How Bankruptcy Can Help You Get Your Finances On Track

by | Jul 25, 2012 | Lawyer

In this day and age financial hardship is common among individuals and businesses. Filing bankruptcy in Wausau can be a difficult decision to make and can seem complicated and overwhelming for anyone. With the help of an attorney he or she can help you make the right decision about things such as, whether or not you should file bankruptcy, what chapter of bankruptcy to file, and can also offer you counsel on how you may be able to keep most, if not all, of your assets and belongings.

One of the most common types of bankruptcy in Wausau is chapter 7. This might be right for you if you do not own many possessions that are not exempt from seizure by a trustee assigned to the people and companies you owe. Your vehicle and home are usually among exempt items. Filing chapter 7 can help you eliminate debts like medical bills and credit card debt. Also, when you choose to file this type of bankruptcy an attorney may be able help you file proper paperwork with the courts called to instill an automatic stay. An automatic stay means that you can receive protection from your creditors, who might be in the process of matters such as, home foreclosure, repossession of vehicle or other items, pending lawsuits and wage garnishment. Often, the automatic stay will protect you immediately and can help you silence collection calls.

Another common type of bankruptcy in Wausau is filing chapter 13. Chapter 13 bankruptcies are a little more complicated than if you were to file chapter 7. This type of bankruptcy in Wausau may be the right choice for you if you have a regular monthly income. Chapter 13 will allow you to make partial payment to creditors over a period of time, generally about three to five years. By filing, you will be coming up with a financial plan to submit to the court and creditors for approval. Once your payment plan is accepted this will allow you to have the opportunity to get back on top of your finances. A lawyer can be very beneficial when filing chapter 13. Your lawyer can help you understand your rights and assist you in coming up with a financial plan to submit to the courts.

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