seven years ago, many homeowners in Wisconsin were left with homes that were considered "underwater," meaning that the owners owed more on their mortgages than their houses were worth. While the economy has slowly improved since then, many homeowners are still in this position, and still struggling to figure out what to do about it. A case currently before the United States Supreme Court could further confuse matters.
Officially, the economic downturn of a few years ago is waning and the financial picture for Wisconsin business appears to be improving. However, the personal financial problems of some Wisconsinites have not entirely gone away. The threat of vehicle repossession or home foreclosure still looming can be very difficult to live with. The situation may look grim for some, but it may be possible for residents to save their home or vehicles by means of an emergency bankruptcy filing.
Most Wisconsin residents, who have credit cards understand that debt relief is difficult without a plan that limits card use and pays them off as fast as possible. When the debt is massive, however, the prospects of paying it off may seem nearly impossible. Most credit counselors will advise that debtors work with debt-settlement companies, directly negotiate with creditors or work with credit counselors. Filing for bankruptcy is often portrayed as the choice of last resort.
An Appleton, Wisconsin, resident whose debts exceed their ability to pay may consider filing for bankruptcy. It is not always easy to judge when one's financial situation is serious enough to file for bankruptcy protection. Here are five definite signs for judging when filing bankruptcy may make sense.
When a Wisconsin resident is deep in debt, he or she is often desperate to seek relief. While filing for bankruptcy is a fairly common option, not many people know that a number of alternatives are available. In these debt situations, often the first step is to identify a credit counseling agency. It is important that a debtor makes the right choice when choosing a credit counseling organization because a wrong choice might prove to be a costly mistake with long-term consequences.
Residents of Outagamie County, Wisconsin, will agree that debt can impact a person and his or her family emotionally, socially and professionally. If debt is not handled properly and timely, a person can face severe economic roadblocks securing credit in the future.