There is a certain stigma attached to debt. Despite the fact that it’s an issue that affects nearly every family in the state, some people refuse to acknowledge their need for Wisconsin debt settlement help. It’s safe to say that no one starts out life expecting to go into debt. Most of us strive to properly manage our finances and only borrow when absolutely necessary. visit http://www.debt-settlement-solution.com/how-to-find-an-accountant-who-can-help-your-small-business/ to read more information about finding an accountant for your small business. However, sometimes we experience circumstances that are beyond our control – such as an accident, unexpected illness or loss of a job. Luckily, Wisconsin debt settlement help is never far from reach.
Firstly, it’s important to recognize that debt settlement and bankruptcy are two completely separate options. Some consumers assume they are one in the same but, while they are both options for solving a financial crisis and helping you back on the road to regaining your credit, they are handled quite differently.
If you’re dealing with the burden of debt due to unsecured loan or credit cards, you may presume your only choices are to surrender your property to creditors or file for bankruptcy. However, debt settlement offers a third option. Unlike bankruptcy, the debt settlement process involves negotiations between your attorney and the debt collectors. However, while hiring an Attorney for Wisconsin debt settlement may seem a viable alternative, it’s not for everyone.
The primary difference between bankruptcy and debt settlement is that bankruptcy generally requires the sale (or liquidation) of your remaining assets, or reorganization of your liabilities accompanied with a three to five year repayment plan. Successful debt settlement, on the other hand, means your attorney can negotiate for you to pay only a portion of your total debt – usually about 40 to 70 percent. Keep in mind, however, that you must be willing to pay the sum up front.Click here to read more information about bankruptcy vs debt settlement.
This may sound extreme and, in most people’s cases, very difficult, but it may also hold a greater benefit. Quite often, utilizing Wisconsin debt settlement in place of bankruptcy can result in less additional damage to your score and a quicker credit bounce-back.
When seeking Wisconsin debt settlement, note that the best attorneys are those who can take time to review your finances and help you choose the best option for your personal needs. In other words, if you’re still unsure as to whether debt settlement or bankruptcy is right for you, a good lawyer will sit down with you and carefully explain each of your options as well as the resulting pros and cons. Here at
The Fields Group Law Firm, we know that not every consumer knows which path will lead them in the right direction. When you’re struggling with debt, it’s often hard to imagine light at the end of the tunnel – let alone know which tunnel to take. Luckily, our educated and thoroughly experienced attorneys can guide you in the right direction.
If you’re looking for a solution to debt that will help you rid yourself of your debts quickly, assist you in losing your home and other assets, and an option that will not likely cause significant damage to your credit, Wisconsin debt settlement help may be the best choice for you. However, if you do not have enough of a disposable income to support paying off a portion of your debts in one lump sum, you may need to consider another alternative. The good news is you don’t have to make the choice alone. Contact The Fields Group Law firm today to discuss your opportunities. A solution to your debt issues may be easier than you thought.