Salvaging Credit
Repair, Rebuild,

Attorney Paul Strouse - Re-Establish Yoiur Credit

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Chapter 7 Bankruptcy

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State Action 128

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    Salvaging Credit

    If you're in debt big time and are past due on your bills and it doesn't appear likely that you will be able to change the course you're on, then bankruptcy may be the best solution. Almost everyone intends to pay back a debt when it is incurred. The unfortunate thing is that things don't always go as planned. When someone is past due 3, 4, 5, or 6 months in their bills, the effects on one's credit report can be devastating. This is especially true if there is no hope of being able to catch up on these bills.

    This, ironically, is where bankruptcy can help you rebuild/repair your credit. Many people think that filing bankruptcy is the worst thing a person can do for one's credit. That is simply not true. The worst thing is to walk away from debts leaving things unresolved.

    A person who finds themself on a trajectory of unconquerable past due bills can not only stop the "past due" clock but also can reduce or eliminate the debts through bankruptcy. When someone files a chapter 7 bankruptcy, the clock stops once the case is filed. Once the chapter 7 process is completed, a person can not only obtain new credit, but they can start over without being plaqued by old debts. This capability confounds some people until they look from a creditor's perspective. When a person files bankruptcy, yes they admit they've mismanaged credit in the past. However, a creditor looks at a person's ability to repay a debt and its recourse in the event a debtor defaults again. When a person comes out of a chapter 7 bankruptcy, they usually have very little, if any, monthly expenses. Regarding future defaults, an entity granting a car loan views the debt as secured and can plan to repossess the vehicle if needed. For credit cards or other unsecured debt, creditors acknowledge that recent bankruptcy filers are unable to file again for years so the debt is basically inescapable.

    For a person filing a chapter 13 bankruptcy, they are attempting to repay debts over a period of time. Debt amounts can be negotiated and paid back according to an agreed upon schedule of up to 60 months. Once a person emerges from a successful completion of a chapter 13 bankruptcy, they, like the chapter 7 filer, should be basically debt-free and be ready to obtain new credit.

    The reality of the situation is that after either bankruptcy creditors will tend to require higher downpayments if applicable and also charge higher interest rates. However, this gives a person a chance to re-establish their credit. Successful credit management after a bankruptcy can create a very positive credit score which can over shadow a bankruptcy after a couple of years.

    The best way to determine what path is best for you is to call Wisconsin bankruptcy attorrney Paul Strouse at one of the numbers above and arrange for a free consultation.

    bankruptcy lawyer
    Attorney Paul Strouse
    Over 18 Years Experience In Personal Bankruptcy

    FREE...
    consultation with one of our lawyers BEFORE you are charged for any services.

    IMMEDIATE...
    relief from harassing bill collectors and banks through Chapter 7, Chapter 13 or State Action 128.

    KEEP...
    your home, your electricity, your cars.

    CONSTANT...
    support from your attorney to answer your questions at any time during this process.

    If you've thought that nobody can help you out of your troubles, you are not alone. Call us today for a FREE discussion with one of our attorneys on how we can help you!

    Get a Fresh Start Through Our Wisconsin Bankruptcy Attorneys!
    Milwaukee Bankruptcy Attorney Paul Strouse
    413 North 2nd St., Suite 150
    Milwaukee, WI 53203
    Racine Bankruptcy Lawyer Paul Strouse
    6233 Durand Ave., Suite 102
    Racine, WI 53406

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