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Workouts
| Wi Stats | Debt
Management Programs | Bankruptcy
You are here because
you or a loved one are in financial trouble and
you are looking for help. You have come to the
right place. We
have years of experience helping good people
just like you solve their debt problems. Rare
is the occasion when we cannot help our clients
get the relief they need from debts that have
become unmanageable. We do not scold you for
getting into your predicament; we listen to
you and help you make an informed decision about
the solution that is right for you. We ask
you what your dreams are for your financial future,
and then we set on the path to achieving that
dream with you.
The following is a brief description of the
various forms of debt relief that are available.
Which one is best for you depends on your situation. Call
us at 414-258-8880 for a free consultation and start setting a course for a brighter
future now. It doesn't hurt to call!
In workouts, we negotiate
a settlement of each debt for a single payment of
less than the balance due. Circumstances must be
right. First, bankruptcy must be an option in
your case. We need to make a case to your creditors
that you cannot afford to pay your debts in the normal
course, and that you are eligible for bankruptcy. This
may require a showing of your income, expenses, assets
and liabilities. Second, you must be able to
promptly pay when each account is settled. Third,
it is best that you have no more than eight to twelve
accounts. Workouts can result in the settlement
of your debts at significant savings, sometimes for
as little as 25% of the balances due. Attorney
fees will depend on several factors, including the
number of accounts to be settled and the total amount
of debt involved.
Under Wisconsin law, wage
earners who cannot meet their financial obligations
may arrange to pay their debts over as many as three
years, according to a court supervised plan, administered
by a court appointed trustee. No interest accrues on the balances being
paid through such plans, at considerable savings. This
solution minimizes the impact on your credit score, as
compared to bankruptcy, but requires that you have sufficient
income to cover your living expenses, plus the plan payment. Filing
fees are minimal, and attorney fees can be paid through
the plan. For more information, go to i128Trustee.com.
Debt Management Programs are
set up and administered by a credit counseling agency.
They are best suited to handle credit card obligations.
For a nominal fee, the counseling agency will negotiate
a payment arrangement with each creditor and devise
a plan that typically will run between four and five
years and pay the creditors in full. The counseling
agency can save you money by negotiating a significantly
lower interest rate on each obligation. Debt management
plan tend to have less impact on your credit score,
as compared to bankruptcy, but requires that you
have sufficient income to cover your living expenses,
plus the plan payment. Go to AuroraHealthcare.org for
more information.
Bankruptcy is a very powerful
form of debt relief available to anyone. Bankruptcy is
a drastic measure and should be used only when no other
form of relief is available. There are two types of consumer
bankruptcy relief: Chapter 7 and Chapter 13. Both stop
collection actions of all kinds, including wage garnishments,
tax levies, home foreclosures, car repossessions and
utility shutoffs.
Under Chapter 7, we prepare and file a petition seeking an outright discharge
of your debts without further payment. The petition discloses current income,
living expenses, real and personal property, debts, and details about how you
have handled your financial affairs over the past two years. If your income does
not exceed reasonable living expenses, you probably qualify for Chapter 7 relief,
but there may be reasons to consider a Chapter 13 plan instead, e.g. to stop
a home foreclosure. Not all debts are dischargeable, e.g. certain taxes, student
loans and domestic support obligations. If you have secured debts, e.g. mortgages
and car loans, you may choose to either keep the property and pay for it, or
surrender the property and be relieved of the debt. The filing fee is $299 and
attorney fees vary, depending on the complexity and amount of work involved in
each case.
In Chapter 13, we file a petition that includes a plan that provides for the
payment of debts in various ways, depending on the nature of each debt. The petition
discloses current income, living expenses, real and personal property, debts,
and details about how you have handled your financial affairs over the past two
years. The plan provides for you to make affordable payments, usually through
the convenience of a payroll deduction, over a period of three to five years.
The plan directs how your funds are to be distributed to your creditors. Chapter
13 is a powerful tool that can be used to make paying debts more affordably,
and not all debts have to be paid in full under Chapter 13, so there can be significant
savings. The filing fee is $274, and attorney fees vary according to the complexity
and amount of work involved.
For more information go to LegalExplorer.com
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