If you are struggling financially and experiencing difficulty keeping up with your credit card payments, mortgage payments, or car payments, you could benefit from consulting with a bankruptcy attorney. They will explain the options you have available. If you are thinking of how to file for bankruptcy, Milwaukee, WI attorneys know how to explain the process in detail so that you can decide whether bankruptcy is the right choice for you. They will provide you with a full explanation of the process so you can make a decision that is best for your financial condition.
What to expect in the process of bankruptcy
While considering whether or not to file for bankruptcy, Milwaukee, WI consumers should understand what to expect from the entire process. The process of filing for bankruptcy involves first meeting with an attorney. This initial consultation is usually free of charge and lasts anywhere from 30 minutes to 1 hour or more. During this meeting, the attorney will go over all of the available options to see what they can do to help your situation. They may need to review your credit report to get an idea of what debts you have outstanding. This is also the best time to let the attorney know whether your home is in danger of going into foreclosure or your car into repossession.
Assessing your financial condition
Before they file for bankruptcy, Milwaukee, WI residents need to know where they stand financially. Assessing their financial condition will be facilitated by an experienced bankruptcy attorney. A bankruptcy checklist may be provided which can help the individual put together all the information needed to best help the lawyer during the intake process. The bankruptcy attorney will need to see income information, monthly expenses, and a list of properties. They will need all legal papers, including child support, wage garnishments, and other related paperwork. This will aid them in assessing the financial condition the consumer has to determine what the next best step would be.
Exploring alternatives to bankruptcy
Debt consolidation is an alternative to file for bankruptcy, Milwaukee, WI residents may wish to consider. With this option, payment arrangements are made in a 3 to 5 year repayment plan. All debts are paid off and the payment installments are made to the debt consolidation company. A lawyer may be able to offer insight into the best debt consolidation companies to work with.
