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Is Bankruptcy Something to Consider?

Posted By: phineasgray

Are you wondering whether or not Chapter 13 bankruptcy is for you? A good place to start looking to find out more information is by contacting a bankruptcy attorney. Chapter 13 Bankruptcy Attorney Milwaukee Wi may be able to assist you and help you begin a fresh start in life with the weight of your financial problems off of your shoulders.

Of course, nobody wants to file bankruptcy. Everybody is entitled to a fresh start in life and filing bankruptcy does not make you a bad person. Bankruptcy relief is even guaranteed by the United States Constitution. However, consider why you may want to file bankruptcy. Is it because of wage garnishment, creditor harassment at home or at work, repossession of your vehicle or foreclosure of your home? Illness and disability are also reasons that you may have to consider filing bankruptcy. Events happen in life that are not under our control which make us unable to work any longer so we can’t make payments to our creditors. According to the International Labor Organization, around 200 million people globally were without a job in 2012. That’s a lot of people who may be having problems paying their bills.

What is Chapter 13 bankruptcy? Chapter 13 bankruptcy is legal debt organization and was created to stop foreclosures, repossessions, wage garnishments and creditor harassment as well as lawsuits from happening to individuals who cannot pay their debts. A Chapter 13 bankruptcy would allow a person to consolidate, prioritize, repay and in some cases reduce and eliminate debt all while being protected. That is powerful protection in a single repayment plan that is managed by the court.

Bankruptcy laws are constantly changing. New Chapter 13 bankruptcy laws require credit counseling before any filing can be done with the court. The amount of debt appropriate for Chapter 13 has also been changed. The length of time required before filing a Chapter 7 or a Chapter 13 bankruptcy has also changed to four years.

When considering filing bankruptcy do not hesitate to get the experienced, knowledgeable representation that you need through Chapter 13 Bankruptcy Attorney Milwaukee Wi.

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