Sapinski Law Office S.C.

Bankruptcy vs. Non-Bankruptcy Options: Tips for Choosing Your Path

When you hear about debt relief, your first thought is likely bankruptcy. However, bankruptcy is not your only option. Wisconsin has a little-known statute called Section 128 that may allow you to consolidate your unsecured debt. Debt negotiation is another option that can help you avoid bankruptcy. The following are tips for helping you choose the right path for your situation:

Review Your Credit Report

Your credit report will reflect late payments, collections, available credit, and more. It is important to know what is on your credit report and where you still owe money in order to help you establish how much debt you actually have.

Calculate Your Total Debt

In addition to reviewing your credit report, you should look over other credit statements and determine the amount of your indebtedness. This includes medical bills, past-due utilities and rent, credit cards, and any other debt you may have.

Calculate Your Total Income and Assets

You may have more income and assets than you realize. Remember, income includes any paychecks you receive, savings, investment returns, alimony, etc. Your level of income and assets will help determine whether debt settlement is right for you or which type of bankruptcy you qualify for.

Understand the Credit Consequences

All bankruptcy and non-bankruptcy options carry credit consequences. The severity of these consequences depends on many factors, including the type of debt, the amount of debt, and your late payment history.

Discuss Your Options with an Attorney

It can be very helpful to discuss your options with a bankruptcy lawyer before making a decision about what is best for your situation. An attorney can also help you determine which chapter of the bankruptcy code to file under, should that be your ideal option.

At the Sapinski Law Office, S.C., we focus on helping Milwaukee-area residents explore their debt relief options. We have more than 13 years of experience handling bankruptcy, Section 128, and debt negotiation cases. Call (877) 939-1739 to schedule a consultation.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Bankruptcy Explained: Chapter 13

Chapter 13 bankruptcy is a way of reorganizing and repaying debt through a structured three-to-five-year re-payment plan. It is often the ideal option for those who earn a higher income, including those who are self-employed.

This video explains that this option provides a mechanism to steadily repay creditors over a period of time. A Chapter 13 plan makes a distribution to your unsecured creditors and your monthly payment is typically based on the amount of disposable income in your household. 

At the Sapinski Law Office S.C., we have more than 13 years of bankruptcy experience. Call (877) 939-1739 to learn how our office can help you find debt relief.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Your Credit and Bankruptcy: What You Need to Know

Bankruptcy is one option for getting a fresh financial start if you are facing serious debt problems. However, it is important to understand the process and the potential repercussions of bankruptcy before making the decision to file. Here is what you need to know about your credit and how it’s affected by bankruptcy:

Bankruptcy and Your Credit Score

Bankruptcy will always have a negative effect on your credit score. The severity of this effect will depend on your entire credit history and your circumstances. For example, someone with a high credit score and spotless payment history will see a more significant drop in his or her credit score than someone with many negative items already on his or her report. The bankruptcy will continue to affect your score until it is off of your report, which may take up to 10 years.

Rebuilding Your Credit Score

Paying your bills on time and in full while waiting for the bankruptcy to be removed from your credit report is the most certain way to rebuild your credit. However, there are other steps you can take in the meantime to help improve your score. First, keep your must-have expenses to less than 50 percent of your take-home income. This will help you avoid future debt problems. Second, you should consider getting a secured credit card. With this type of card, you will make a deposit of cash with the issuing creditor and then get a card with a limit in the same amount or a slightly higher amount.  These are just some of the many things one can do after bankruptcy to re-build their credit score.  If you file bankruptcy through Sapinski Law Office, S.C. we will show you how to re-build your credit score.  Our credit repair program is free to all who file bankruptcy through our office!

Are you considering filing for bankruptcy? Speaking with a bankruptcy lawyer about your debt relief options is an important step to take before filing. At the Sapinski Law Office S.C., we have more than 13 years of experience handling non-bankruptcy and bankruptcy cases. Call our Milwaukee office at (877) 939-1739 to learn how we can help.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Want To Know More About Your Debt Options?

Bankruptcy is one option if you are struggling with serious debt, but it is not the only option available. Bankruptcy laws are complex and a bankruptcy lawyer is a valuable resource who can answer questions you have about your unique situation. Before your consultation, explore these links for information about bankruptcy and debt negotiation

• The United States Bankruptcy Court for the Eastern District of Wisconsin provides answers to frequently asked questions about bankruptcy.
• This site answers common questions about bankruptcy in order to help you better understand bankruptcy rules.
• The Department of Justice has prepared a bankruptcy information sheet with explanations of the bankruptcy process and terms.
• This MSN article analyzes when debt settlement makes sense and why it is worth considering.
• The Journal Sentinel ran an article about increased Section 128 filings. Section 128 is a unique law in Wisconsin that provides some residents with a non-bankruptcy option.

Call Sapinski Law Office, S.C. in the Milwaukee and Waukesha area at (877) 939-1739 to speak with a bankruptcy lawyer about your bankruptcy and non-bankruptcy options.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Download this App for an Easy Way to Track Your Credit

Your credit score is very important. Credit history is a key element that creditors consider before making lending decisions and determining the interest rate you will receive. With Credit Sesame, you can view your Experian credit score and get monthly score updates.

This app offers a great way to manage your credit and reduce any debts. Credit Sesame is also the only mobile app that offers you information about your credit score for free. There is no credit card required for this service—ever.

Staying on top of your credit score is one way to manage your financial situation and help avoid bankruptcy. If you are dealing with debt problems in the Milwaukee or Waukesha areas, Sapinski Law Office, S.C. can help you explore bankruptcy and non-bankruptcy solutions. Call (877) 939-1739 to discuss your options.

Disclaimer:

The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.