In Wisconsin, consumers with excessive debts face financial difficulties. With this volume of debt, they may find themselves unable to keep up with monthly payments. This leads to serious late charges and finance charges that increase their debts dramatically. For this reason, they should consider a more complete solution. The following is the type of help that is available through a bankruptcy attorney in Waukesha WI.
Reviewing the Necessary Eligibility Requirements
The eligibility requirements for chapter 13 starts with an income assessment. The consumer must have an income level that is higher than the average for their area. The current median in this area is 55,358. The earnings statements presented by the consumer to their attorney must reflect a higher income than this median. If they don’t, the consumer doesn’t qualify for this chapter. However, to qualify for chapter 7, they must have adequate assets to sell to settle their debts.
Why is Credit Counseling Necessary?
Credit counseling helps them to understand how to manage their debt more effectively. They learn how to pay off debts quickly and maintain a budget. The counseling program also shows them how to prevent issues that could lead to another bankruptcy in the future.
Automatic Stays and How They Help
An automatic stay stops all legal action from creditors. This includes but is not limited to repossession and foreclosure. The automatic stay remains in place until the conclusion of the bankruptcy case. This could provide the consumer with enough time to settle their debts without facing legal action in the future.
The Ultimate Benefits of Bankruptcy
The ultimate benefits of bankruptcy include the ability to follow a structured repayment plan or sell assets quickly. Both options enable the consumer to eliminate a majority of their debts. Each selection provides them with a viable chance to become debt-free.
In Wisconsin, consumers that have accumulated excessive debts can find a real solution. These opportunities help the consumer to pay off their debts through either liquidation or a structured payment plan. They both present protection from creditors. Consumers who want to start their new claim contact a Bankruptcy Attorney in Waukesha WI or click here for more information now.