No one likes to admit they have financial problems. Most people would prefer to work through the issues and eventually get things back on track. At times, it is possible to make some lifestyle changes and eventually get out of debt. When this does not seem possible, a good idea is to seek the advice of a Lawyer in Waukesha WI.
Reviewing the Situation of the Client
During the first consultation, the Lawyer in Waukesha WI will look over the financial affairs of the client. This includes evaluating the amount and type of debt involved, income from all sources, and any assets the client happens to own. The goal is to determine if entering into some sort of debt resolution program would allow the client to repay the debt over time. If not, the next option to consider is filing for bankruptcy.
Understanding Bankruptcy Options
As the lawyer will point out, the client must meet the criteria set by the court in order to file any type of personal bankruptcy. Generally, people who make under a certain amount of income each year and currently have more debt than they can manage will not have any problem meeting the qualifications.
The lawyer will also talk with the client about Chapter 7 and 13 bankruptcy actions. Depending on the type of debt involved and the situation of the client, one will likely be a better choice than the other. For example, if the client has priority debts like taxes that cannot be discharged as part of a Chapter 7, the lawyer will often recommend filing a Chapter 13 action. While this does mean repaying creditors through the court over the next three to five years, the amount of relief on the household budget can be significant.
For anyone who has tried and is unable to regain control of the finances, it makes sense to schedule a consultation with a Lawyer and see what can be done. Even if all the debt cannot be discharged in a matter of months, being placed under the protection of the court does mean being on the way to paying off those debts and still being able to make ends meet every month.