Owe someone money? Be warned, they may take you to court. A recent analysis by ProPublica finds that millions of Americans are facing court hearings over old debts.
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.
We have all heard terrible stories in the past few years about families struggling with a host of financial challenges. While this was partly due to the economic depression triggered by the subprime mortgage crisis, many families also struggled and accumulated significant debt, primarily on their credit cards. However, one family was able to recover from this vicious cycle of debt and their story is inspirational for other families going through a similar situation.
For people in Outagamie, financial challenges can arise at any time. They are not limited to everyday people, but can happen to celebrities and politicians as well. No one is immune. For many, filing for bankruptcy is a strategy for debt relief that they avoid because of preconceived notions about what it implies. In reality, those fears are unfounded and bankruptcy options such a Chapter 7 are tried and true methods to get a fresh start.
Debt relief is a growing concern for individuals and businesses in Outagamie. Financial challenges can arise at any time no matter whether it's a business, an individual or a municipality. While some view bankruptcy in negative terms, in reality it's a strategy that can be used to clear debts and restart a life and a business. Often, Chapter 7 and other kinds of bankruptcies are the only way to get out of debt and get back on sound financial footing.
Many Appleton, Wisconsin, residents owe money, usually to credit card companies. Credit card holders need to pay credit card balances on time to avoid racking up huge interest charges. However, some debtors, especially those experiencing financial challenges due to unemployment, are having a hard time paying debts on time or at all and are desperate to find a debt relief solution. Fortunately, some simple tips are available to help eliminate debt.
Residents of Appleton, Wisconsin, buried under a pile of debt know how difficult it is to decide if filing for bankruptcy is the right solution for digging out. Without foreseeing the risks of acquiring too much debt, a person may be left without any choice but to become insolvent. Although it denotes a negative connotation, filing for bankruptcy is not a bad decision for a person struggling with debt.
For Appleton, Wisconsin, residents, the struggle to reduce debt can be embarrassing and frustrating, but various resources can help ease the challenge. However, it pays to be cautious when considering what kind of debt relief can help meet the financial challenges of a fresh start. Instead of a good start, a debtor may end up with a headache due to more financial problems.
The numbers are in: for the last three years, the number of people filing for bankruptcy, including in Wisconsin, has gone down. There were just over 22,500 filings in the state in 2013, according to U.S. Bankruptcy Court records, a 9.5-percent decrease from 2012. Chapter 7 bankruptcies that can wipe out credit card debt, medical debt and utility bills represent 75 percent of the filings. This year, bankruptcy lawyers expect that filings will remain the same or drop lower.
Military service personnel, including those in Outagamie, Wisconsin, risk their lives to serve and protect our country. During deployment, however, these military personnel are at risk of accumulating credit card debt.