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Home 9 Bankruptcy 9 Bankruptcy has benefits, but do you still have concerns?

Bankruptcy has benefits, but do you still have concerns?

by | Aug 29, 2019 | Bankruptcy

Being in debt is a confusing experience for most people. Is the debt good? Is the debt bad? Do you have too much or too little? For you, the last question may have an obvious answer because your outstanding balances have reached concerning levels. Now, you wonder whether you will be able to get back on track financially.

Unfortunately, overwhelming debt affects numerous people in Wisconsin and across the country. You may already be facing some of the more negative aspects of carrying debt, such as pending foreclosure on your home or wage garnishment. What can you do?

Consider bankruptcy

If your situation has reached a point where you may lose important possessions or are facing garnishment of your much-needed wages, the time for small steps may have passed. Now, you may need to consider taking more significant strides in facing your debt issues, and bankruptcy may be able to help.

Certainly, this debt relief method comes with many negative stigmas, but often, those stigmas come from parties who do not understand bankruptcy. This option could help stop foreclosure on your home, stop wage garnishment and help address claims against you if creditors have filed lawsuits.

Debt dismissal

Commonly, bankruptcy can help individuals discharge certain types of debt. For instance, if you are struggling with medical bills, credit card debt, payday loans or certain other debts, bankruptcy could help you have those balances dismissed, which could help you start fresh and, hopefully, avoid accumulating significant debt in the future.

Future credit

Some concerns that parties have about filing for bankruptcy is the effects it will have on future credit. Bankruptcy can cause a dip in credit scores, but rebuilding those scores is easier than you might think. Additionally, if you work to increase your score after completing the bankruptcy process, lenders may look at your loan applications favorably still, despite having a bankruptcy filing on your record.

Gaining information

Understandably, you may still feel uncertain about whether filing for bankruptcy is right for you. In efforts to help you make a decision about this option, you may want to speak with an experienced bankruptcy attorney. This legal professional could provide you with reliable information that applies to your specific case and concerns and explain how bankruptcy may be able to help. Following this debt relief option may be the first step on your path to financial freedom.


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