Many people who are deep in debt feel trapped. If you are unable to pay your credit card bills, you can’t get new credit and your purchasing power is limited. Buying a car that you need to get back and forth to work while you have bad credit can cost you nearly twice as much as the car is worth. You may resort to high-interest payday loans to make ends meet because you can’t use your maxed-out credit cards anymore. Unfortunately, most of the things people do when they are in financial trouble only make that trouble worse. A bankruptcy attorney in Milwaukee, WI may be able to help you get your life back on track.
One of the first steps to filing for bankruptcy protection is to go to credit counseling. Credit counseling is not only required by the bankruptcy code, it can be very beneficial. During your counseling session, you may be able to figure out how you got yourself into the financial mess you are in and how you can avoid it in the future. The first required counseling session will give you information about alternatives to bankruptcy that may be an option for you if you are able to pay your bills.
In many cases, by the time a person decides to talk to a bankruptcy lawyer, they are too deep in debt to get out. You may have put off talking to a lawyer because you think you may have to forfeit all of your assets and live in a homeless shelter. The truth is that many assets are exempt from bankruptcy, meaning that you don’t have to sell or forfeit them when you file for bankruptcy. Your bankruptcy attorney in Milwaukee, WI will explain to you which assets you will be able to retain so you can make an informed decision.
After you file for bankruptcy, you will take part in another financial education session. The second session will help you learn how to budget your money so you don’t make the same financial mistakes in the future. After your bankruptcy is discharged, expect creditors and lenders to begin offering you new credit within a couple of years.
